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v3.21.2

Restatement of Previously Issued Consolidated Financial Statements (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2021 | 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 |
|  | March 31, 2021 |  | December 31, 2020
Cash and cash equivalents |  | $ | 222,948 |  | $ | 196,046
Restricted cash - current |  |  | 10,435 |  |  | 11,407
Cash, cash equivalents and restricted cash |  | $ | 233,383 |  | $ | 207,453
|  | 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 |
|  | 2021 |  | 2020
Loss on remeasurement of debt (Note 3) |  |  | — |  |  | (454)
Loss on remeasurement of legacy preferred stock warrant liability |  |  | — |  |  | (1,079)
Loss on extinguishment of debt, net |  |  | — |  |  | (247)
Other, net |  |  | 83 |  |  | (94)
|  | $ | 83 |  | $ | (1,874)
|  | 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)

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