UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 16, 2022, EverQuote, Inc. (the “Company”) issued a press release reporting financial results for the fiscal quarter and year ended December 31, 2021. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Item 2.02 in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure.
On February 16, 2022, the Company posted an investor presentation to its website (www.everquote.com). A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information contained in Item 7.01 in this Current Report on Form 8-K (including Exhibit 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Press release dated February 16, 2022 | |
| 99.2 | Investor Presentation dated February 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EVERQUOTE, INC. | ||||
| Date: February 16, 2022 | By: | /s/ David Mason | ||
| David Mason | ||||
| Secretary and General Counsel | ||||
Exhibit 99.1
EverQuote Announces Fourth Quarter and Full Year 2021 Financial Results
| • | Fourth Quarter Revenue Increased 5% Year-Over-Year to $102.1 Million |
| • | Fourth Quarter Revenue from Non-Auto Insurance Verticals Increased Year-Over-Year 50% |
| • | Fourth Quarter Health DTCA Revenue Increased 281% Year-Over-Year to $14.5 million |
| • | Full Year Revenue Increased 21% Year-Over-Year to $418.5 Million |
CAMBRIDGE, Mass., February 16, 2022 — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the fourth quarter and full year ended December 31, 2021.
“In 2021, we delivered year-over-year revenue and Variable Marketing Margin, or VMM, growth of 21% and 19%, respectively, and generated meaningful Adjusted EBITDA, despite strong industry headwinds in the auto insurance marketplace in the second half of the year,” said Jayme Mendal, CEO of EverQuote. “We grew fourth quarter revenue from our non-auto insurance verticals by 50% year-over-year, fueled by our health Direct-to-Consumer Agency, or DTCA, which had a 281% increase in revenue over the same period last year.
“Strategic investments made throughout 2021 positioned us for a strong fourth quarter annual enrollment period in our health DTCA and our teams executed well. We also successfully integrated PolicyFuel into our broader DTCA operations, which is enabling us to develop more seamless buying experiences and deeper relationships with consumers. Looking ahead, we have set the foundation for building the leading one-stop insurance destination for the digital age.”
Fourth Quarter 2021 Financial Highlights:
(All comparisons are relative to the fourth quarter of 2020):
| • | Total revenue of $102.1 million, an increase of 5%. |
| • | Automotive insurance vertical revenue of $70.4 million, a decrease of 8%, driven by previously described headwinds facing the industry. |
| • | Revenue from other insurance verticals, which includes home and renters, life, and health insurance, increased 50% to $31.6 million. |
| • | Variable Marketing Margin of $32.9 million, an increase of 3%. |
| • | GAAP net loss increased to $8.5 million, compared to GAAP net loss of $3.8 million. |
| • | Adjusted EBITDA decreased to $0.5 million, compared to Adjusted EBITDA of $5.4 million. |
Fourth Quarter 2021 Business Highlights:
| • | Quote request growth of 24.5%, driven by the strength of our traffic operations. |
| • | Combined DTCA operations (including in health and life verticals as well as in auto and home verticals with PolicyFuel) generated $17.8 million in revenue, or 17.4% of total revenue. |
| • | Health DTCA revenue of $14.5 million, an increase of 281% over the previous year. |
Full Year 2021 Financial Highlights:
(All comparisons are relative to the full year of 2020):
| • | Total revenue of $418.5 million, an increase of 21%. |
| • | Automotive insurance vertical revenue of $330.9 million, an increase of 17%. |
| • | Revenue from our other insurance verticals, which includes home and renters, life, and health insurance, increased 38% to $87.6 million. |
| • | Variable Marketing Margin of $129.6 million, an increase of 19%. |
| • | GAAP net loss increased to $19.4 million, compared to GAAP net loss of $11.2 million. |
| • | Adjusted EBITDA decreased to $14.6 million, compared to Adjusted EBITDA of $18.4 million. |
First Quarter and Full-Year 2022 Guidance:
| • | EverQuote anticipates Revenue, Variable Marketing Margin and Adjusted EBITDA to be in the following ranges: |
First quarter 2022:
| • | Revenue of $101 - $103 million. |
| • | Variable Marketing Margin of $32.0 - $33.5 million. |
| • | Adjusted EBITDA of $0 - $1.5 million. |
Full year 2022:
| • | Revenue of $420 - $430 million. |
| • | Variable Marketing Margin of $128 - $134 million. |
| • | Adjusted EBITDA of $0 - $5 million. |
With respect to the Company’s expectations under “First Quarter and Full Year 2022 Guidance” 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, 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 fourth quarter and full year 2021 financial results at 4:30 p.m. Eastern Time today, February 16, 2022. To access the conference call, dial Toll Free: (844) 200-6205 for the US, or (929) 526 1599 for international callers and provide conference ID 393307. The live webcast and replay will be available live on the Investors section of the Company’s website at https://investors.everquote.com
Safe Harbor Statement
