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  "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",
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  "notes": "Uses a red flag icon to signal warning/fraud risk. Contrasts specific quotes from SEC filings.",
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      "kind": "callout",
      "text": "Spruce Point believes Porch is concealing material information about one of its key acquisitions. Porch has promoted HireAHelper (“HAH”) as a key software for its moving services. Porch touts its success in doubling revenues and significant profit increases over the 18 months since acquisition. Up through month end Jan 29, 2021 Porch disclosed that HAH owners were due up to $4.0m of contingent consideration for milestones over a four year period. Now in the 10-K filed March 31, 2021 Porch discloses that the contingent consideration has been satisfied for approximately $2.0m. If the acquisition were performing as well as touted by Porch, why would HAH settle for half the amount due? Furthermore, why did Porch delay the disclosure of this deal amendment from investors for two months when it could have been disclosed in the Jan 29th prospectus? Does this have anything to do with the litigation served on HAH, and did its successful business performance have to do with not paying wages accurately?",
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      "text": "If the acquisition were performing as well as touted by Porch, why would HAH settle for half the amount due?",
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      "text": "Red flag icon",
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      "kind": "table",
      "text": "Comparison of Porch's claims vs. SEC filings regarding HireAHelper acquisition and subsequent amendment.",
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      "kind": "title",
      "text": "Evidence Porch Is Concealing Material Information About A Key Acquisition HireAHelper",
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