{
  "docId": "019dd923-622c-750b-8b99-069a37f5f517",
  "docSlug": "9c995cfa26e4",
  "documentTitle": "Porch Group Inc (PRCH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 25,
  "pageCount": 63,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Includes a call to action to click a speaker icon for audio evidence.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot",
    "photo"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-069a37f5f517/25",
  "deckHref": "/decks/019dd923-622c-750b-8b99-069a37f5f517",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-069a37f5f517.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-069a37f5f517#slide-25",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "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.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6b0-df62cc796d43",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.28,
        "w": 0.43,
        "x": 0.56,
        "y": 0.67
      },
      "kind": "image",
      "text": "Cinch Service Menu",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1462bd85-56f9-4009-bcea-7eaeda793562",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.43,
        "x": 0.56,
        "y": 0.34
      },
      "kind": "image",
      "text": "New Porch Press Website",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "79dd9af2-ac86-49c2-a9f9-deb8b29ddb02",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.44,
        "x": 0.01,
        "y": 0.34
      },
      "kind": "image",
      "text": "Old Porch Press Website",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8287578c-edd9-42e0-bf5e-82db9b0b9ae2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.88,
        "x": 0.1,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Recall prior allegations that Porch would create offerings that didn't exist with no intention of offering them in the future. 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "290f4019-4bdf-4f92-91ee-1301070850f1",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea567e0d-ba78-4d5a-b0b6-7449ed5059b6",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6b0-e3ec68a583bd",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "35fc707d-384c-45ec-9efa-11f9648fcdf8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.58,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Cinch",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d4842f3-2e41-4f43-9ce9-b326504b65ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.12,
        "y": 0.63
      },
      "kind": "source-note",
      "text": "Source: Porch Press - Old Website",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a9872586-ddb2-4585-b1c1-96343c63191a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.58,
        "y": 0.63
      },
      "kind": "source-note",
      "text": "Source: Porch Press Releases - Today's Website",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce05a0a3-320c-46a7-b339-098b1f0f099e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Spruce Point Finds Another Instance of a Service Offering Being Obscured That Doesn't Exist",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9bde33ef-d6e3-4c33-a457-e3d2a4000972",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a95255f0-4496-4916-81ed-30ba849e5ecd",
      "evidence": "The slide explicitly documents a contradiction between public claims and actual service availability to suggest deceptive practices.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}