EverQuote Announces Record Third Quarter 2024 Financial Results
EverQuote (EVER) reported outstanding third quarter 2024 financial results, with total revenue reaching $144.5 million, up 163% year-over-year. The company's automotive insurance vertical generated $130.0 million in revenue, a 202% increase, while home and renters insurance revenue grew 30% to $14.1 million. Variable Marketing Margin increased to $43.9 million, and the company achieved a GAAP net income of $11.6 million. Cash and cash equivalents stood at $82.8 million, up 36% from Q2 2024. For Q4 2024, EverQuote projects revenue between $131.0-$136.0 million and Adjusted EBITDA of $14.0-$16.0 million.
EverQuote (EVER) ha riportato risultati finanziari eccezionali per il terzo trimestre del 2024, con un fatturato totale di 144,5 milioni di dollari, in aumento del 163% rispetto all'anno precedente. Il settore delle assicurazioni auto dell'azienda ha generato 130,0 milioni di dollari di fatturato, con un incremento del 202%, mentre il fatturato delle assicurazioni per la casa e degli affitti è cresciuto del 30%, raggiungendo 14,1 milioni di dollari. Il Margine di Marketing Variabile è aumentato a 43,9 milioni di dollari, e l'azienda ha raggiunto un reddito netto GAAP di 11,6 milioni di dollari. La liquidità e le equivalenti ammontano a 82,8 milioni di dollari, in aumento del 36% rispetto al Q2 2024. Per il Q4 2024, EverQuote prevede un fatturato compreso tra 131,0 e 136,0 milioni di dollari e un EBITDA rettificato di 14,0-16,0 milioni di dollari.
EverQuote (EVER) reportó resultados financieros excepcionales en el tercer trimestre de 2024, con ingresos totales alcanzando 144,5 millones de dólares, un aumento del 163% en comparación con el año anterior. El vertical de seguros de automóviles de la compañía generó 130,0 millones de dólares en ingresos, un incremento del 202%, mientras que los ingresos por seguros de hogar y de inquilinos crecieron un 30% hasta 14,1 millones de dólares. El Margen de Marketing Variable aumentó a 43,9 millones de dólares, y la compañía logró un ingreso neto GAAP de 11,6 millones de dólares. El efectivo y equivalentes se situaron en 82,8 millones de dólares, un aumento del 36% con respecto al Q2 2024. Para el Q4 2024, EverQuote proyecta ingresos entre 131,0 y 136,0 millones de dólares y un EBITDA ajustado de 14,0-16,0 millones de dólares.
EverQuote (EVER)는 2024년 3분기 뛰어난 재무 결과를 보고했으며, 총 수익은 1억 4천4백50만 달러에 도달해 지난해 대비 163% 증가했습니다. 회사의 자동차 보험 부문은 1억 3천만 달러의 수익을 창출하며 202% 증가했고, 주택 및 임대 보험 수익은 30% 성장하여 1천4백10만 달러에 이르렀습니다. 변동 마케팅 마진은 4천3백90만 달러로 증가했으며, 회사는 GAAP 순이익 1천1백60만 달러를 달성했습니다. 현금 및 현금성 자산은 8천2백80만 달러로, 2024년 2분기 대비 36% 증가했습니다. 2024년 4분기에는 131.0~136.0백만 달러의 수익과 14.0~16.0백만 달러의 조정 EBITDA를 예상하고 있습니다.
EverQuote (EVER) a annoncé des résultats financiers exceptionnels pour le troisième trimestre 2024, avec un chiffre d'affaires total atteignant 144,5 millions de dollars, en augmentation de 163 % d'une année sur l'autre. Le secteur des assurances automobiles de la société a généré un chiffre d'affaires de 130,0 millions de dollars, soit une hausse de 202 %, tandis que le chiffre d'affaires des assurances habitation et locataire a augmenté de 30 % pour atteindre 14,1 millions de dollars. La Marge de Marketing Variable a augmenté à 43,9 millions de dollars, et l'entreprise a réalisé un bénéfice net GAAP de 11,6 millions de dollars. La trésorerie et les équivalents de trésorerie se sont élevés à 82,8 millions de dollars, en hausse de 36 % par rapport au T2 2024. Pour le T4 2024, EverQuote projette un chiffre d'affaires compris entre 131,0 et 136,0 millions de dollars et un EBITDA ajusté de 14,0 à 16,0 millions de dollars.
