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  "docSlug": "9c995cfa26e4",
  "documentTitle": "Porch Group Inc (PRCH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-08 00:00:00",
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      "kind": "callout",
      "text": "Warning: There's a 40% delta between Porch's claimed customer lead economics from ISN vs. expert's opinions. $25 vs. $14-$15. Porch's assumed average revenue of $4 per inspection also appears impossible given volume discounts.",
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      "text": "Warning: Management estimates can be inflated",
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      "text": "Visual representation of the 6x revenue increase claim vs SaaS fee pricing.",
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      "text": "ISN pricing page showing tiered inspection fees.",
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      "text": "revenue per inspection: $25",
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      "kind": "quote",
      "text": "“When a company is paying us with SaaS fees, they’re paying us around $4 per customer today... $25 is great in terms of what we generate per homebuyer on average.” — Porch CEO, Analyst Day Dec 2021. “Each inspector was paying probably anywhere from a $1 to $3 per inspection to use that software. So if you knew your average lead was worth $14 - $15 bucks you could easily give that product away, and lower your cost of acquisition” — Former Porch Employee.",
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      "kind": "source-note",
      "text": "Source: Porch Investor Day, Slide 18; ISN Pricing",
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      "text": "Comparison of CEO quotes, employee interviews, and trade group commentary regarding lead values.",
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      "kind": "title",
      "text": "Porch's Key Financial Assumptions Contradicted By Experts During Our Research",
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