On August 5, 2024, EverQuote Inc (EVER, Financial) released its 8-K filing announcing record financial results for the second quarter of 2024. EverQuote Inc is an online marketplace for insurance shopping, leveraging data science to connect consumers with relevant insurance providers. The company primarily generates revenue from its direct channels.
Performance Highlights
EverQuote Inc (EVER, Financial) reported a significant year-over-year revenue increase of 72%, reaching $117.1 million for Q2 2024, surpassing the analyst estimate of $102.81 million. The company also reported a net income of $6.4 million, a substantial improvement from the net loss of $13.2 million in Q2 2023. Adjusted EBITDA rose to $12.9 million, compared to a loss of $2.1 million in the same period last year.
Key Financial Achievements
The company's automotive insurance vertical was a major driver of growth, with revenue increasing by over 106% to $102.6 million, representing 88% of total revenue. Home and renters insurance vertical revenue also saw a 29% increase, reaching $13.9 million. Variable Marketing Margin (VMM) increased by 48% year-over-year to $36.5 million.
Income Statement Overview
| Metric | Q2 2024 | Q2 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $117.1 million | $68.0 million | 72% |
| Net Income (Loss) | $6.4 million | $(13.2) million | -148.5% |
| Adjusted EBITDA | $12.9 million | $(2.1) million | -709.5% |
| Cash Flow from Operations | $12.4 million | $3.3 million | 275.8% |
Balance Sheet and Cash Flow
EverQuote Inc (EVER, Financial) ended the quarter with $60.9 million in cash and cash equivalents, a 25% increase from $48.6 million at the end of Q1 2024. The company also reported a positive cash flow from operations of $12.4 million, compared to $3.3 million in Q2 2023.
Outlook and Future Prospects
Looking ahead to Q3 2024, EverQuote Inc (EVER, Financial) projects revenue between $137.0 million and $143.0 million, with a Variable Marketing Margin of $38.5 million to $41.5 million and Adjusted EBITDA of $14.0 million to $17.0 million. The company remains focused on managing expenses and driving efficiency to sustain its growth trajectory.
“EverQuote continued building momentum in the second quarter, and our operating results once again exceeded the high-end of our guidance range and drove record results for revenue, Variable Marketing Margin, or VMM, and Adjusted EBITDA,” said Jayme Mendal, CEO of EverQuote.
For more detailed financial information, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from EverQuote Inc for further details.
