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  "documentTitle": "Porch Group Inc (PRCH)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-08 00:00:00",
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  "notes": "Uses a combination of CEO quotes, customer testimonials, and a quantitative liability buildup table to expose a potential accounting discrepancy.",
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      "kind": "callout",
      "text": "Spruce Point estimates that Porch has a maximum potential liability associated with financial guarantees made to home inspectors of $1.1 billion.",
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      "kind": "quote",
      "text": "Just as an example, 28% of all the home inspections in the US... are managed through the software platform that we provide and sell to those inspection companies.",
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      "text": "They came in and they have a guarantee on if anything gets missed, they will cover the cost of that... I've had in the last 3 years, maybe 4 or 5 claims, and they've paid every one of them.",
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      "kind": "quote",
      "text": "\"They came in and they have a guarantee on if anything gets missed, they will cover the cost of that, and I use that service, and it's awesome. I'm also a company that doesn't have a lot of claims, I've had in the last 3 years, maybe 4 or 5 claims, and they've paid every one of them. And it just makes me look good, makes them look good. So that's been awesome.\" — Home Inspector User of Porch (Source: Tegus)",
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      "text": "1) See ASU 460-10 for Recognition of Guarantees 2) National Association of Realtors – March 2021",
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      "text": "Spruce Point Estimated Maximum Potential Liability table",
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      "text": "Are Debts Understated From Issuing Guarantees?",
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