Any statements in this press release about future expectations, plans and prospects for EverQuote, Inc. (“EverQuote” or the “Company”), including statements about future results of operations or the future financial position of the Company, including financial targets, business strategy, plans and objectives for future operations and other statements containing the words “anticipates,” “believes,” “expects,” “plans,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: (1) the Company’s ability to attract and retain consumers and insurance providers using the Company’s marketplace; (2) the Company’s ability to maintain or increase the amount providers spend per quote request; (3) the impact on the Company and the insurance industry of the COVID-19 pandemic; (4) the effectiveness of the Company’s growth strategies and its ability to effectively manage growth; (5) the Company’s ability to maintain and build its brand; (6) the Company’s reliance on its third-party service providers; (7) the Company’s ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and the Company’s ability to successfully monetize them; (8) the impact of competition in the Company’s industry and innovation by the Company’s competitors; (9) the expected recovery of the auto insurance industry; (10) developments regarding the insurance industry and the transition to online marketing; (11) the Company’s ability to successfully operate PolicyFuel; (12) the Company’s ability to successfully remediate the material weaknesses identified in the Company’s internal controls over financial reporting and (13) other factors discussed in the “Risk Factors” section of the Company’s most recent Quarterly Report on Form 10-Q, which is on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
About EverQuote
EverQuote operates a leading online insurance marketplace, connecting consumers with insurance providers. The company’s mission is to empower insurance shoppers to better protect life’s most important assets—their family, property, and future. Our vision is to become the largest online source of insurance policies by using data and technology to make insurance simpler, more affordable and personalized, ultimately reducing cost and risk.
For more information, visit everquote.com and follow on Twitter @everquotelife, Instagram @everquotepics, and LinkedIn https://www.linkedin.com/company/everquote/
Investor Relations Contact:
Brinlea Johnson
The Blueshirt Group
212-331-8424
EVERQUOTE, INC.
STATEMENTS OF OPERATIONS
| Three Months Ended December 31, |
Year Ended December 31, |
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| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (in thousands except per share) | ||||||||||||||||
| Revenue |
$ | 102,067 | $ | 97,292 | $ | 418,515 | $ | 346,935 | ||||||||
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| Cost and operating expenses(1): |
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| Cost of revenue |
6,191 | 5,683 | 23,949 | 21,373 | ||||||||||||
| Sales and marketing |
89,266 | 80,217 | 354,990 | 284,880 | ||||||||||||
| Research and development |
8,847 | 8,088 | 35,732 | 29,662 | ||||||||||||
| General and administrative |
6,176 | 5,310 | 24,703 | 20,444 | ||||||||||||
| Acquisition-related costs |
60 | 1,778 | 1,065 | 2,258 | ||||||||||||
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| Total cost and operating expenses |
110,540 | 101,076 | 440,439 | 358,617 | ||||||||||||
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| Loss from operations |
(8,473 | ) | (3,784 | ) | (21,924 | ) | (11,682 | ) | ||||||||
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| Other income (expense): |
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| Interest income |
4 | 13 | 37 | 189 | ||||||||||||
| Other income (expense), net |
(11 | ) | 3 | (57 | ) | 291 | ||||||||||
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| Total other income (expense), net |
(7 | ) | 16 | (20 | ) | 480 | ||||||||||
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| Loss before income taxes |
(8,480 | ) | (3,768 | ) | (21,944 | ) | (11,202 | ) | ||||||||
| Benefit from income taxes |
— | — | 2,510 | — | ||||||||||||
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| Net loss |
$ | (8,480 | ) | $ | (3,768 | ) | $ | (19,434 | ) | $ | (11,202 | ) | ||||
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| Net loss per share, basic and diluted |
$ | (0.29 | ) | $ | (0.13 | ) | $ | (0.67 | ) | $ | (0.41 | ) | ||||
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| Weighted average common shares outstanding, basic and diluted |
29,732 | 28,005 | 29,088 | 27,329 | ||||||||||||
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| (1) | Amounts include stock-based compensation expense, as follows: |
| Three Months Ended December 31, |
Year Ended December 31, |
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| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Cost of revenue |
$ | 81 | $ | 108 | $ | 363 | $ | 361 | ||||||||
| Sales and marketing |
3,189 | 2,924 | 12,405 | 10,246 | ||||||||||||
| Research and development |
2,211 | 2,385 | 9,551 | 7,751 | ||||||||||||
| General and administrative |
1,582 | 772 | 7,701 | 5,821 | ||||||||||||
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| $ | 7,063 | $ | 6,189 | $ | 30,020 | $ | 24,179 | |||||||||
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EVERQUOTE, INC.
BALANCE SHEET DATA
| December 31, | ||||||||
| 2021 | 2020 | |||||||
| (in thousands) | ||||||||
| Cash and cash equivalents |
$ | 34,851 | $ | 42,870 | ||||
| Working capital |
37,288 | 50,554 | ||||||
| Total assets |
143,607 | 129,050 | ||||||
| Total liabilities |
58,482 | 58,068 | ||||||
| Total stockholders’ equity |
85,125 | 70,982 | ||||||
EVERQUOTE, INC.
STATEMENTS OF CASH FLOWS
| Three Months Ended December 31, |
Year Ended December 31, |
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| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Cash flows from operating activities: |
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| Net loss |
$ | (8,480 | ) | $ | (3,768 | ) | $ | (19,434 | ) | $ | (11,202 | ) | ||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
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| Depreciation and amortization |
1,464 | 1,176 | 5,072 | 3,350 | ||||||||||||
| Stock-based compensation expense |
7,063 | 6,189 | 30,020 | 24,179 | ||||||||||||
