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ACTV 2.0' analogy anchored to Spruce Point founder Ben Axler's prior successful short of The Active Network (2012). Key rhetorical devices: (a) Spruce Point 'activist success' track-record table on p.4 establishing credibility via ACTIVE/iRobot/ECHO/Bazaarvoice; (b) side-by-side playbook comparison between Porch.com and Active.com on p.15 (same employees, same strategy, same auditor E&Y); (c) CEO biography-vs-reality comparison on pp.13-14 with SEC filings; (d) SEC barter-fraud precedent table on p.9 (North Face, Candie's, Itex). No stake disclosure — Spruce Point discloses only that it is short. Closing valuation range on p.63 drives the 50%-70% / $5.06-$8.56 headline.", "kpisCited": [ { "detail": "50%-70% intermediate (to $5.06-$8.56), with 100% long-term potential", "metric": "Downside to price target" }, { "detail": "Porch trades at 9.0x vs. peer average 2.7x and Spruce Point target 2.0x-4.0x", "metric": "EV / 2021E Revenue" }, { "detail": "~230 basis points inflated by unrecorded cost of lead barter (~$8.1m)", "metric": "Gross margin overstatement" }, { "detail": "Porch assumes $25; ex-employees and InterNACHI peg $14-$15 (~40% lower)", "metric": "Per-inspection lead value" }, { "detail": "Estimated $1.1bn of max potential exposure understating true leverage", "metric": "Financial guarantees off balance sheet" }, { "detail": "$40m disclosed vs. ~$51m principal payments required per 10-K p.89", "metric": "Claimed debt vs. actual" }, { "detail": "$33m recorded as stock comp despite company claiming it was not a party to the deal", "metric": "Disputed Lowe's / CEO transaction" }, { "detail": "81.5m Street basic vs. 100m Spruce Point diluted (warrants 14.3m, HOA 1.0m, options 3.0m)", "metric": "Share count adjustment" }, { "detail": "Vista Equity bought Active Network at ~2x EV/Revenue in 2013 (~$1.05bn)", "metric": "ACTV take-out multiple" }, { "detail": "Losses widened from $50.4m (2018) to $103.2m (2019)", "metric": "Net loss trajectory" } ], "closingAsk": "Sell PRCH: apply a 2.0x-4.0x revenue multiple on 2021E sales — consistent with ACTV, Bankrate and MyMove precedents — for a $5.06-$8.56 price target and 50%-70% downside.", "extraction": { "at": "2026-04-22 21:26:49+00", "model": "unknown-legacy", "runId": null, "seconds": 116.320595, "promptVersion": null }, "scqaReward": "Spruce Point targets $5.06-$8.56 per share — 50%-70% intermediate downside from $17.34 — with potential 100% long-term downside if Porch's strategy shift fails and losses mount without additional funding.", "thesisTypes": [ "fraud_exposure", "management_change" ], "top3Reasons": [ "Porch is ACTV 2.0 — same CEO, same 'everything portal' playbook that failed and sold for 2x sales", "Barter-for-leads accounting inflates gross margin by ~230bps; SEC has charged similar schemes", "Off-balance-sheet guarantees, leases and CEO bio misrepresentations point to 50%-70% downside" ], "scqaSituation": "Porch Group is a recently de-SPAC'd home-services platform pitched as a high-growth SaaS portal connecting home inspectors, movers and homeowners to service providers, trading at 9x 2021E sales and ~$1.2bn market cap.", "thesisSummary": "Spruce Point argues Porch Group (PRCH), a recently de-SPAC'd home-services platform, is a near-identical replay of The Active Network — the failed 'everything portal' where CEO Matt Ehrlichman was Chief Strategy Officer before ACTV was taken private at 2x sales. Spruce Point alleges Ehrlichman misrepresents his ACTV track record and concealed the founding of HelpScore.com (Porch's predecessor) while still at ACTV. At Porch they identify barter-for-leads transactions that inflate gross margin by ~230bps, $1.1bn of off-balance-sheet financial guarantees, understated leases, a disputed $33m Lowe's stock transaction questioned by the SEC, and a Kandela lawsuit alleging Ehrlichman overstated homebuyer data. Applying 2.0x-4.0x 2021E revenue — in line with Bankrate, MyMove and ACTV takeouts — Spruce Point pegs fair value at $5.06-$8.56/share, 50%-70% below the $17.34 market price, with long-term downside to zero absent new funding.", "primaryDemands": [ "Investors should sell PRCH shares (Strong Sell opinion)", "SEC and investors should scrutinize Porch's barter revenue recognition and cost-of-revenue disclosure", "Investors should reassess CEO Matt Ehrlichman's biographical claims and link to the failed Active Network playbook", "Investors should re-price Porch using peer lead-generation M&A comps at 2.0x-4.0x sales", "Market should use a fully diluted share count (~100m) reflecting warrants, HOA shares and options" ], "scqaResolution": "Investors should sell PRCH, re-value the business on peer lead-generation M&A multiples of 2.0x-4.0x forward sales, use a fully diluted share count, and discount management claims about SaaS economics and unit lead values.", "thesisOneLiner": "Porch is 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Any investment involves substantial risks, including complete loss of capital. There can be no assurance that any statement, information, projection, estimate, or assumption made reference to directly or indirectly in this presentation will be realized or accurate. Any forecasts, estimates, and examples are for illustrative purposes only and should not be taken as limitations of the minimum or maximum possible loss, gain, or outcome. Any information contained in this report may include forward looking statements, expectations, pro forma analyses, estimates, and projections. You should assume these types of statements, expectations, pro forma analyses, estimates, and projections may turn out to be incorrect for reasons beyond Spruce Point Capital Management LLC's control. This is not investment or accounting advice nor should it be construed as such. Use of Spruce Point Capital Management LLC's research is at your own risk. You should do your own research and due diligence, with assistance from professional financial, legal and tax experts, before making any investment decision with respect to securities covered herein. All figures assumed to be in US Dollars, unless specified otherwise.