Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table summarizes the classification of stock-based compensation expense in the Consolidated Statements of Operations and Comprehensive Loss:

	Year Ended December 31,
	2023		2022		2021
Cost of revenue	$	—	$	—	$	1
Selling and marketing	3,351		4,855		5,584
Product and technology	4,804		5,435		7,223
General and administrative	12,554		16,751		25,784
Total stock-based compensation expense	$	20,709	$	27,041	$	38,592

Stock-based compensation consists of expense related to Equity Awards, earnout restricted stock, and a secondary market transaction as described below:

	Year Ended December 31,
	2023		2022		2021
Secondary market transaction(1)	$	—	$	—	$	1,933
Employee earnout restricted stock	—		—		22,961
Employee awards	20,709		27,041		13,698
Total operating expenses	$	20,709	$	27,041	$	38,592

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(1)In 2019 and 2020, certain executive officers entered into a series of secondary market transactions related to Porch.com redeemable convertible preferred stock.

Schedule of Stock Option Activity

Detail related to stock option activity for the year ended December 31, 2023, is as follows:

	Number of Options Outstanding (in thousands)	Weighted- Average Exercise Price (per share)		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Balances as of December 31, 2022	3,863	$	3.58
Options exercised	(20)	1.28			$	9
Options forfeited	(34)	7.98
Options expired	(167)	5.32
Balances as of December 31, 2023	3,642	$	3.47	4.6	$	1,827
Exercisable at December 31, 2023	3,544	$	3.30	4.5	$	1,827

Schedule of Fair Value of Assumptions

The fair value of each employee stock option granted during the years ended December 31, 2022 and 2021, were estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

	Year Ended December 31,
	2022	2021
Risk-free interest rate	3.2%	0.9 – 1.3 %
Expected term (years)	6	5 – 6
Dividend yield	—	—
Volatility	60%	60 – 61 %
Weighted-average grant-date fair value per share	$1.85	$8.23

Summary of the Activity of Restricted Stock Awards

The following table summarizes the activity of RSUs for the year ended December 31, 2023:

	Number of RSUs (in thousands)	Weighted Average Fair Value (per share)
Balances as of December 31, 2022	5,309	$	8.21
Granted	6,415	1.39
Vested	(2,303)	8.14
Forfeited	(1,111)	4.40
Balances as of December 31, 2023	8,310	$	3.34

Summary of the Activity of Performance Restricted Stock Unit Awards

The following table summarizes the activity of PRSUs for the year ended December 31, 2023:

	Number of PRSUs (in thousands)	Weighted Average Fair Value (per share)
Balances as of December 31, 2022	921	$	4.94
Granted	2,833	0.93
Balances as of December 31, 2023	3,754	$	1.91