Business
EverQuote Announces First Quarter 2020 Financial Results
Revenue Increased 56% Year-Over-Year to $81.4 Million Variable Marketing Margin Increased 72% Year-Over-Year to $23.8 MillionCompany Raises Full Year 2020
About this update from Everquote, Inc.
[{"type":"text","content":"Revenue Increased 56% Year-Over-Year to $81.4 Million Variable Marketing Margin Increased 72% Year-Over-Year to $23.8 MillionCompany Raises Full Year 2020 Guidance CAMBRIDGE, Mass., May 04, 2020 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online marketplace for insurance shopping, today announced financial results for the first quarter ended March 31, 2020.\n “The COVID-19 pandemic is an unprecedented global challenge and our thoughts are with everyone impacted around the world,” said Seth Birnbaum, CEO and Co-Founder of EverQuote. “We express our sincere gratitude to everyone helping those in need, workers keeping essential services running and to our strong and dedicated team working tirelessly to support our business, customers and partners. We remain fully committed to the health and safety of our families, our team and partners as well as the broader community.” “We reported strong first quarter results across all of our key financial metrics – delivering revenue growth of 56%, variable marketing margin growth of 72% and positive Adjusted EBITDA. During the quarter, we attracted more high-intent consumers with an 80% increase in quote request volume. We remain committed to our mission to be the largest source of online insurance policies, believe the dominant dynamic for our growth is the shift of insurance online and are focused on capitalizing on our significant, expanding market opportunity. “Strengths inherent in our business model, combined with our experienced leadership and growing, talented team, enable us to navigate these uncertain times. We are fortunate and grateful that the insurance industry remains healthy while consumer and provider demand online remain strong. Looking ahead, we believe COVID-19 will help accelerate digital transformation in the insurance industry, remain confident in our long-term prospects and are raising our full year 2020 guidance,” concluded Mr. Birnbaum. First Quarter 2020 Financial Highlights:(All comparisons are relative to the first quarter of 2019 unless otherwise stated): Total revenue of $81.4 million, an increase of 56% driven by strength in consumer quote request volume.Automotive insurance vertical revenue of $67.6 million, an increase of 50%.Revenue from our other insurance verticals, which includes home and renters, life, health and commercial insurance, in...