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Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information
Note 16. Segment Information
We have two reportable segments that are also operating segments: Vertical Software and Insurance. Reportable segments were identified based on how the chief operating decision-maker (“CODM”) manages the business, makes operating decisions, and evaluates operating and financial performance. Our chief executive officer acts as the CODM and reviews
financial and operational information for our reportable segments. Operating segments are components of an enterprise for which separate discrete financial information is available and operational results are regularly evaluated by the CODM for the purposes of making decisions regarding resource allocation and assessing performance.
Our Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, while also providing move and post-move services. Software and services were 59% and 59% of total vertical software revenue for the three and nine months ended September 30, 2024, respectively. Move and post-move services were 41% and 41% of total vertical software revenue for the three and nine months ended September 30, 2024, respectively. The Vertical Software segment operates as several key businesses, including inspection software and services, title insurance software, mortgage software, moving services, mover and homeowner marketing, and measurement software for roofers.
Our Insurance segment provides consumers with insurance and warranty products to protect their homes, earning revenue through premiums collected on policies, policy fees and commissions. The Insurance segment includes HOA, a wholly owned insurance carrier, other insurance-related legal entities, Porch Warranty, and other warranty brands.
The following table summarizes revenue by segment.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Vertical Software$31,252 $34,328 $91,340 $97,390 
Insurance79,948 95,228 246,147 218,300 
Total revenue$111,200 $129,556 $337,487 $315,690 

Our segment operating and financial performance measure is Segment Adjusted EBITDA (Loss). Segment Adjusted EBITDA (Loss) is defined as revenue less the following expenses associated with each segment: cost of revenue, selling and marketing, product and technology, and general and administrative. Segment Adjusted EBITDA (Loss) also excludes non-cash items or items that management does not consider reflective of ongoing core operations.
We do not allocate shared expenses to the reportable segments. These expenses are included in the “Corporate and other” row in the following reconciliation. “Corporate and other” includes shared expenses such as selling and marketing; certain product and technology; accounting; human resources; legal; general and administrative; and other income, expenses, gains, and losses that are not allocated in assessing segment performance due to their function. Such transactions are excluded from the reportable segments’ results but are included in consolidated results.
The reconciliation of Segment Adjusted EBITDA (Loss) to consolidated “Operating income (loss)” below includes the effects of corporate and other items that the CODM does not consider in assessing segment performance.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Segment Adjusted EBITDA (Loss):
Vertical Software$5,138 $3,179 $11,039 $4,599 
Insurance24,829 19,038 (5,376)(19,328)
Subtotal29,967 22,217 5,663 (14,729)
Reconciling items:
Corporate and other(13,032)(13,378)(40,289)(41,448)
Depreciation and amortization(6,049)(6,272)(18,568)(18,501)
Stock-based compensation expense(6,735)(6,979)(19,208)(20,277)
Restructuring costs (1)
(1,668)(712)(3,460)(2,789)
Other non-operating income(1,241)— (4,113)— 
Acquisition and other transaction costs(102)(22)(268)(408)
Impairment loss on intangible assets and goodwill— — — (57,232)
Recovery of (loss on) reinsurance contract (see Note 10)285 7,043 1,391 (41,201)
Impairment loss on property, equipment and software— — — (254)
Change in fair value of contingent consideration(142)787 158 3,597 
Investment income and realized gains(3,787)(2,485)(10,957)(4,492)
Operating income (loss)$(2,504)$199 $(89,651)$(197,734)
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(1)Primarily consists of costs related to forming a reciprocal exchange.

The CODM does not review assets on a segment basis.
All of our revenue is generated in the United States except for an immaterial amount. As of September 30, 2024, and December 31, 2023, we did not have material assets located outside of the United States.