Slide 1: Investor Presentation February 2024
Investor Presentation February 2024
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this presentation, i
Slide 3: Our vision
Our vision Become the largest online source of insurance policies by using data, technology and knowledgeable advisors to make insurance simpler, more affordable and personalized. 3
Slide 4: Key Investment Highlights
Key Investment Highlights Leading Property and Casualty1 (”P&C”) online insurance marketplace Insurance Marketplace Leader providing compelling benefits for consumers and insurance providers $100b+ in annual P&C insurance distribution and advertising spend in the Massive Market Opportunity early pha
Slide 5: Company Overview
Company Overview Company Snapshot Compelling Value Proposition • One of the insurance industry’s largest online Providers: efficiently acquire consumers customer acquisition and distribution platforms • Large volume of high intent consumers • Highly scalable, data proprietary platform leveraging • H
Slide 6: Large & Expanding TAM
Large & Expanding TAM U.S. Insurance Market: Highlights2 Growth Drivers Distribution and Advertising Spend1 $171b <1% Continued shift of U.S. Insurance Market Estimated share of P&C consumer time spent online Distribution and Distribution and Advertising Advertising Spend Spend Market $100b P&C Dist
Slide 7: The Customer Journey
The Customer Journey Customer Acquisition Marketplace Consumer Routing Distribution Traffic Consumer Provider Provider Representative Channels Arrival Matching Engagement Carriers3 SEM Enterprise Distribution Alignment Bidding Performance Media Carriers Calls Clicks Agent Distribution Performance Pa
Slide 8: Proprietary Platforms Strengthen Competitive Moat
Proprietary Platforms Strengthen Competitive Moat Highly integrated AI, machine learning and data assets to support growth of all verticals Marketing Consumer Distribution B2B Omni-channel Personalized User Consumer Alignment Enterprise & Agency Automated Bidding Experiences Algorithms Campaign Mana
Slide 9: The State of the Auto Insurance Market
The State of the Auto Insurance Market Late Summer 2021 Current Outlook Auto Insurance Downturn Begins Cost of claims rises rapidly due to Multiple auto carriers receive rate higher used car values, increased cost raising approvals in many states in to repair and overall accident severity 2023 to re
Slide 10: Strategic Focus Entering 2024
Strategic Focus Entering 2024 Exit of Health Vertical to focus on EVER’s core Focus on P&C Markets vertical markets of Auto and Home / Renters Streamlining business around the most capital Asset-Light Model efficient parts of EVER’s operations; employee headcount down ~38% YoY1 Drive greater value f
Slide 11: Financial Overview
Financial Overview Auto Downturn Begins in Summary Revenue ($m) Late Summer 2021 • Auto carrier recovery is expected to drive a significant $419 rebound to Revenue and VMM growth $404 $347 • Adjusted EBITDA margin expected to return to pre- $288 downturn levels as the auto insurance market recovers
Slide 12: Revenues by Verticals
Revenues by Verticals EVER exits Health Summary Quarterly Revenue ($m) Insurance Vertical • Following our exit of the Health Total: $110.7 $101.9 $103.2 $88.3 $109.2 $68.0 $55.0 $55.7 insurance vertical at the end of Q2 Auto $14.0 $10.1 Home/Renters 2023, revenue from our Other1 vertical $9.0 $11.5
Slide 13: Multiple Levers to Drive Future Growth
Multiple Levers to Drive Future Growth Explore Acquisition Opportunities Grow Core Verticals Deepen Consumer Increase and Provider Attract Provider Engagement More Coverage Consumers and Budget 13
Slide 14: NASDAQ: EVER
NASDAQ: EVER
Slide 15: Appendix
Appendix
Slide 16: Key Metrics Definitions
Key Metrics Definitions Variable We define variable marketing margin, or VMM, as revenue, as reported in our consolidated statements of operations and comprehensive income (loss), less advertising costs (a component of sales and marketing expense, as reported in our statements of Marketing operation
Slide 17: Reconciliation of Adjusted EBITDA - 12 Months Ended
Reconciliation of Adjusted EBITDA - 12 Months Ended 12 Months Ended December 31, December 31, December 31, December 31, December 31, December 31, ($ in Thousands) 2023 2022 2021 2020 2019 2018 Net loss ($51,287) ($24,416) ($19,434) ($11,202) ($7,117) ($13,791) Stock-based $22,808 $28,986 $30,020 $24
Slide 18: Reconciliation of Adjusted EBITDA - 3 Months Ended
Reconciliation of Adjusted EBITDA - 3 Months Ended 3 Months Ended ($ in Thousands) December 31, September 30, June 30, March 31, December 31, 2023 2023 2023 2023 2022 Net loss ($6,348) ($29,217) ($13,193) ($2,529) ($8,494) Stock-based $4,813 $5,479 $6,007 $6,509 $6,623 compensation Depreciation & $1