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:44.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16a109a6-96a7-42b5-888c-8bbc495b8eef", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.86 }, "kind": "disclaimer", "text": "This report's estimated fundamental value only represents a best efforts estimate of the potential fundamental valuation of a specific security, and is not expressed as, or implied as, assessments of the quality of a security, a summary of past performance, or an actionable investment strategy for an investor. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Spruce Point Capital Management LLC is registered with the SEC as an investment advisor. However, you should not assume that any discussion or information contained in this presentation serves as the receipt of personalized investment advice from Spruce Point Capital Management LLC. Spruce Point Capital Management LLC is not registered as a broker/dealer or accounting firm.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:44.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75eaf72b-4e34-4a37-8d61-e049477654ca", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "disclaimer", "text": "This research presentation expresses our research opinions. You should assume that as of the publication date of any presentation, report or letter, Spruce Point Capital Management LLC (\"SPCM\") (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our subscribers and clients has a short position in all stocks (and are long/short combinations of puts and calls on the stock) covered herein, including without limitation Porch Group Inc (\"PRCH\") and therefore stand to realize significant gains in the event that the price declines. Following publication of any presentation, report or letter, we intend to continue transacting in the securities covered therein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation. All expressions of opinion are subject to change without notice, and Spruce Point Capital Management does not undertake to update this report or any information contained herein. Spruce Point Capital Management, subscribers and/or consultants shall have no obligation to inform any investor or viewer of this report about their historical, current, and future trading activities.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:44.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb4d670f-de92-4845-a8c4-9615564b4a47", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.7 }, "kind": "disclaimer", "text": "To the best of our ability and belief, as of the date hereof, all information contained herein is accurate and reliable and does not omit to state material facts necessary to make the statements herein not misleading, and all information has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer, or to any other person or entity that was breached by the transmission of information to Spruce Point Capital Management LLC. However, Spruce Point Capital Management LLC recognizes that there may be non-public information in the possession of PRCH or other insiders of PRCH that has not been publicly disclosed by PRCH. Therefore, such information contained herein is presented \"as is,\" without warranty of any kind - whether express or implied. 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This amount is being excluded from the 2020 Summary Compensation Table as Porch was not a party to the transaction and does not view the stock purchase by Mr. Ehrlichman as compensatory. — Porch Prospectus Jan 29, 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6af-e680ebbd1830", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.11, "y": 0.97 }, "kind": "source-note", "text": "Source: Porch and PROPTECH Response To SEC Comment Letter: Nov 16, 2020", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Porch explicitly states it encourages customers to pay it in the form of customer leads, which then generate transactional revenue. Yet, by closely examining Porch’s cost of revenue disclosure, it explicitly excludes the cost of leads. We conservatively estimate Porch booked $8.1m of revenue in 2019 with zero cost associated with it. As a result, we estimate Gross Margin % to be inflated by approximately 2.3% (230 basis points). Note: This analysis just includes the inspection business, and not the moving, utility or warranty businesses, where Porch also provides software and has a similar pay model. 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As a result, we estimate Gross Margin % to be inflated by approximately 2.3% (230 basis points).