Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Financial Information of Reportable Segments and Reconciliations to Consolidated Financial Information

The following tables present revenue and significant expenses by segment that are regularly provided to the CODM. Other segment items that the CODM does not consider in assessing segment performance are presented to reconcile to each segment’s measure of profit or loss.

The “Corporate” column includes shared expenses that are not allocated to the reportable segments. These consist primarily of selling and marketing, certain product and technology, accounting, human resources, legal, general and administrative, and other income, expenses, gain and losses.

		Three Months Ended June 30, 2025
		Insurance Services		Software & Data		Consumer Services		Corporate	Reciprocal Segment	Eliminations	Total
Revenue	(1)	67,390		24,013		17,650		—	55,409	(45,167)	119,295
Cost of revenue		9,526		5,846		2,414		—	23,896	1,740	43,422
Gross Profit		57,864		18,167		15,236		—	31,513	(46,907)	75,873
Significant expenses:
Selling and marketing		37,025		9,226		10,465		398	3,635	(33,891)	26,858
Product and technology		2,539		4,625		1,067		4,287	558	—	13,076
General and administrative		5,313		2,622		3,089		13,028	19,854	(13,016)	30,890
Other segment items:
Depreciation and amortization	(2)	(85)		(2,951)		(840)
Stock-based compensation expense	(2)	(1,039)		(897)		(437)
Interest income on intercompany surplus notes		(3,890)		—		—
Other gains and losses	(3)	(1,563)		—		—
Restructuring costs		(84)		—		(65)
Acquisition and other transaction costs		(9)		—		—
Adjusted EBITDA (Loss)		$	19,657	$	5,542	$	1,957
Other income (expense):
Interest expense									(30)		(12,056)
Change in fair value of private warrant liability									—		(2,878)
Change in fair value of derivatives									—		12,853
Gain on extinguishment of debt									—		34
Investment income and realized gains and losses, net of investment expenses									2,221		2,665
Other income									—		1,493
Interest expense on intercompany surplus notes									(3,890)		—
Income tax expense (provision)									(99)		1,087
Net income									5,668		8,247
Net income attributable to the Reciprocal											5,668
Net income attributable to Porch											$	2,579

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(1)Revenue includes intersegment revenues of $60.6 million in Insurance Services (which includes fees and commissions paid by the Reciprocal to Insurance Services), $2.0 million in Software & Data, and $(17.5) million in revenue offsets in the Reciprocal Segment.

(2)Depreciation, amortization, and stock-based compensation are included in Cost of revenue, Selling and marketing, Product and technology, and General and administrative lines above and are excluded from Adjusted EBITDA (Loss).

(3)Other gains and losses primarily includes investment income and some recoveries of reinsurance losses.

		Three Months Ended June 30, 2024
		Insurance Services	Software & Data	Consumer Services	Corporate	Reciprocal Segment	Eliminations	Total
Revenue	(1)	34,080	23,173	18,858	—	48,739	(14,006)	110,844
Cost of revenue		19,459	5,846	3,790	—	69,071	(4,120)	94,046
Gross Profit		14,621	17,327	15,068	—	(20,332)	(9,886)	16,798
Significant expenses:
Selling and marketing		12,058	10,400	10,614	575	9,436	(9,886)	33,197
Product and technology		86	4,586	1,052	5,297	1,906	—	12,927
General and administrative		1,701	3,411	2,321	14,122	1,598	—	23,153
Other segment items:
Depreciation and amortization	(2)	(993)	(3,796)	(917)
Investment income and realized gains, net of investment expenses
Stock-based compensation expense	(2)	(392)	(1,271)	(561)
Change in fair value of contingent consideration		—	—	1,351
Restructuring costs		(9)	(39)	(161)
Other gains and losses	(3)	(1,668)	—	217
Adjusted EBITDA (Loss)		3,838	4,036	1,152
Other income (expense):
Interest expense						(1,716)		(10,326)
Change in fair value of private warrant liability						—		1,451
Change in fair value of derivatives						—		(8,207)
Investment income and realized gains and losses, net of investment expenses						2,793		3,526
Other income (expense)						—		2,400
Income tax benefit (expense)						—		(688)
Net loss						(32,195)		(64,323)

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(1)Revenue includes intersegment revenues of $30.1 million in Insurance Services (which includes fees and commissions paid by the Reciprocal Segment to Insurance Services), $0.2 million in Software & Data, and $(16.3) million in revenue offsets in the Reciprocal Segment.

(2)Depreciation, amortization, and stock-based compensation are included in Cost of revenue, Selling and marketing, Product and technology, and General and administrative lines above and are excluded from Adjusted EBITDA (Loss).

(3)Other gains and losses primarily includes investment income and some recoveries of reinsurance losses.