| Change in fair value of contingent consideration |
60 | 1,778 | 196 | 1,778 | ||||||||||||
| Deferred taxes |
— | — | (2,510 | ) | — | |||||||||||
| Provision for (recovery of) bad debt |
9 | 90 | (41 | ) | 105 | |||||||||||
| Unrealized foreign currency transaction losses |
9 | — | 24 | — | ||||||||||||
| Changes in operating assets and liabilities, net of effects from acquisitions: |
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| Accounts receivable |
8,849 | (4,642 | ) | 10,511 | (13,970 | ) | ||||||||||
| Operating lease right-of-use assets |
674 | 2,076 | 2,710 | 2,076 | ||||||||||||
| Prepaid expenses and other current assets |
(2,701 | ) | (1,425 | ) | (3,642 | ) | 623 | |||||||||
| Other assets |
(9,805 | ) | (332 | ) | (10,894 | ) | (554 | ) | ||||||||
| Accounts payable |
4,654 | (729 | ) | (3,968 | ) | 9,301 | ||||||||||
| Accrued expenses and other current liabilities |
(7,123 | ) | (1,643 | ) | 2,692 | (3,968 | ) | |||||||||
| Operating lease liabilities |
(772 | ) | (2,233 | ) | (2,840 | ) | (2,233 | ) | ||||||||
| Deferred revenue |
204 | 177 | 227 | 368 | ||||||||||||
| Other long-term liabilities |
(964 | ) | 51 | (934 | ) | 815 | ||||||||||
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| Net cash provided by (used in) operating activities |
(6,859 | ) | (3,235 | ) | 7,189 | 10,668 | ||||||||||
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| Cash flows from investing activities: |
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| Acquisition of property and equipment, including costs capitalized for development of internal-use software |
(587 | ) | (1,114 | ) | (2,862 | ) | (3,822 | ) | ||||||||
| Acquisition of business |
— | — | (15,955 | ) | (14,930 | ) | ||||||||||
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| Net cash used in investing activities |
(587 | ) | (1,114 | ) | (18,817 | ) | (18,752 | ) | ||||||||
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| Cash flows from financing activities: |
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| Proceeds from exercise of stock options |
524 | 1,345 | 3,615 | 4,907 | ||||||||||||
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| Net cash provided by financing activities |
524 | 1,345 | 3,615 | 4,907 | ||||||||||||
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| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
— | (7 | ) | (6 | ) | (7 | ) | |||||||||
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| Net decrease in cash, cash equivalents and restricted cash |
(6,922 | ) | (3,011 | ) | (8,019 | ) | (3,184 | ) | ||||||||
| Cash, cash equivalents and restricted cash at beginning of period |
42,023 | 46,131 | 43,120 | 46,304 | ||||||||||||
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| Cash, cash equivalents and restricted cash at end of period |
$ | 35,101 | $ | 43,120 | $ | 35,101 | $ | 43,120 | ||||||||
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EVERQUOTE, INC.
FINANCIAL AND OPERATING METRICS
Revenue by vertical:
| Three Months Ended December 31, |
Change | |||||||||||
| 2021 | 2020 | % | ||||||||||
| (in thousands) | ||||||||||||
| Automotive |
$ | 70,423 | $ | 76,222 | -7.6 | % | ||||||
| Other |
31,644 | 21,070 | 50.2 | % | ||||||||
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| Total Revenue |
$ | 102,067 | $ | 97,292 | 4.9 | % | ||||||
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| Year Ended December 31, |
Change | |||||||||||
| 2021 | 2020 | % | ||||||||||
| (in thousands) | ||||||||||||
| Automotive |
$ | 330,928 | $ | 283,236 | 16.8 | % | ||||||
| Other |
87,587 | 63,699 | 37.5 | % | ||||||||
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| Total Revenue |
$ | 418,515 | $ | 346,935 | 20.6 | % | ||||||
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Other financial and non-financial metrics:
| Three Months Ended December 31, |
Change | |||||||||||
| 2021 | 2020 | % | ||||||||||
| (in thousands) | ||||||||||||
| Loss from operations |
$ | (8,473 | ) | $ | (3,784 | ) | 123.9 | % | ||||
| Net loss |
$ | (8,480 | ) | $ | (3,768 | ) | 125.1 | % | ||||
| Quote requests |
8,156 | 6,553 | 24.5 | % | ||||||||
| Variable Marketing Margin |
$ | 32,884 | $ | 31,921 | 3.0 | % | ||||||
| Adjusted EBITDA(1) |
$ | 543 | $ | 5,362 | -89.9 | % | ||||||
| Year Ended December 31, |
Change | |||||||||||
| 2021 | 2020 | % | ||||||||||
| (in thousands) | ||||||||||||
| Loss from operations |
$ | (21,924 | ) | $ | (11,682 | ) | 87.7 | % | ||||
| Net loss |
$ | (19,434 | ) | $ | (11,202 | ) | 73.5 | % | ||||
| Quote requests |
30,270 | 27,013 | 12.1 | % | ||||||||
| Variable Marketing Margin |
$ | 129,553 | $ | 108,642 | 19.2 | % | ||||||
| Adjusted EBITDA(1) |
$ | 14,616 | $ | 18,396 | -20.5 | % | ||||||
| (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; acquisition-related costs; legal settlement; one-time severance charges; 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 December 31, |
Year Ended December 31, |
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| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| (in thousands) | ||||||||||||||||
| Net loss |
$ | (8,480 | ) | $ | (3,768 | ) | $ | (19,434 | ) | $ | (11,202 | ) | ||||
| Stock-based compensation |
7,063 | 6,189 | 30,020 | 24,179 | ||||||||||||
| Depreciation and amortization |
1,464 | 1,176 | 5,072 | 3,350 | ||||||||||||
| Acquisition-related costs |
60 | 1,778 | 1,065 | 2,258 | ||||||||||||
| Severance under a plan |
440 | — | 440 | — | ||||||||||||
| Interest income |
(4 | ) | (13 | ) | (37 | ) | (189 | ) | ||||||||
| Benefit from income taxes |
— | — | (2,510 | ) | — | |||||||||||
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| Adjusted EBITDA |
$ | 543 | $ | 5,362 | $ | 14,616 | $ | 18,396 | ||||||||
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Exhibit 99.2 Investor Presentation February 2022 Proprietary Information Proprietary Information 1

