Business
EverQuote Announces Second Quarter 2020 Financial Results
Revenue Increased 41% Year-Over-Year to $78.3 MillionNon-Auto Insurance Revenue Increased 133% Year-Over-Year to $13.7 MillionCompany Announces First
About this update from Everquote, Inc.
[{"type":"text","content":"Revenue Increased 41% Year-Over-Year to $78.3 MillionNon-Auto Insurance Revenue Increased 133% Year-Over-Year to $13.7 MillionCompany Announces First Acquisition to Accelerate Growth in Health VerticalCompany Raises Full Year 2020 Guidance CAMBRIDGE, Mass., Aug. 04, 2020 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the second quarter ended June 30, 2020.\n “We reported strong second quarter results across all of our key financial metrics – delivering revenue growth of 41% year-over-year, variable marketing margin growth of 41% year-over-year and positive Adjusted EBITDA expansion year-over-year,” said Seth Birnbaum, CEO and Co-Founder of EverQuote. “Our thoughts continue to be with all the individuals and businesses impacted around the world by the COVID-19 pandemic. Despite unprecedented times, we continued to strengthen our team and execute on our growth levers and initiatives while delivering value for our customers. During the quarter, revenue from our non-auto insurance verticals, which includes home and renters, life, health and commercial insurance, grew 133% year-over-year. I am proud of both our outstanding team and the strength of EverQuote’s business model.” “Today, we also announced the acquisition of Crosspointe Insurance & Financial Services, a leading health insurance agency, to accelerate growth in our health vertical and our own initiatives to offer direct to consumer agency experiences. Crosspointe is a data-driven, sales and decision support contact center that connects consumers to the highest quality healthcare insurance in a customer centric environment. This accretive acquisition positions us to significantly accelerate the growth of our health vertical, with more substantial carrier distribution and monetization potential, including a greater ability to access the $130 billion commission TAM component of the overall distribution spend in insurance.” “Our strong business model and expansion in our non-auto verticals, combined with our experienced and talented team, has enabled us to execute on our growth initiatives and scale our business. Our team is passionate about our goal to become the destination for insurance customers, both consumers and providers, by delivering high value experiences and broad product selection wi...