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Jun 30, 2020
EverQuote Q2 2020 Earnings Report
Reported strong second quarter results with revenue growth and expansion in non-auto insurance verticals.
Key Takeaways
EverQuote reported a 41% year-over-year increase in revenue to $78.3 million, driven by a 133% increase in non-auto insurance revenue. The company also announced the acquisition of Crosspointe Insurance & Financial Services to accelerate growth in the health vertical and raised full-year 2020 guidance.
Total revenue increased 41% year-over-year to $78.3 million.
Non-auto insurance revenue grew 133% year-over-year to $13.7 million.
Variable Marketing Margin increased 41% year-over-year to $23.5 million.
The company announced the acquisition of Crosspointe Insurance & Financial Services to accelerate growth in the health vertical.
Forward Guidance
The company anticipates third quarter 2020 revenue of $84.0 - $86.0 million, variable marketing margin of $26.5 - $28.0 million, and adjusted EBITDA in the range of $4.0 - $5.0 million. Full year 2020 revenue is expected to be $331.0 - $336.0 million, variable marketing margin of $101.0 - $104.5 million, and adjusted EBITDA in the range of $15.0 - $17.5 million.
Positive Outlook
- Revenue of $84.0 - $86.0 million for Q3 2020.
- Variable Marketing Margin of $26.5 - $28.0 million for Q3 2020.
- Adjusted EBITDA in the range of $4.0 - $5.0 million for Q3 2020.
- Revenue of $331.0 - $336.0 million for full year 2020.
- Variable Marketing Margin of $101.0 - $104.5 million for full year 2020.
Challenges Ahead
- The company has not reconciled the non-GAAP measure adjusted EBITDA to the GAAP measure net loss.
- Guidance excludes stock-based compensation expense.
- Guidance excludes depreciation and amortization expense.
Historical Earnings Impact
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