Business
EverQuote Announces Third Quarter 2020 Financial Results
Revenue Increased 34% Year-Over-Year to $90.0 Million Non-Auto Insurance Revenue Increased 55% Year-Over-Year to $15.2 MillionVariable Market Margin Expanded
About this update from Everquote, Inc.
[{"type":"text","content":"Revenue Increased 34% Year-Over-Year to $90.0 Million Non-Auto Insurance Revenue Increased 55% Year-Over-Year to $15.2 MillionVariable Market Margin Expanded to a Record 33% of Total RevenueCompany Raises Full Year 2020 Guidance CAMBRIDGE, Mass., Nov. 02, 2020 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the third quarter ended September 30, 2020.\n “Our strategy continues to yield excellent results and we reported a strong quarter across all of our key financial metrics – delivering 34% year-over-year revenue growth and 41% year-over-year VMM growth,” said Seth Birnbaum, CEO and Co-Founder of EverQuote. “During the quarter, revenue from our non-auto insurance verticals, which includes home and renters, life, health and commercial insurance, grew 55% year-over-year. Our marketplace flywheel is demonstrating progress and resilience benefiting from increased diversity across our team, traffic, verticals, distribution and customer experiences including direct-to-consumer agency initiatives in Life and Health insurance. We continue to have strong momentum in the business, benefitting from the massive industry shift of nearly $150B of insurance distribution spend moving online, allowing us to end the year raising our full year 2020 guidance,” concluded Mr. Birnbaum. Third Quarter 2020 Financial Highlights:(All comparisons are relative to the third quarter of 2019 unless otherwise stated): Total revenue of $90.0 million, an increase of 34%.Automotive insurance vertical revenue of $74.8 million, an increase of 30%.Revenue from our other insurance verticals, which includes home and renters, life, health and commercial insurance, increased 55% to $15.2 million.Variable Marketing Margin of $29.4 million, an increase of 41%.GAAP net loss of $3.2 million, compared to GAAP net income of $0.2 million.Adjusted EBITDA of $5.2 million, compared to Adjusted EBITDA of $3.9 million. Third Quarter 2020 Business Highlights: The Company’s consumer traffic initiatives led to an 18% year-over-year increase in revenue per quote request and a 14% year-over-year increase in quote requests.More than 90% of revenue from carriers came from those who have been on our platform for more than a year.The Company obtained a deep level of integration with 72% of its carrier partners...