Business
EverQuote Announces Third Quarter 2021 Financial Results
Revenue Increased 20% Year-Over-Year to $107.6 MillionRecent Acquisition of PolicyFuel Closed and Successfully Integrated into DTC Agency Operations
About this update from Everquote, Inc.
[{"type":"text","content":"Revenue Increased 20% Year-Over-Year to $107.6 MillionRecent Acquisition of PolicyFuel Closed and Successfully Integrated into DTC Agency Operations CAMBRIDGE, Mass., Nov. 01, 2021 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the third quarter ended September 30, 2021. “Third quarter revenue increased 20% and Variable Marketing Margin, or VMM, grew 10% year-over-year. We believe the challenges in the auto insurance market will correct as carriers adjust their pricing strategies to a new underwriting environment. Importantly, we expect our non-auto insurance verticals to be unaffected by these challenges, and we remain confident that our health insurance vertical will have a successful fourth quarter,” said Jayme Mendal, CEO of EverQuote. “In an effort to align our cost structure to the current auto insurance environment, we implemented an approximate 10% structural reduction in non-marketing operating expenses (excluding non-cash items). In addition, we are proactively shifting to a new organizational operating model that we believe will enable us to make faster progress towards our long-term vision. With these advantages and an organizational model that enables better, faster execution, EverQuote will be better positioned than ever before to emerge as a powerful player in the $150 billion insurance distribution market.” Third Quarter 2021 Financial Highlights: (All comparisons are relative to the third quarter of 2020): Total revenue of $107.6 million, an increase of 20%.Automotive insurance vertical revenue of $89.7 million, an increase of 20%.Revenue from our other insurance verticals, which includes home and renters, life, health and commercial insurance, increased 18% to $17.9 million.Variable Marketing Margin of $32.4 million, an increase of 10%.GAAP net loss increased to $5.3 million, compared to GAAP net loss of $3.2 million.Adjusted EBITDA decreased to $2.7 million, compared to Adjusted EBITDA of $5.2 million. Third Quarter 2021 Business Highlights: Quote request growth of 21% driven by the strength of our traffic operations.EverQuote closed its previously announced acquisition of PolicyFuel, expanding its Direct-To-Consumer (DTC) Agency offerings into its auto insurance verticals. Fourth Quarter and Updated Full-Year 2021 Guidance: Eve...