0001784535-26-000029
SEC filingInsurance Services segment drove strong profitability with $27.5M Adjusted EBITDA on $74.7M revenue.
As of March 31, 2026, Porch Group held total cash, cash equivalents, and restricted cash of $179.4 million, up from $169.1 million at year-end 2025. Total investments (short- and long-term, including Reciprocal) were $242.7 million at fair value. Total debt carrying value was $399.0 million, consisting of three convertible note issuances: $7.8 million (2026 Notes), $259.2 million (2028 Notes), and $132.1 million (2030 Notes). Stockholders' equity was $26.3 million, including $51.7 million noncontrolling interest. Deferred revenue, primarily from unearned insurance premiums of the Reciprocal, totaled $219.4 million.
The Notes disclose no material purchase commitments beyond ordinary course obligations. Legal contingencies are described but not quantified as probable losses. Reinsurance arrangements are detailed but do not represent purchase commitments.
During Q1 2026, Porch repurchased and retired 0.3 million common shares for $2.5 million, exhausting the $2.5 million annual authorization under the 2028 Notes indenture. No dividends were paid. Net debt principal remained unchanged; no new issuances or repayments occurred. Capital expenditures totaled $3.7 million (property and equipment $0.2 million; capitalized software $3.6 million), representing 3.1% of total revenue.
Four reportable segments: Insurance Services, Software & Data, Consumer Services, and Reciprocal Segment. Insurance Services generated $74.7 million revenue (50.0% YoY growth) and $27.5 million Adjusted EBITDA (36.8% margin). Software & Data revenue $21.9 million (flat YoY), Adjusted EBITDA $4.6 million (20.8% margin). Consumer Services revenue $15.1 million (+2.9%), near break-even. Reciprocal Segment revenue $51.3 million (+28.4%), net income $6.7 million (13.0% margin). Approximately 57% of consolidated revenue came from Texas customers.