Business
EverQuote Announces Record Second Quarter 2024 Financial Results
Revenue Grows 72% Year-Over-Year to $117.1 millionVariable Marketing Margin Increases 48% Year-Over-Year to $36.5 millionDelivers Net Income of $6.4 million
About this update from Everquote, Inc.
[{"type":"text","content":"Revenue Grows 72% Year-Over-Year to $117.1 millionVariable Marketing Margin Increases 48% Year-Over-Year to $36.5 millionDelivers Net Income of $6.4 million and Adjusted EBITDA of $12.9 million CAMBRIDGE, Mass., Aug. 05, 2024 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the second quarter ended June 30, 2024. “EverQuote continued building momentum in the second quarter, and our operating results once again exceeded the high-end of our guidance range and drove record results for revenue, Variable Marketing Margin, or VMM, and Adjusted EBITDA,” said Jayme Mendal, CEO of EverQuote. “The auto insurance recovery continues to progress, with carriers steadily improving underwriting profitability, and moving to reactivate campaigns, restore budgets, and reopen their state footprints in our marketplace.” “In the second quarter, we continued to execute well against an improving auto carrier landscape, and achieved strong profitability by delivering record levels of net income and operating cash flow,” said Joseph Sanborn, CFO of EverQuote. “We continue to be very disciplined in managing expenses and driving incremental efficiency across the business, which is resulting in expanding operating leverage, as we scale and drive top-line growth. Looking ahead, while we remain steadfast in our commitment to efficient operations, we plan to judiciously invest in opportunities to position our company for long-term success.” Second Quarter 2024 Highlights:(Unless otherwise noted, all comparisons are relative to the second quarter of 2023. EverQuote exited the health insurance vertical at the end of the second quarter of 2023. Revenue in our health insurance vertical was $6.2 million in the second quarter of 2023.) Total revenue of $117.1 million, an increase of 72%.Automotive insurance vertical revenue of $102.6 million, up over 106%, and representing 88% of revenue.Home and renters insurance vertical revenue of $13.9 million, up 29% compared to $10.7 million.VMM increased to $36.5 million, compared to VMM of $24.7 million.GAAP net income improved to $6.4 million, compared to a GAAP net loss of $13.2 million.Adjusted EBITDA increased to $12.9 million, compared to Adjusted EBITDA loss of $2.1 million.Cash flow from operations of $12.4 million, compared to cash flow ...