Business
EverQuote Announces Fourth Quarter and Full Year 2022 Financial Results
Fourth Quarter Revenue of $88.3 millionFourth Quarter Variable Marketing Margin of $29.1 millionFull Year Revenue of $404.1 millionFull Year Variable
About this update from Everquote, Inc.
[{"type":"text","content":"Fourth Quarter Revenue of $88.3 millionFourth Quarter Variable Marketing Margin of $29.1 millionFull Year Revenue of $404.1 millionFull Year Variable Marketing Margin of $128.3 million CAMBRIDGE, Mass., Feb. 27, 2023 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the fourth quarter and year ended December 31, 2022. “In 2022, we achieved positive Adjusted EBITDA for the year through the continued strength and agility of our team to respond swiftly to frequent, large reductions in carrier demand with amplified discipline in expense management and pursuit of targeted growth opportunities,” said Jayme Mendal, CEO of EverQuote. “We delivered full year revenue and Variable Marketing Margin, or VMM, of $404.1 million and $128.3 million, respectively; and generated positive Adjusted EBITDA.” “Despite a very challenging auto insurance environment last year, EverQuote enters 2023 in a stronger position than ever before. As a market leader, EverQuote continues to gain market share and is focused on redefining the category of insurance distribution as we build the one-stop insurance destination for the digital age. In 2023, we will work to restore revenue growth, bring profitability back to pre-downturn levels and generate positive cash flow, while continuing to make key investments to advance our strategy.” Fourth Quarter 2022 Highlights:(All comparisons are relative to the fourth quarter of 2021): Total revenue of $88.3 million, a decrease of 13%.Automotive insurance vertical revenue of $67.2 million, a decrease of 5%.Revenue from other insurance verticals, which includes home and renters, life, and health insurance, decreased 33% to $21.1 million.Variable Marketing Margin of $29.1 million, a decrease of 12%.GAAP net loss was $8.5 million, flat with the prior year period.Adjusted EBITDA was $0.1 million, compared to Adjusted EBITDA of $0.5 million.Direct to consumer agency, or DTCA, revenue of $13.9 million, or 15.7% of total revenue. Full Year 2022 Highlights:(All comparisons are relative to the full year of 2021): Total revenue of $404.1 million, a decrease of 3%.Automotive insurance vertical revenue of $324.4 million, a decrease of 2%.Revenue from other insurance verticals, which includes home and renters, life, and health insurance, decreased 9% to $79....