		Six Months Ended June 30, 2025
		Insurance Services		Software & Data		Consumer Services		Corporate	Reciprocal Segment		Eliminations	Total
Revenue	(1)	117,196		46,012		32,371		—	95,347		(66,886)	224,040
Cost of revenue		17,007		11,352		4,904		—	50,145		(689)	82,719
Gross Profit		100,189		34,660		27,467		—	45,202		(66,197)	141,321
Significant expenses:
Selling and marketing		52,552		18,395		20,263		806	11,046		(46,688)	56,374
Product and technology		4,990		8,913		2,198		8,483	1,693		—	26,277
General and administrative		9,690		5,130		6,390		25,729	27,457		(19,509)	54,887
Other segment items:
Depreciation and amortization	(2)	(176)		(6,430)		(1,725)
Stock-based compensation expense	(2)	(1,718)		(1,453)		(825)
Interest income on intercompany surplus notes		(7,564)		—		—
Change in fair value of contingent consideration		—		—		28
Restructuring costs		(129)		(19)		(149)
Other gains and losses	(3)	(2,883)		—		—
Acquisition and other transaction costs		(39)		11		—
Adjusted EBITDA (Loss)		$	45,466	$	10,113	$	1,287
Other income (expense):
Interest expense									(81)			(23,302)
Change in fair value of private warrant liability									—			(3,610)
Change in fair value of derivatives									—			19,526
Gain on extinguishment of debt									—			34
Investment income and realized gains and losses, net of investment expenses									4,636			5,475
Other income									—			9,893
Interest expense on intercompany surplus notes									(7,564)			—
Income tax expense (provision)									(988)			184
Net income									$	1,009		11,983
Net income attributable to the Reciprocal												1,009
Net income attributable to Porch												$	10,974

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(1)Revenue includes intersegment revenues of $106.0 million in Insurance Services (which includes fees and commissions paid by the Reciprocal to Insurance Services), $4.0 million in Software & Data, and $(43.1) million in revenue offsets in the Reciprocal Segment.

(2)Depreciation, amortization, and stock-based compensation are included in Cost of revenue, Selling and marketing, Product and technology, and General and administrative lines above and are excluded from Adjusted EBITDA (Loss).

(3)Other gains and losses primarily includes investment income and some recoveries of reinsurance losses.

		Six Months Ended June 30, 2024
		Insurance Services		Software & Data		Consumer Services		Corporate	Reciprocal Segment		Eliminations	Total
Revenue	(1)	81,439		44,308		35,044		—	96,234		(30,738)	226,287
Cost of revenue		44,867		11,501		7,323		—	115,678		(6,957)	172,412
Gross Profit		36,572		32,807		27,721		—	(19,444)		(23,781)	53,875
Significant expenses:
Selling and marketing		28,077		20,402		18,991		1,223	22,233		(23,781)	67,145
Product and technology		448		8,801		1,979		10,617	3,374		—	25,219
General and administrative		3,344		7,948		5,921		27,591	3,854		—	48,658
Other segment items:
Depreciation and amortization	(2)	(1,985)		(7,586)		(2,009)
Stock-based compensation expense	(2)	(734)		(2,343)		(1,061)
Change in fair value of contingent consideration		—		(909)		1,209
Restructuring costs		(17)		(96)		(160)
Other gains and losses	(3)	(3,314)		—		216
Adjusted EBITDA (Loss)		$	10,753	$	6,590	$	2,635
Other income (expense):
Interest expense									(3,751)			(21,113)
Change in fair value of private warrant liability									—			1,026
Change in fair value of derivatives									—			(6,724)
Gain on extinguishment of debt									—			4,891
Investment income and realized gains and losses, net of investment expenses									5,717			7,170
Other income (expense)									—			25,078
Income tax benefit (expense)									—			(866)
Net loss									$	(46,939)		$	(77,685)

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(1)Revenue includes intersegment revenues of $74.2 million in Insurance Services, $0.5 million in Software & Data, and $(43.9) million revenue offsets in the Reciprocal Segment.

(2)Depreciation, amortization, and stock-based compensation are included in Cost of revenue, Selling and marketing, Product and technology, and General and administrative lines above and are excluded from Adjusted EBITDA (Loss).

(3)Other gains and losses primarily includes investment income and some recoveries of reinsurance losses.

The following table presents a reconciliation of segment profitability measures to consolidated net income (loss).

		Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Segment Profitability Measures:
Insurance Services Adjusted EBITDA (Loss)		$	19,657	$	3,838	$	45,466	$	10,753
Software & Data Adjusted EBITDA (Loss)		5,542		4,036		10,113		6,590
Consumer Services Adjusted EBITDA (Loss)		1,957		1,152		1,287		2,635
Reciprocal Segment Net Income (loss)		5,668		(32,195)		1,009		$	(46,939)
Subtotal		32,824		(23,169)		57,875		(26,961)
Reconciling items:
Corporate expenses		(11,526)		(12,230)		$	(24,375)	$	(27,257)
Interest expense		(12,026)		(10,451)		(23,221)		(21,043)
Income tax provision		1,186		(688)		1,172		(866)
Depreciation and amortization		(4,461)		(6,198)		(9,485)		(12,508)
Gain (loss) on extinguishment of debt		34		—		34		4,891
Other income, net		95		2,545		7,257		25,887
Stock-based compensation expense		(8,000)		(7,105)		(12,910)		(12,473)
Mark-to-market gains (losses)		9,975		(5,404)		15,944		(5,397)
Restructuring costs	(1)	187		(1,635)		(132)		(1,792)
Acquisition and other transaction costs		(41)		12		(176)		(166)
Net income (loss)		$	8,247	$	(64,323)	$	11,983	$	(77,685)

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(1) Primarily consists of cost related to forming a reciprocal exchange.