EverQuote (EVER) hat im dritten Quartal 2024 außergewöhnliche Finanzzahlen gemeldet, mit einem Gesamtumsatz von 144,5 Millionen Dollar, was einem Anstieg von 163% im Vergleich zum Vorjahr entspricht. Der Bereich Kfz-Versicherungen des Unternehmens generierte einen Umsatz von 130,0 Millionen Dollar, ein Anstieg von 202%, während der Umsatz aus Wohn- und Mieter-Versicherungen um 30% auf 14,1 Millionen Dollar wuchs. Die variable Marketing-Marge erhöhte sich auf 43,9 Millionen Dollar, und das Unternehmen erzielte einen GAAP-Nettoeinkommen von 11,6 Millionen Dollar. Die liquiden Mittel und Zahlungsmitteläquivalente beliefen sich auf 82,8 Millionen Dollar, was einem Anstieg von 36% im Vergleich zum Q2 2024 entspricht. Für das Q4 2024 prognostiziert EverQuote einen Umsatz zwischen 131,0 und 136,0 Millionen Dollar sowie ein bereinigtes EBITDA von 14,0–16,0 Millionen Dollar.
- Revenue surged 163% YoY to $144.5 million
- Automotive insurance vertical revenue up 202% to $130.0 million
- Net income improved to $11.6 million from a loss of $29.2 million
- Adjusted EBITDA increased to $18.8 million from a loss of $1.9 million
- Strong cash position of $82.8 million, up 36% QoQ
- Positive operating cash flow of $23.6 million
- None.
Insights
The Q3 2024 results showcase exceptional performance with
The strong cash position of
The company's operational leverage and expense management have transformed it into a stronger entity post-auto insurance downturn, with improving margins and profitability metrics.
EverQuote's strategic focus on AI-powered bidding solutions and next-generation agent technology platform demonstrates strong technological advancement. The successful optimization of traffic operations through AI implementation has directly contributed to the remarkable financial performance.
The company's ability to efficiently scale while maintaining operational excellence suggests their tech infrastructure is robust and scalable. The investment in technological capabilities during a strong demand environment positions them well for sustained growth and market leadership in the online insurance marketplace sector.
- Revenue Exceeds
150% Year-Over-Year Growth to$144.5 million - Variable Marketing Margin Increases Over
125% Year-Over-Year to$43.9 million - Delivers Net Income of
$11.6 million and Adjusted EBITDA of$18.8 million
CAMBRIDGE, Mass., Nov. 04, 2024 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the third quarter ended September 30, 2024.
“We delivered record third quarter results for revenue, Variable Marketing Margin, or VMM, and Adjusted EBITDA that once again exceeded the high-end of our guidance range,” said Jayme Mendal, CEO of EverQuote. “We continue to benefit from the auto industry recovery and strong execution. We are strategically investing into this strengthening demand environment, as we continue to effectively optimize our traffic operations, improve our AI-powered bidding solutions, and roll-out our next generation agent technology platform."
“Our record third quarter financial results and cash flow are evidence that we are emerging from the auto insurance downturn as a stronger company due to our ability to efficiently scale, drive strong operational leverage, and maintain disciplined expense management,” said Joseph Sanborn, CFO of EverQuote. “Looking ahead, we expect to build upon our strong performance this year, while judiciously investing to position ourselves as the leader in our industry.”
Third Quarter 2024 Highlights:
(Unless otherwise noted, all comparisons are relative to the third quarter of 2023).
