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EverQuote, Inc. (NASDAQ: EVER) is a leading online insurance marketplace based in Cambridge, Massachusetts. The company provides a platform that connects consumers seeking insurance with a network of insurance providers. EverQuote focuses primarily on auto, home, and life insurance, helping consumers find relevant insurance quotes that meet their needs.
The company leverages data science and advanced technology to optimize its marketplace, ensuring high-quality, scalable connections between consumers and insurance providers. EverQuote's proprietary platform uses sophisticated mathematics and enterprise-class technology to drive its multi-channel campaign management and optimization, delivering high-quality traffic and referrals at optimal costs for its partners.
Founded as a quantitative internet marketing firm, EverQuote has deep roots in proprietary search engine marketing (SEM), analytics, email, and display technologies. This allows the company to efficiently source, scale, and deliver high-quality traffic and referrals. The EverQuote team uses a range of technologies, including comprehensive reporting and bidding engines, to maximize the effectiveness of its platform.
Recently, EverQuote has made several strategic moves to strengthen its position in the marketplace. The company reported a revenue of $68.0 million for the second quarter of 2023 and a Variable Marketing Margin (VMM) of $24.7 million, a record high as a percentage of revenue. In response to a prolonged downturn in the auto insurance market, EverQuote restructured its operations, eliminating approximately 30% of positions company-wide and exiting its health insurance vertical. This restructuring aims to position the company as a leader in the auto and home insurance markets.
EverQuote's financial condition has been bolstered by the sale of certain assets in its health insurance vertical for $13.2 million, providing additional liquidity. The company continues to focus on judicious expense management and strengthening its balance sheet, adopting a more asset-light model to capitalize on market opportunities with the normalization of the auto insurance industry.
EverQuote's mission is to empower insurance shoppers to protect their most important assets—their family, property, and future. The company's vision is to become the largest online source of insurance policies, using data, technology, and knowledgeable advisors to make insurance simpler, more affordable, and personalized.
For more information, visit everquote.com and follow the company on LinkedIn.
EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, will participate in several upcoming investor conferences. The company's management will present at key events throughout May and June 2024, including the 9th Annual Oppenheimer Emerging Growth Conference, the 19th Annual Needham Technology, Media, & Consumer Conference, the 52nd Annual J.P. Morgan Global Technology, Media and Communications Conference, and more. The presentations aim to provide insight into EverQuote's business and strategy, with live webcasts and replays available on the investor relations website.
EverQuote, Inc. (Nasdaq: EVER) announced its first quarter 2024 financial results, highlighting revenue of $91.1 million, Variable Marketing Margin of $30.8 million, and record GAAP Net Income of $1.9 million. The company exceeded guidance ranges for revenue, VMM, and Adjusted EBITDA. Strong results in the automotive insurance vertical, net income, and cash flow from operations were key highlights. EverQuote remains optimistic about the auto insurance industry recovery, investing in growth opportunities. The second quarter 2024 outlook includes revenue of $100.0 - $105.0 million, VMM of $31.0 - $33.0 million, and Adjusted EBITDA of $7.0 - $9.0 million.
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