Disclaimer This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding possible or assumed future results of operations, business strategies, development plans, regulatory activities, competitive position, potential growth opportunities, & the effects of competition are forward-looking statements. These statements involve known & unknown risks, uncertainties & other important factors that may cause actual results, performance or achievements of EverQuote, Inc. (“the Company”) 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,” “expect,” “plan,” “project,” “estimate,” “guidance,” or “potential” or the negative of these terms or other similar expressions. The forward-looking statements in this presentation are only predictions. The Company has based these forward-looking statements largely on its current expectations & projections about future events & financial trends that it believes may affect the Company’s business, financial condition & results of operations. These forward-looking statements speak only as of the date of this presentation & are subject to a number of risks, uncertainties & assumptions, some of which cannot be predicted or quantified & some of which are beyond the Company’s control. The events & circumstances reflected in the Company’s forward-looking statements may not be achieved or occur, & actual results could differ materially from those projected in the forward-looking statements, including as a result of: (1) the Company’s ability to attract and retain consumers and insurance providers using the Company’s marketplace; (2) the Company’s ability to maintain or increase the amount providers spend per quote request; (3) the impact on the Company and the insurance industry of the COVID-19 pandemic; (4) the effectiveness of the Company’s growth strategies and its ability to effectively manage growth; (5) the Company’s ability to maintain and build its brand; (6) the Company’s reliance on its third-party service providers; (7) the Company’s ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and the Company’s ability to successfully monetize them; (8) the impact of competition in the Company’s industry and innovation by the Company’s competitors; (9) the expected recovery of the auto insurance industry; (10) developments regarding the insurance industry and the transition to online marketing; (11) the Company’s ability to successfully operate PolicyFuel; (12) the Company’s ability to successfully remediate the material weaknesses identified in the Company’s internal controls over financial reporting; and (13) as a result of the risks described in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q & the other filings that the Company makes with the Securities & Exchange Commission from time to time. Moreover, new risk factors & uncertainties may emerge from time to time, & it is not possible for management to predict all risk factors & uncertainties that the Company may face. Except as required by applicable law, the Company does not plan to publicly update or revise any forward- looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. The Company’s presentation also contains estimates, projections, & other information concerning the Company’s industry, the Company’s business & the markets for certain of the Company’s products & services, including data regarding the estimated size of those markets. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties & actual events or circumstances may differ materially from events & circumstances reflected in this information. Unless otherwise expressly stated, the Company obtained this industry, business, market & other data from reports, research surveys, studies & similar data prepared by market research firms & other third parties, from industry, general publications, & from government data & similar sources. The Company presents Adjusted EBITDA as a non-GAAP measure, which is not a substitute for or superior to, other measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure is included in the Appendix to these slides. Proprietary Information 2

