Business
EverQuote Announces Second Quarter 2022 Financial Results
Performance Exceeds Guidance on Key Financial MetricsTotal Revenue of $101.9 millionVariable Marketing Margin of $33.1 millionDTCA Operations Generated 13% of
About this update from Everquote, Inc.
[{"type":"text","content":"Performance Exceeds Guidance on Key Financial MetricsTotal Revenue of $101.9 millionVariable Marketing Margin of $33.1 millionDTCA Operations Generated 13% of Total Revenue CAMBRIDGE, Mass., Aug. 01, 2022 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the quarter ended June 30, 2022. “In the second quarter, we exceeded guidance expectations across our three primary financial KPIs delivering revenue of $101.9 million and Variable Marketing Margin, or VMM, of $33.1 million, and generated positive Adjusted EBITDA,” said Jayme Mendal, CEO of EverQuote. “We are effectively reacting to a rapidly changing market environment, altering our cost structure and modifying our bidding strategy to navigate continued volatility and increased headwinds in the auto insurance industry. We are also benefiting from our multi-year effort to diversify our distribution into agent channels. Our Direct-to-Consumer-Agency, or DTCA, continued to perform well in the second quarter as we drove improving unit economics and cash efficiency of our operations. “We continue to make progress towards our long-term vision to become the largest online source of insurance policies by combining data, tech, and knowledgeable advisors to make insurance simpler, more affordable and personalized. As auto carrier demand recovers, we continue to expect that EverQuote will be well-positioned to return to our historic trend of strong revenue growth and expanding Adjusted EBITDA.” Second Quarter 2022 Financial Highlights: (All comparisons are relative to the second quarter of 2021): Total revenue of $101.9 million, a decrease of 3%.Automotive insurance vertical revenue of $81.4 million, a decrease of 6%.Revenue from other insurance verticals, which includes home and renters, life, and health insurance, increased 10% to $20.5 million.Variable Marketing Margin of $33.1 million, an increase of 1%.GAAP net loss increased to $3.8 million, compared to GAAP net loss of $1.9 million.Adjusted EBITDA decreased to $1.4 million, compared to Adjusted EBITDA of $6.6 million.DTCA operations generated $13.1 million in revenue, or 13% of total revenue. Third Quarter and Full-Year 2022 Guidance: EverQuote anticipates Revenue, Variable Marketing Margin and Adjusted EBITDA to be in the following ranges: Third Quarte...