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6b1-47eb37e13299", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Gross Margin: 230 bps", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6b1-4e6fc488c599", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Porch provides ERP and CRM software to a wide variety of home services companies. Those companies can pay us with typical software fees or we really encourage those companies to pay us by providing us access to their consumer, to their homebuyers, where we then generate B2B2C transactional revenues as we help those consumers with key services for their home.” — Porch's CEO At Gateway Conference", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6b1-48a2f81b039c", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.55, "x": 0.09, "y": 0.91 }, "kind": "source-note", "text": "1) Existing home sales per NAR as a proxy for inspections\n2) Disclosed Investor Day Presentation (slide 11), Dec 1, 2020\n3) Porch's inspector Kilma says 95% of customers opt-in,80% are communicated with, and 75% get at least 1 service\n4) Disclosed Investor Day Presentation (slide 10), Dec 1, 2020\n5) Disclosed Investor Day Conference Call per the CEO", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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78, "componentCount": 8, "textChars": 1653, "nDataPoints": 3, "notes": "Uses a red flag icon and red boxes to highlight the contradiction.", "elementsJson": [ "headline_text", "paragraph", "timeline_visual", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:35:49.177+00", "seconds": 8.775, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-069a37f5f517/14", "deck": "/decks/019dd923-622c-750b-8b99-069a37f5f517", "deckAnchor": "/decks/019dd923-622c-750b-8b99-069a37f5f517#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b99-069a37f5f517.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "At best, we believe it was unethical for Mr. Ehrlichman not to disclose his work at HelpScore.com while ACTV was in the process of selling shares, and at worst this could be construed as securities misrepresentation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6af-fa28c307a2d8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.08, "y": 0.4 }, "kind": "diagram", "text": "HelpScore (Porch) Formed: Jan 18, 2012 -> Active Network S-1 Filing Jan 20, 2012 -> HelpScore (Porch) June 21, 2012 (Delaware Registered)", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:49.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef3b995e-0a0f-4ec4-ad38-d263432d1fc4", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.25, "x": 0.68, "y": 0.5 }, "kind": "image", "text": "California Business Records filing", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", 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"screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:49.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1709b8ae-4331-46be-a117-58f8593eeaaf", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.25, "x": 0.08, "y": 0.5 }, "kind": "image", "text": "WaybackMachine screenshot of HelpScore.com", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:49.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca40679d-1901-45cb-b262-30b7725a36d4", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.85, "x": 0.08, "y": 0.17 }, "kind": "paragraph", "text": "Porch was originally called HelpScore.com as evidenced by its earliest California state business filings. Yet, this fact is all but omitted from Porch's recent SEC filings after being acquired by a SPAC. We find evidence that HelpScore.com was conceived as early as Jan 18, 2012 while CEO Ehrlichman was still representing himself as Chief Strategy Officer of The Active Network (ACTV). In fact, just two days later on Jan 20, 2012 ACTV filed an S-1 document registering to sell shares, and there is no mention of his outside business interest, or intention to leave ACTV. ACTV never filed an 8-K of his departure, which his LinkedIn biography claims is April 2012. Even worse, Scott Austin, a Porch Co-Founder, claims the business was started in October 2011. 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So we'll end this transaction debt-free with $205 million of capital on our balance sheet.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:50.377+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c556fb6d-14d0-4488-bb7f-650fee5b9455", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So as we go public here through this SPAC, we will be very well-capitalized to be able to pursue that M&A strategy. 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Spruce Point finds evidence Porch has a promoted partnership with Cinch. We called Cinch to verify its partnership with Porch, but customer service had never heard of it. Click speaker icon for the taped audio conversation. In addition, Cinch's website from on-demand services appears extremely limited in geographic focus. Porch claimed users could access gutter and TV wall-mount services, yet that option doesn't even exist. Why was this partnership scrapped so quickly, and removed from Porch's new IR website so that current investors can't easily find it?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:47.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "290f4019-4bdf-4f92-91ee-1301070850f1", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.46, "x": 0.01, "y": 0.67 }, "kind": "quote", "text": "There is massive opportunity within the national home service marketplace for Cinch and our partners at Porch... This includes Cinch users having access to Porch.com's on-demand handyman service network... from clearing their gutters to wall mounting TV's.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:47.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea567e0d-ba78-4d5a-b0b6-7449ed5059b6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"There is massive opportunity within the national home service marketplace for Cinch and our partners at Porch,\" said Steve Upshaw, Cinch CEO. \"Both of our companies share a deep passion for making life easier and providing added transparency for our clients, partners and service providers. Together, we can better anticipate, meet and exceed the expectations of today's ever-more sophisticated consumer.