- Total revenue of
$144.5 million , an increase of163% . - Automotive insurance vertical revenue of
$130.0 million , up202% , and representing90% of revenue. - Home and renters insurance vertical revenue of
$14.1 million , up30% compared to$10.9 million . - VMM increased to
$43.9 million , compared to VMM of$19.4 million . - GAAP net income improved to
$11.6 million , compared to a GAAP net loss of$29.2 million . - Adjusted EBITDA increased to
$18.8 million , compared to an Adjusted EBITDA loss of$1.9 million . - Cash flow from operations of
$23.6 million , compared to cash flow from operations of ($4.1) million . - Ended the quarter with
$82.8 million in cash and cash equivalents, an increase of36% from$60.9 million at the end of the second quarter of 2024.
Fourth Quarter 2024 Outlook:
- Revenue of
$131.0 -$136.0 million , representing140% year-over-year growth at the midpoint. - Variable Marketing Margin of
$38.0 -$40.0 million , representing89% year-over-year growth at the midpoint. - Adjusted EBITDA of
$14.0 -$16.0 million , versus a loss of ($0.9) million in the prior year’s period.
With respect to the Company’s expectations under “Fourth Quarter 2024 Outlook” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, restructuring and other charges, acquisition-related costs, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.
Conference Call and Webcast Information
EverQuote will host a conference call and live webcast to discuss its third quarter 2024 financial results at 4:30 p.m. Eastern Time today, November 4, 2024. To access the conference call, dial Toll Free: +1 (800) 715-9871 for the US, or +1 (646) 307-1963 for international callers, and provide conference ID 4210704. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.
Safe Harbor Statement
This press release 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 press release, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions described in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) from time to time. Additional information will also be set forth in the Company's quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2024, which will be filed with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7) risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing margin, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; and (16) the future trading prices of our Class A common stock.
About EverQuote
EverQuote operates a leading online insurance marketplace, connecting consumers with insurance providers. Our vision is to become the largest online source of insurance policies by using data, technology, and knowledgeable advisors to make insurance simpler, more affordable, and personalized.
For more information, visit https://investors.everquote.com and follow on LinkedIn.
Investor Relations Contact
Brinlea Johnson
The Blueshirt Group
(415) 489-2193
| EVERQUOTE, INC. | |||||||||||||||
| STATEMENTS OF OPERATIONS | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (in thousands except per share) | |||||||||||||||
| Revenue | $ | 144,530 | $ | 55,011 | $ | 352,735 | $ | 232,216 | |||||||
| Cost and operating expenses(1): | |||||||||||||||
| Cost of revenue | 5,450 | 6,150 | 15,502 | 17,467 | |||||||||||
| Sales and marketing | 111,794 | 46,505 | 273,491 | 195,537 | |||||||||||
| Research and development | 8,026 | 6,270 | 21,913 | 21,647 | |||||||||||
| General and administrative | 7,594 | 5,741 | 22,105 | 19,339 | |||||||||||
| Restructuring and other charges | — | 19,757 | — | 23,589 | |||||||||||
| Acquisition-related costs | — | — | — | (150 | ) | ||||||||||
| Total cost and operating expenses | 132,864 | 84,423 | 333,011 | 277,429 | |||||||||||
| Income (loss) from operations | 11,666 | (29,412 | ) | 19,724 | (45,213 | ) | |||||||||
| Other income: | |||||||||||||||
| Interest income | 554 | 411 | 1,396 | 869 | |||||||||||
| Other income, net | 53 | 20 | 154 | 5 | |||||||||||
