Business
EverQuote Announces First Quarter 2023 Financial Results
First Quarter Revenue of $109.2 millionFirst Quarter Variable Marketing Margin Increased to $35.6 million CAMBRIDGE, Mass., May 08, 2023 (GLOBE NEWSWIRE) --
About this update from Everquote, Inc.
[{"type":"text","content":"First Quarter Revenue of $109.2 millionFirst Quarter Variable Marketing Margin Increased to $35.6 million CAMBRIDGE, Mass., May 08, 2023 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the quarter ended March 31, 2023. “In the first quarter of 2023, we exceeded expectations across our three primary financial KPIs, delivering revenue of $109.2 million, Variable Marketing Margin, or VMM, of $35.6 million and improved adjusted EBITDA,” said Jayme Mendal, CEO of EverQuote. “Our team is executing well, and our progress this quarter demonstrates that when the auto insurance industry normalizes, major carriers will resume their spending on consumer acquisition and EverQuote will be well positioned to capitalize on the opportunity.” “As we have done throughout the auto insurance industry downturn, we will continue to drive efficiency throughout our operations by judiciously managing expenses, while investing in key strategic areas to position the company for long-term growth. However, the persistence of elevated claims losses for auto insurance carriers, has introduced significant uncertainty with regards to the outlook for industry marketing spend for the balance of this year, and as a result, we are withdrawing our full year guidance.” First Quarter 2023 Financial Highlights:(All comparisons are relative to the first quarter of 2022) Total revenue of $109.2 million, a decrease of 1%.Automotive insurance vertical revenue of $89.7 million, an increase of 2%.Revenue from other insurance verticals, which includes home and renters, life, and health insurance, decreased 15% to $19.5 million.Direct to consumer agency, or DTCA, revenue of $9.8 million, or 9% of total revenue.Variable Marketing Margin of $35.6 million, an increase of 4%.GAAP net loss improved to a loss of $2.5 million, compared to a GAAP net loss of $5.7 million.Adjusted EBITDA increased to $5.4 million, compared to Adjusted EBITDA of $2.4 million. Second Quarter and Full Year 2023 Outlook: Given the uncertainty of performance within the auto insurance industry and the exact timing of when carriers may restore their marketing budgets, the Company is withdrawing its previously provided full year 2023 guidance. For the second quarter 2023, EverQuote anticipates revenue, Variable Marketing Margin an...