\" — Steve Upshaw, Cinch CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6b0-e3ec68a583bd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Cinch press release with Porch - June 2, 2020", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We compete with, among others: (i) search engines and online directories...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:48.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f9d4a11-0c6c-4774-8bed-88bff4c8bf0f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Amazon and Google are Currently Racing to Invest in This Industry (and It's Not Technology) People describe this industry as boring, stagnant, and low-tech, but Google and Amazon don't seem to care\" — Inc. 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While it still maintains a website discussing the partnership, the phone number help line is currently disconnected and (emails went un responded to). In addition, Porch announced a partnership with Wayfair in 2016. However, upon recent inspection we see that at best, it is no longer exclusive, and at worst has been terminated. 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The company's partnership with Overstock—an e-commerce platform that sells primarily home goods— will allow customers to arrange set-up and installation for their purchases.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:11.894+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68d14e91-3490-4593-9dee-c4e55efbe9ed", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.43, "x": 0.05, "y": 0.695 }, "kind": "quote", "text": "“Overstock sells lots of products today where installation and assembly make complete sense from a customer perspective that they should be included,” said Matt Ehrlichman, CEO of Porch.com. Customers expect installation services for everything from furniture to light fixtures, all of which are sold on Overstock's online marketplace.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-17 03:30:11.894+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49a6b9fc-6df6-4e7b-982c-b16fadda848c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Overstock sells lots of products today where installation and assembly make complete sense from a customer perspective that they should be included,” said Matt Ehrlichman, CEO of Porch.com. Customers expect installation services for everything from furniture to light fixtures, all of which are sold on Overstock’s online marketplace.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6b1-7f5deb43a0ec", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: Streetfightmag.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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If we are unable to collect information from our customers or our service providers and commercial partners do not continue to provide us with information of their customers, or if applicable laws prohibit or materially impair our use of such information, our ability to provide services to consumers and drive early consumer access to service providers may be materially impacted\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:47.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "862fe025-c612-4c3d-a7d1-02561520a586", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes that Porch’s partnership with home inspectors is a last ditch effort to make its business model work.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d3-706e-a468-929d940a7de8", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.09, "x": 0.03, "y": 0.26 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:47.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c00f1667-6b63-4adc-9f27-aecbe333df6b", "parentComponentId": null }, { "bbox": { "h": 0.26, "w": 0.86, "x": 0.12, "y": 0.22 }, "kind": "paragraph", "text": "Spruce Point believes that Porch’s partnership with home inspectors is a last ditch effort to make its business model work. 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The HOA deal was also announced on January 13. 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The purpose of these acquisitions was to expand the scope and nature of the Company's service offerings, add additional team members with important skillsets, and realize synergies. The transaction costs associated with this acquisition were trivial. We expect $222 of acquired goodwill for one of the acquisitions to be deductible for income tax purposes. 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On the recent earnings call, management admits that the Palm-Tech acquisition closed in October 2020. Yet, they didn't announce the deal until Jan 14, 2021. In the interim, Porch made numerous SEC filings which failed to disclose the acquisition. For what purpose is Porch withholding this information? Porch also claims in Q3 2020 it completed two immaterial acquisitions. Yet, Palm-Tech closed in October 2020 (Q4) and Americas Call Center in December 2020 (Q4). Lastly, Porch's 10-K recently disclosed it acquired a home inspection company. Is this a strategy shift and why wasn't it disclosed with the other four acquisitions in January?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:49.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31ac3ba0-0ba2-4fd6-a55b-bd572ab34274", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Porch also announced two smaller and equally strategic acquisitions in PalmTech and iRoofing. Both acquisitions are consistent with Porch’s strategy to go deeper into existing industries and expand its vertical software platform into new home service categories.” — Press Release. “IRoofing closed on December 31, got it in right at the end of the year there, and then V12 closed on January 12. The HOA deal was also announced on January 13. And you asked about PalmTech was October 20.” — Porch's COO Q1 2021 Call. “In the third quarter of 2020, the Company completed two other acquisitions that are not material to the consolidated financial statements.” — 2020 10-K. “Additionally, in January 2021, the Company purchased a smaller home inspection company. 