Our vision Become the largest online source of insurance policies by using data and technology to make insurance simpler, more affordable and personalized, ultimately reducing cost and risk. Proprietary Information 3

Key Investment Highlights Extensive Distribution Insurance Marketplace Leader Leading multi-vertical online insurance marketplace providing Extensive distribution channels with third-party marketplace compelling benefits for consumers and insurance providers (carriers and local agents) and first-party DTCA offerings Massive Market Opportunity Diversified Business Model $154b in annual insurance distribution and advertising spend in Multi-vertical insurance market with diversified distribution the early phases of shifting online provides multi-year tailwind channels creates resilience in business model Proprietary Tech and Data Compelling Financial Model Proprietary platforms built on highly integrated machine Targeting 20+% average annual revenue growth over the long- 2 learning assets support rapid growth and drive network effects term with expanding Adjusted EBITDA margin 1. “DTCA” refers to Direct-to-Consumer Agency 2. Based on the compound annual growth rate (CAGR) from 2016 – 2021 of Revenue and Adjusted EBITDA of 28% and 37%, respectively. Company anticipates industry headwinds will result Proprietary Information 4 in current year growth below long-term targets.

Company Snapshot ▪ One of the insurance industry’s largest online customer 28% 31% 26 95% % acquisition and distribution platforms 2 3 Revenue VMM Non-Auto 1 1 1 CAGR (5yr) CAGR (5yr) CAGR (5yr) rd ▪ 3 party Marketplace with 100+ carriers and 8,500+ local st agents; 1 party DTCA platform with 200+ agents 3.8x 4.4x 3.4x ▪ Diversified model serving consumers and providers in the auto, home & renters, life and health insurance markets 4 4 4 YoY DTCA YoY DTCA YoY DTCA revenue growth policy growth agent growth ▪ Highly scalable, proprietary platform powered by deeply integrated machine learning and data assets Insurance verticals ▪ Founded by MIT alumni in 2011 with headquarters in Home & Renters Auto Cambridge, MA; IPO in summer 2018 Health Life 1. Based on the compound annual growth rate (CAGR) from 2016 – 2021; 2. “VMM” refers to Variable Marketing Margin Proprietary Information 5 3. “Non-auto” refers to non-auto insurance verticals 4. Year-over-year increase based on 2021 over 2020 for combined DTCA operations; policy growth based on policies submitted and agent growth based on average within the period.