| Total other income, net | 607 | 431 | 1,550 | 874 | |||||||||||
| Income (loss) before income taxes | 12,273 | (28,981 | ) | 21,274 | (44,339 | ) | |||||||||
| Income tax expense | (719 | ) | (236 | ) | (1,411 | ) | (600 | ) | |||||||
| Net income (loss) | $ | 11,554 | $ | (29,217 | ) | $ | 19,863 | $ | (44,939 | ) | |||||
| Net income (loss) per share: | |||||||||||||||
| Basic | $ | 0.33 | $ | (0.87 | ) | $ | 0.57 | $ | (1.36 | ) | |||||
| Diluted | $ | 0.31 | $ | (0.87 | ) | $ | 0.54 | $ | (1.36 | ) | |||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 35,234 | 33,549 | 34,845 | 33,146 | |||||||||||
| Diluted | 37,214 | 33,549 | 36,509 | 33,146 | |||||||||||
| (1) Amounts include stock-based compensation expense, as follows: | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (in thousands) | |||||||||||||||
| Cost of revenue | $ | 51 | $ | 57 | $ | 129 | $ | 170 | |||||||
| Sales and marketing | 1,837 | 2,216 | 5,083 | 6,761 | |||||||||||
| Research and development | 1,342 | 1,820 | 4,080 | 6,479 | |||||||||||
| General and administrative | 2,216 | 1,386 | 6,012 | 4,585 | |||||||||||
| Restructuring and other charges | — | 165 | — | 1,288 | |||||||||||
| $ | 5,446 | $ | 5,644 | $ | 15,304 | $ | 19,283 | ||||||||
| EVERQUOTE, INC. | |||||||
| BALANCE SHEET DATA | |||||||
| September 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (in thousands) | |||||||
| Cash and cash equivalents | $ | 82,841 | $ | 37,956 | |||
| Working capital | 79,913 | 39,293 | |||||
| Total assets | 180,539 | 110,925 | |||||
| Total liabilities | 62,837 | 30,018 | |||||
| Total stockholders' equity | 117,702 | 80,907 | |||||
| EVERQUOTE, INC. | |||||||||||||||
| STATEMENTS OF CASH FLOWS | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (in thousands) | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income (loss) | $ | 11,554 | $ | (29,217 | ) | $ | 19,863 | (44,939 | ) | ||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||
| Depreciation and amortization expense | 1,618 | 2,251 | 4,117 | 5,121 | |||||||||||
| Stock-based compensation expense | 5,446 | 5,644 | 15,304 | 19,283 | |||||||||||
| Loss on sale of health assets | — | 19,388 | — | 19,388 | |||||||||||
| Impairment of right-of-use asset | — | 384 | — | 384 | |||||||||||
| Change in fair value of contingent consideration liabilities | — | — | — | (150 | ) | ||||||||||
| Provision for bad debt | 8 | (38 | ) | 16 | 186 | ||||||||||
| Unrealized foreign currency transaction (gains) losses | 59 | (17 | ) | 56 | (1 | ) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Accounts receivable | (219 | ) | (63 | ) | (27,079 | ) | 7,267 | ||||||||
| Prepaid expenses and other current assets | (1,002 | ) | 770 | 312 | 2,637 | ||||||||||
| Commissions receivable, current and non-current | 1,078 | 2,740 | 3,722 | 2,611 | |||||||||||
| Operating lease right-of-use assets | 590 | 632 | 1,842 | 2,006 | |||||||||||
| Other assets | — | — | (291 | ) | 36 | ||||||||||
| Accounts payable | 5,220 | (2,217 | ) | 29,703 | (10,029 | ) | |||||||||
| Accrued expenses and other current liabilities | 75 | (3,791 | ) | 1,113 | (3,522 | ) | |||||||||
| Deferred revenue | (120 | ) | 92 | (93 | ) | 34 | |||||||||
| Operating lease liabilities | (693 | ) | (705 | ) | (2,153 | ) | (2,348 | ) | |||||||
| Net cash provided by (used in) operating activities | 23,614 | (4,147 | ) | 46,432 | (2,036 | ) | |||||||||
| Cash flows from investing activities: | |||||||||||||||
| Acquisition of property and equipment, including costs capitalized for development of internal-use software | (1,489 | ) | (966 | ) | (3,111 | ) | (2,988 | ) | |||||||
| Proceeds from sale of health assets | — | 13,194 | — | 13,194 | |||||||||||
| Net cash provided by (used in) investing activities | (1,489 | ) | 12,228 | (3,111 | ) | 10,206 | |||||||||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from exercise of stock options | 288 | — | 2,902 | 340 | |||||||||||