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null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.1, "y": 0.17 }, "kind": "callout", "text": "In our opinion, Porch gave a long-winded and non-sensical explanation, as to why it booked $33m as stock-based compensation expense when Lowe's sold a portion of its equity for $4.0 million ($0.25 per share) to CEO Ehrlichman.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:50.388+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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"bbox": { "h": 0.12, "w": 0.88, "x": 0.1, "y": 0.31 }, "kind": "callout", "text": "By having CEO Ehrlichman purchase Lowe's shares, and claim that it was substantially below market value, was the Company using this as diversion from taking a goodwill impairment? Porch's losses increased from $50.4m to $103.2m from 2018 and 2019. The extreme increase in losses and Lowe's stock sale could be potential indicators of goodwill impairment.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:50.187+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38386016-84f7-47c0-8bff-7a6ed7f34b5f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.1, "y": 0.185 }, "kind": "callout", "text": "Months later, when discussing the CEO's compensation for 2019, the Company explicitly stated it was not a party to the Lowe's stock transaction, and thus did not view the $33m as part of his compensation. This bold statement contradicts what Porch told the SEC earlier that the transaction should be viewed as stock compensation. 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In May 2019, Mr. Ehrlichman purchased 16,091,277 shares of Porch from Lowe's Companies, Inc. (\"Lowes\") at a price of $0.25 per share... 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Porch explicitly states it encourages customers to pay it in the form of customer leads, which then generate transactional revenue. Yet, by closely examining Porch's cost of revenue disclosure, it explicitly excludes the cost of leads. We conservatively estimate Porch booked $8.1m of revenue in 2019 with zero cost associated with it. As a result, we estimate Gross Margin % to be inflated by approximately 2.3% (230 basis points). Note: This analysis just includes the inspection business, and not the moving, utility or warranty businesses, where Porch also provides software and has a similar pay model. 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Those companies can pay us with typical software fees or we really encourage those companies to pay us by providing us access to their consumer, to their homebuyers, where we then generate B2B2C transactional revenues as we help those consumers with key services for their home. — Transcript", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:27:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-203e-77ad-a6b3-36202675c0d9", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.6, "x": 0.09, "y": 0.91 }, "kind": "source-note", "text": "1) Existing home sales per NAR as a proxy for inspections 2) Disclosed Investor Day Presentation (slide 11), Dec 1, 2020 3) Porch's inspector Kilma says 95% of customers opt-in,80% are communicated with, and 75% get at least 1 service 4) Disclosed Investor Day Presentation (slide 10), Dec 1, 2020 5) Disclosed Investor Day Conference Call per the CEO", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The expenses moved to cost of revenue are traffic acquisition costs in nature and more appropriately classified as costs of revenue, and the other costs more appropriately classified as general and administrative expenses. 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The business was acquired for approximately $1.4 billion. RATE is a website with financial content verticals, notably mortgages and home lending, which provides leads to home care and service providers. RATE was acquired for 2.6x and 2.2x current year and next year revenues, and was also cash flow positive when acquired. Porch is deeply cash flow negative. As a side note, in 2015 RATE executives were charged with accounting fraud.(1) In 2016, there were expense reclassifications to move certain traffic acquisition costs to cost of revenue. 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The expenses moved to cost of revenue are traffic acquisition costs in nature and more appropriately classified as costs of revenue, and the other costs more appropriately classified as general and administrative expenses. 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"Porch trades at a lofty 2021E 9.0x revenue and 11.7x gross profit multiple on the assumption its recent revenue growth is sustainable, but we believe recent results are distorted due to low-quality acquisitions, which inflates inorganic growth. In addition, we believe Porch's true Enterprise Value is higher as it ignores dilutive options, debt obligations associated with financial guarantees, leases and potential liabilities associated with litigation. 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We believe peer acquisitions made closer to 2.0x forward sales, and the sale of the CEO's predecessor vertical software strategy at 2.2x sales, are indicative of what the business is worth in the intermediate term. 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