Large & Expanding TAM U.S. Insurance Market: Projected Annual Growth Drivers 1 1 Distribution & Ad Spend Growth to 2024 $154b 5% Continued shift of Total Market Market growth consumer time spent online EVER share: <10% 16% $16.7b Continued shift of Total Advertising Digital spending growth acquisition spend online Spend EVER Share: <10% 2 Continued shift to $6.5b $425m digitization of insurance Total Digital EverQuote 2022 revenue products and workflows Spend guidance midpoint 1. Source: Stax Consulting, Inc., S&P Global Market Intelligence SNL Insurance Data, IIABA and Company estimates. Proprietary Information 6 2. EverQuote is not reaffirming this guidance as of the date of this presentation & makes no statement with respect to this guidance other than such guidance was provided by EverQuote as of February 16, 2021.

EverQuote Benefits Both Consumers & Providers Our platforms address challenges inherent in the highly-fragmented insurance market Consumers save time and money Providers acquire consumers more efficiently ▪ Single destination for insurance needs ▪ Large volume of high intent consumers ▪ Personalized shopping experience ▪ Higher ROI from target-based consumer attributes 1 ▪ Average savings of $600 per year ▪ Opportunity to acquire consumer referrals (within Marketplace) and bound policies (within DTCA) 1. Estimated average annual premium savings based on a countrywide survey in 2020 of EverQuote users that reported old & new auto premiums. Proprietary Information 7

The Customer Journey Marketplace Distribution Customer Acquisition Consumer Routing Provider Traffic Consumer Provider EverQuote Engagement Channels Arrival Matching Monetization rd Marketplace (3 Party) SEM Per Bidding Alignment Email Referral Local Agents Carriers Calls 2 St DTCA (1 Party) Partnerships Performance Per Policy Display Sold 3 Independent PSaaS teams 1 TV / Other agent for exclusive to each several carriers carrier 1. Other includes organic search, direct-to-site, inbound calls, social & other traffic sources. 2. “DTCA” refers to Direct to Consumer Agency consisting of first party agents. Proprietary Information 8 3. “PSaaS” refers to Policy-Sales-as-a-Service offering. .

Proprietary Platforms Strengthen Competitive Moat Highly integrated 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 Management Minimize Cost per Maximize Maximize Bind Maximize Value per Acquisition Conversion Rates Performance Acquisition Machine learning platforms support automated selection, prediction, and anomaly detection Data Platform supports growing data assets, rapid data onboarding, and rich analytics tools Proprietary Information 9

Distribution Strength of our Platforms Representative Partners 100+ carriers available in the marketplace 8,500+ rd 3 party local agents 200+ st 1 party EverQuote agents Based on Company data & representative of the insurance provider partners on the platform as of December 31, 2021 Proprietary Information 10

Creating a World-Class DTCA Platform ▪ EQ agents serve consumers in all of our insurance verticals $17.8m 17.4% $14.5m Q4 ‘21 revenue Q4 ‘21 revenue; Q4 ‘21 Health ▪ PSaaS model for Auto and Home verticals; EQ agents % of total revenue dedicated exclusively to selling a specific carrier’s policies ▪ Independent agent model in Life and Health verticals; 3.8x +84 4.4x EQ advisors work with multiple carriers 2 YoY revenue YoY policy NPS growth growth 1 ▪ Broadens access to the $137b commission TAM component of insurance distribution spend shifting online Representative DTCA Customer Review ▪ Opportunity to improve shopping experience, build lifetime consumer relationships and enhance “I can’t thank Erica enough for her patience, kindness, and compassion she extended to me as I set up a new health care monetization plan for my family. Also, the ability to call and email back and work with the same person who is familiar with you and what you ▪ Started in 2020 with in-house effort; complemented by need is outstanding!! Great customer service, looking forward to a acquiring CrossPointe Insurance and PolicyFuel long professional relationship.” - Stephen 1. Source: Stax Consulting, Inc., S&P Global Market Intelligence SNL Insurance Data, IIABA and Company estimates. Proprietary Information 11 2. Net Promoter Score based on surveys (November 2021 –January 2022) of consumers who submitted policies through our DTCA, the health Annual Enrollment Period in 4Q21..

