{
  "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": 56,
  "pageCount": 63,
  "prevPage": 55,
  "nextPage": 57,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "Uses a red flag icon to signal warning/fraud exposure; highlights a specific peer group segment for comparison.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-069a37f5f517/56",
  "deckHref": "/decks/019dd923-622c-750b-8b99-069a37f5f517",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-069a37f5f517.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-069a37f5f517#slide-56",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.8,
        "x": 0.1,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Porch would like investors to believe it is a “High Growth / High Margin” software company. Think again! We’ve already illustrated our belief that Porch inflates is margins by ignoring critical lead costs of revenue.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6516f90d-f235-42eb-84c9-9f7003a52c4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Porch Has The Lowest Revenue (And Is The Only Cash Incinerating Company) 10 Years Into Its Existence",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6b2-e3b6e922bd23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.5,
        "x": 0.03,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Valuation Benchmarking (EV/Revenue and EV/Gross Profit)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "977261c5-f494-407b-a33b-89acb48360cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Positive OCF: NO",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6b2-e71331aac13e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.6,
        "y": 0.78
      },
      "kind": "source-note",
      "text": "Source: Company financials; 1) Pre-announcement of four acquisitions in Jan 2021",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b731e018-d36e-4335-a6fd-933342173a59",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.35,
        "x": 0.6,
        "y": 0.35
      },
      "kind": "table",
      "text": "Porch Has The Lowest Revenue (And Is The Only Cash Incinerating Company) 10 Years Into Its Existence",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d3bfe143-b594-45de-a365-f942aa5c5625",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.6,
        "x": 0.31,
        "y": 0.04
      },
      "kind": "title",
      "text": "We Believe Porch Provides A Fairytale And Aspirational Peer Group",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d5cfdc2-b628-4d83-9c65-c1a36c046a58",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "4cfc576c-828b-4f00-9d82-761727fee270",
      "evidence": "Directly compares Porch against a peer group to highlight performance gaps.",
      "confidence": 0.95
    },
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "7989fed1-863a-4b6f-9b46-042bab6917af",
      "evidence": "Uses red flag icon and 'Think again!' language to challenge company claims.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 56,
      "from": 55,
      "beatId": "7fce009e-571f-4bfa-8ce6-cb47dad13b9e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Problem Statement",
      "beatSlug": null,
      "evidence": "The deck presents a clear problem statement regarding Porch's business model and financials",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 63,
      "from": 53,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "ded5ab14-378e-4cef-901d-b63a102a8079",
      "evidence": "The deck presents a clear and detailed valuation and downside case for Porch",
      "position": 2,
      "objective": "to present a valuation and downside case",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}