Restatement of Previously Issued Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Restatement of Previously Issued Consolidated Financial Statements

Schedule of Restatement of Previously Issued Financial Statements

			Restatement
Consolidated Balance Sheet	As Filed		Adjustments		As Restated
Assets
Accounts receivable, net	$	4,661	$	(393)	$	4,268
Prepaid expenses and other current assets		3,891		189		4,080
Total current assets		216,005		(204)		215,801
Total assets		268,591		(204)		268,387
Liabilities and Stockholders’ Equity
Accounts payable	$	8,903	$	300	$	9,203
Accrued expenses and other current liabilities		9,991		(86)		9,905
Deferred revenue		4,870		338		5,208
Total current liabilities		31,174		552		31,726
Earnout liability, at fair value		50,442		(204)		50,238
Private warrant liability, at fair value		—		31,534		31,534
Total liabilities		129,180		31,882		161,062
Additional paid-in capital		454,486		(29,663)		424,823
Accumulated deficit		(315,083)		(2,423)		(317,506)
Total stockholders’ equity		139,411		(32,086)		107,325
Total liabilities and stockholders’ equity		268,591		(204)		268,387

			Restatement
	As Filed		Adjustments		As Restated
Consolidated statement of operations
Revenue	$	73,216	$	(917)	$	72,299
Operating expenses:
Selling and marketing	$	41,768	$	(103)	$	41,665
Product and technology		28,298		248		28,546
General and administrative		28,387		(188)		28,199
Total operating expenses		114,573		(43)		114,530
Operating loss		(41,357)		(874)		(42,231)
Other income (expense):
Other income (expense), net	$	2,791	$	(1,547)	$	1,244
Total other income (expense)		(11,943)		(1,547)		(13,490)
Loss before income taxes		(53,300)		(2,421)		(55,721)
Income tax (benefit) expense		(1,691)		2		(1,689)
Net loss		(51,609)		(2,423)		(54,032)
Net loss attributable to common stockholders		(68,893)		(2,423)		(71,316)
Net loss attributable per share to common stockholders:
Basic	$	(1.90)	$	(0.06)	$	(1.96)
Diluted	$	(1.90)	$	(0.13)	$	(2.03)

			Restatement
	As Filed		Adjustments		As Restated
Consolidated statement of cash flows
Net loss	$	(51,609)	$	(2,423)	$	(54,032)
Adjustments to reconcile net loss to net cash used in operating activities
Loss on remeasurement of private warrant liability	$	—	$	(2,427)	$	(2,427)
Stock-based compensation		11,409		(113)		11,296
Other		(200)		207		7
Change in operating assets and liabilities, net of acquisitions and divestitures
Accounts receivable	$	16	$	187	$	203
Prepaid expenses and other current assets		(2,398)		(189)		(2,587)
Accounts payable		3,793		299		4,092
Accrued expenses and other current liabilities		(15,860)		(86)		(15,946)
Deferred revenue		1,868		338		2,206
Other		(1,788)		4,207		2,419
Net cash used in operating activities	$	(48,669)		—		(48,669)
Net cash used in investing activities	$	(10,671)		—		(10,671)
Net cash provided by financing activities	$	259,614		—		259,614
Change in cash, cash equivalents, and restricted cash	$	200,274		—		200,274
Cash, cash equivalents, and restricted cash, beginning of period	$	7,179		—		7,179
Cash, cash equivalents, and restricted cash end of period	$	207,453		—		207,453

Schedule of cash, cash equivalents and restricted cash

	December 31, 2020		December 31, 2019
Cash and cash equivalents	$	196,046	$	4,179
Restricted cash - current		11,407		—
Restricted cash - non-current		—		3,000
Cash, cash equivalents and restricted cash	$	207,453	$	7,179

Schedule of property plant and equipment useful lives

	Estimated Useful Lives
Software and computer equipment	3 years
Furniture, office equipment and other	3 – 5 years
Internally developed software	2 years
Leasehold improvements	Shorter of useful life or remaining lease term

Schedule of components of other income (expense), net

	2020
	(as restated)		2019
Gain on remeasurement of private warrant liability (Note 3)	$	2,427	$	—
Loss on remeasurement of Legacy Porch warrants (Note 3)		(2,584)		(2,090)
Transaction costs - recapitalization		(3,974)		—
Gain (loss) on extinguishment of debt, net (Note 6)		5,748		(483)
Loss on remeasurement of debt (Note 3)		(895)		(6,159)
Gain on settlement of accounts payable		796		735
Other, net		(274)		30
	$	1,244	$	(7,967)