Building a Multi-Vertical Insurance Destination We are executing on our vision and continue to build more diversified revenue streams 2016 2011 2019 2020 2021 1 2 DTCA DTCA Marketplace DTCA DTCA DTCA Marketplace Marketplace Marketplace Marketplace Health & Medicare Life Home & Renters Auto Non-Auto 3 0% 3% 15% 18% 21% Revenue = Service offered = Service not offered 1. “Marketplace” refers to third party carriers and local agents. 2. Direct to Consumer Agency (“DTCA”) refers to first party agents. Proprietary Information 12 3. Non-Auto revenues include home renters, health, and life verticals.

Track-record of successful acquisitions Pursued opportunities that accelerate our strategy to be the leading online destination for insurance shopping Acquisition Criteria Recent Transactions Crosspointe Insurance (closed September 2020) Broaden market Accelerate DTCA opportunity strategy ▪ A sales and decision support agency that connects consumers to high quality health insurance in a customer-centric environment. ▪ Founders with deep health insurance experience; approximately 30 full- Enhance consumer Support growth time employees (many of whom are agents) experiences of carrier partners PolicyFuel (closed August 2021) ▪ Digitally-enabled insurance agency offering auto and home policies via a Build diversified PSaaS model; advisor teams focused exclusively on selling a carrier’s Financially accretive revenue streams own insurance offerings to its target consumers ▪ Founders with decades of collective P&C insurance experience; a team of 90 full-time employees (many of whom are agents) Proprietary Information 13

Multiple Levers Driving Future Growth Expand DTCA platform Grow Existing Verticals Deepen Consumer & Provider Engagement Increase Attract Provider Coverage More & Budget Consumers Proprietary Information 14

Financial Overview Proprietary Information 15

Full Year 2021 Highlights ▪ Total revenues of $418.5m; a 21% YoY increase ▪ Non-auto revenues of $87.6m; a 38% YoY increase and represents 21% of total revenue 19% 21% 31% ▪ Record quarter of DTCA revenues in Q4 of YoY revenue VMM as a VMM YoY $17.8m, or 17% of revenues, driven by strong growth % of revenue growth Annual Enrollment Period in Health DTCA ▪ Variable Marketing Margin of $129.6m; a 19% YoY increase and 31% as a percentage of revenues 38% $14.6m 17% ▪ Delivered Adjusted EBITDA of $14.6m Non-Auto YoY Adjusted DTCA revenues revenue growth EBITDA as a % of Q4 ▪ Closed PolicyFuel acquisition in Q3, adding auto revenues and home insurance verticals to our DTCA ▪ Auto insurance headwinds in 2H21 adversely impacted CY21 financial performance 1. Adjusted EBITDA is a non-GAAP metric, refer to financial reconciliation for additional detail. Proprietary Information 16

Strong Track Record of Growth Track Record of Strong Growth Revenue ($m) 450 25% 419 28% 400 CAGR 2016-2021 ▪ Total revenue grew 28% compounded annually 347 20% 2016 – 2021 350 300 249 ▪ Other Insurance verticals grew 95% compounded 15% 250 annually 2016 – 2021 200 163 10% ▪ Revenue diversification by growing other insurance 150 126 123 verticals: Home & Renters, Life, Health 100 5% Home & Renters Health Life 50 0 0% 2016 2017 2018 2019 2020 2021 Auto Other Verticals Other Verticals, % of total Proprietary Information 17