| Tax withholding payments related to net share settlement | (507 | ) | (67 | ) | (1,350 | ) | (299 | ) | |||||||
| Net cash provided by (used in) financing activities | (219 | ) | (67 | ) | 1,552 | 41 | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 16 | (13 | ) | 12 | 3 | ||||||||||
| Net increase in cash, cash equivalentsand restricted cash | 21,922 | 8,001 | 44,885 | 8,214 | |||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 60,919 | 31,048 | 37,956 | 30,835 | |||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 82,841 | $ | 39,049 | $ | 82,841 | $ | 39,049 | |||||||
| EVERQUOTE, INC. | |||||||||||
| FINANCIAL AND OPERATING METRICS | |||||||||||
| Revenue by vertical: | |||||||||||
| Three Months Ended September 30, | Change | ||||||||||
| 2024 | 2023 | % | |||||||||
| (in thousands) | |||||||||||
| Automotive | $ | 130,005 | $ | 43,077 | 201.8 | % | |||||
| Home and renters | 14,142 | 10,889 | 29.9 | % | |||||||
| Other | 383 | 1,045 | -63.3 | % | |||||||
| Total revenue | $ | 144,530 | $ | 55,011 | 162.7 | % | |||||
| Nine Months Ended September 30, | Change | ||||||||||
| 2024 | 2023 | % | |||||||||
| (in thousands) | |||||||||||
| Automotive | $ | 310,165 | $ | 182,520 | 69.9 | % | |||||
| Home and renters | 40,715 | 31,068 | 31.1 | % | |||||||
| Other | 1,855 | 18,628 | -90.0 | % | |||||||
| Total revenue | $ | 352,735 | $ | 232,216 | 51.9 | % | |||||
Other financial and non-financial metrics:
| Three Months Ended September 30, | Change | ||||||||||
| 2024 | 2023 | % | |||||||||
| (in thousands) | |||||||||||
| Income (loss) from operations | $ | 11,666 | $ | (29,412 | ) | -139.7 | % | ||||
| Net income (loss) | $ | 11,554 | $ | (29,217 | ) | -139.5 | % | ||||
| Variable marketing margin | $ | 43,931 | $ | 19,368 | 126.8 | % | |||||
| Adjusted EBITDA(1) | $ | 18,783 | $ | (1,905 | ) | NM | |||||
| Nine Months Ended September 30, | Change | ||||||||||
| 2024 | 2023 | % | |||||||||
| (in thousands) | |||||||||||
| Income (loss) from operations | $ | 19,724 | $ | (45,213 | ) | -143.6 | % | ||||
| Net income (loss) | $ | 19,863 | $ | (44,939 | ) | -144.2 | % | ||||
| Variable marketing margin | $ | 111,204 | $ | 79,614 | 39.7 | % | |||||
| Adjusted EBITDA(1) | $ | 39,299 | $ | 1,347 | NM | ||||||
| (1) Adjusted EBITDA is a non-GAAP measure. Please see “EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP” below for more information. | |||||||||||
To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.
The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; restructuring and other charges; acquisition-related costs; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.
The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.
The Company’s non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.
The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.
| EVERQUOTE, INC. | |||||||||||||||
| RECONCILIATION OF NON-GAAP MEASURES TO GAAP | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (in thousands) | |||||||||||||||
| Net income (loss) | $ | 11,554 | $ | (29,217 | ) | $ | 19,863 | $ | (44,939 | ) | |||||
| Stock-based compensation | 5,446 | 5,479 | 15,304 | 17,995 | |||||||||||
| Depreciation and amortization | 1,618 | 2,251 | 4,117 | 5,121 | |||||||||||
| Restructuring and other charges | — | 19,757 | — | 23,589 | |||||||||||
| Acquisition-related costs | — | — | — | (150 | ) | ||||||||||
| Interest income | (554 | ) | (411 | ) | (1,396 | ) | (869 | ) | |||||||
| Income tax expense | 719 | 236 | 1,411 | 600 | |||||||||||
| Adjusted EBITDA | $ | 18,783 | $ | (1,905 | ) | $ | 39,299 | $ | 1,347 | ||||||
FAQ
What was EverQuote's (EVER) revenue growth in Q3 2024?
How much did EverQuote's (EVER) automotive insurance vertical revenue grow in Q3 2024?
What is EverQuote's (EVER) Q4 2024 revenue guidance?
What was EverQuote's (EVER) net income in Q3 2024?
