Business
EverQuote Announces Fourth Quarter and Full Year 2020 Financial Results
Fourth Quarter Revenue Increased 32% Year-Over-Year to $97.3 MillionFourth Quarter Variable Marketing Margin Increased 46% Year-Over-Year to $31.9 MillionFull
About this update from Everquote, Inc.
[{"type":"text","content":"Fourth Quarter Revenue Increased 32% Year-Over-Year to $97.3 MillionFourth Quarter Variable Marketing Margin Increased 46% Year-Over-Year to $31.9 MillionFull Year Revenue Increased 39% Year-Over-Year to $346.9 Million Full Year Variable Marketing Margin Increased 48% Year-Over-Year to $108.6 Million CAMBRIDGE, Mass., Feb. 22, 2021 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the fourth quarter and full year ended December 31, 2020. “Our team executed remarkably well this quarter, closing out a record year at EverQuote delivering year-over-year revenue growth of 32% in the fourth quarter, and 39% for the full year,” remarked Jayme Mendal, CEO of EverQuote. “We drove greater operating efficiency with VMM growth of 46% and 48% for the fourth quarter and full year, respectively, which supported making significant investments to accelerate our long-term growth. We also achieved record Adjusted EBITDA in 2020. Our team remains focused on EverQuote’s vision to become the largest online source of insurance policies by using data and technology to make insurance simpler, more affordable and personalized, ultimately reducing cost and risk,” concluded Mr. Mendal. Fourth Quarter 2020 Financial Highlights:(All comparisons are relative to the fourth quarter of 2019): Total revenue of $97.3 million, an increase of 32%.Automotive insurance vertical revenue of $76.2 million, an increase of 27%.Revenue from our Other insurance verticals, which includes home and renters, life, health and commercial insurance, increased 55% to $21.1 million and a record 22% of total revenues.Variable Marketing Margin of $31.9 million, an increase of 46%.GAAP net loss of $3.8 million, compared to GAAP net loss of $0.9 million.Adjusted EBITDA of $5.4 million, compared to Adjusted EBITDA of $4.2 million. Fourth Quarter 2020 Business Highlights: Consumer traffic initiatives led to an 18% year-over-year increase in revenue per quote request and a 12% year-over-year increase in quote requests.More than 95% of revenue from carriers came from those who have been on our platform for more than a year, reflecting the strong re-occuring nature of the Company’s business model.The Health insurance vertical benefitted from the annual open enrollment period and the successful integration of the p...