Delivering Incremental Variable Marketing Margin Variable Marketing Margin ($m) 32% 129.6 31.3% 31% 31.0% 31% CAGR 2016-2021 108.6 ▪ VMM grew 31% compounded annually 2016 – 2021 30% 29.5% ▪ Proprietary platforms have driven increasing VMM as a percentage of revenue (VMM%) since 2016 29% 73.3 28.3% 28.2% ▪ Auto insurance headwinds in 2H21 adversely 28% impacted VMM and associated % 27.4% 46.1 35.8 27% 33.6 ▪ Potential for incremental improvement in VMM% from higher VMM margins associated DTCA and 26% customer cross-selling 25% 2016 2017 2018 2019 2020 2021 Variable Marketing Margin % 1. Beginning in the first quarter of 2019, we revised our definition of variable marketing margin, or VMM. The VMM displayed above reflects our revised definition of VMM Proprietary Information 18 for all years presented. Refer to Key Metrics Definitions in the Appendix for a definition of VMM.

Focused on Delivering Long-term Profitability Adjusted EBITDA ($m) 20.0 18.4 37% ▪ Adjusted EBITDA grew 37% compounded annually 2016 14.6 15.0 CAGR 2016-2021 - 2021 10.0 8.3 ▪ Positioned to deliver positive full year Adjusted EBITDA in CY22, despite continued auto headwinds 5.0 3.0 ▪ Strategic investments in proprietary technology and data 2018 platforms provide key driver for long-term growth 0.0 -1.5 ▪ Significant opportunity for growing Adjusted EBITDA -5.0 margin by improving the efficiency of marketing costs -5.5 and leveraging operating expenses -10.0 2016 2017 2018 2019 2020 2021 Note: Adjusted EBITDA is a non-GAAP metric, refer to financial reconciliation for additional detail. Proprietary Information 19

NASDAQ: EVER Proprietary Information 20

Appendix Proprietary Information 21

Key Metrics Definitions We define variable marketing margin, or VMM, as revenue, as reported in our consolidated statements of operations and Variable comprehensive income (loss), less advertising costs (a component of sales and marketing expense, as reported in our statements of operations and comprehensive income (loss)). We use VMM to measure the efficiency of individual advertising and consumer Marketing acquisition sources and to make trade-off decisions to manage our return on advertising. We do not use VMM as a measure of Margin profitability. We define Adjusted EBITDA as net income (loss), adjusted to exclude: stock-based compensation expense, depreciation and amortization expense, acquisition-related costs, legal settlement expense, one-time severance charges, interest income and the Adjusted provision for (benefit from) income taxes. We monitor & present Adjusted EBITDA because it is a key measure used by our management & board of directors to understand & evaluate our operating performance, to establish budgets & to develop EBITDA operational goals for managing our business. Proprietary Information 22

Reconciliation of Adjusted EBITDA - 12 Months Ended 12 Months Ended December 31, December 31, December 31, December 31, December 31, December 31, ($ in Thousands) 2021 2020 2019 2018 2017 2016 Net income (loss) ($19,434) ($11,202) ($7,117) ($13,791) ($5,070) ($930) Stock-based compensation $30,020 $12,721 $7,121 $1,860 $1,956 $24,179 Depreciation & amortization $5,072 $3,350 $2,186 $1,341 $1,360 $1,437 Legal settlement - - $1,227 - - - Acquisition-related costs/ $1,065 $2,258 - - - - earnout Severance under a plan 440 - - - - - Interest (income) expense, ($37) (189) ($669) (121) 381 508 net Provision for income taxes ($2,510) - - - - 18 Adjusted EBITDA $14,616 $18,396 $8,348 ($5,450) ($1,469) $2,989 Proprietary Information 23

Reconciliation of Adjusted EBITDA - 3 Months Ended 3 Months Ended ($ in Thousands) December 31, September 30, June 30, March 31, December 31, 2021 2021 2021 2021 2020 Net income (loss) ($8,480) ($5,272) ($1,881) ($3,801) ($3,768) Stock-based compensation $7,063 $8,348 $7,089 $7,520 $6,189 Depreciation & amortization $1,464 $1,298 $1,136 $1,174 $1,176 Legal settlement - - - - - Acquisition-related costs/ $60 $819 $265 ($79) $1,778 earnout Severance under a plan 440 - - - - Interest (income) expense, ($4) ($9) ($10) ($14) ($13) net Provision for income taxes - ($2,510) - - - Adjusted EBITDA $543 $2,674 $6,599 $4,800 $5,362 Proprietary Information 24