8-K

EVERQUOTE, INC.

Date: February 22, 2021

/s/ David Mason

David Mason

Secretary and General Counsel

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 22, 2021

EverQuote, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-38549

26-3101161

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

210 Broadway

Cambridge, Massachusetts

02139

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (855) 522-3444

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Class A Common Stock, $0.001 par value per share

EVER

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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 22, 2021, EverQuote, Inc. (the “Company”) issued a press release reporting financial results for the fiscal quarter and full year ended December 31, 2020. 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 22, 2021, 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 22, 2021

99.2		Investor Presentation dated February 2021

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.

Exhibit 99.1

EverQuote Announces Fourth Quarter and Full Year 2020 Financial Results

•

Fourth Quarter Revenue Increased 32% Year-Over-Year to $97.3 Million

•

Fourth Quarter Variable Marketing Margin Increased 46% Year-Over-Year to $31.9 Million

•

Full Year Revenue Increased 39% Year-Over-Year to $346.9 Million

•

Full Year Variable Marketing Margin Increased 48% Year-Over-Year to $108.6 Million

CAMBRIDGE, Mass., February 22, 2021 — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the fourth quarter and full year ended December 31, 2020.

“Our team executed remarkably well this quarter, closing out a record year at EverQuote delivering year-over-year revenue growth of 32% in the fourth quarter, and 39% for the full year,” remarked Jayme Mendal, CEO of EverQuote. “We drove greater operating efficiency with VMM growth of 46% and 48% for the fourth quarter and full year, respectively, which supported making significant investments to accelerate our long-term growth. We also achieved record Adjusted EBITDA in 2020. Our team remains focused on EverQuote’s vision 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,” concluded Mr. Mendal.

Fourth Quarter 2020 Financial Highlights:

(All comparisons are relative to the fourth quarter of 2019):

•

Total revenue of $97.3 million, an increase of 32%.

•

Automotive insurance vertical revenue of $76.2 million, an increase of 27%.

•

Revenue from our Other insurance verticals, which includes home and renters, life, health and commercial insurance, increased 55% to $21.1 million and a record 22% of total revenues.

•

Variable Marketing Margin of $31.9 million, an increase of 46%.

•

GAAP net loss of $3.8 million, compared to GAAP net loss of $0.9 million.

•

Adjusted EBITDA of $5.4 million, compared to Adjusted EBITDA of $4.2 million.

Fourth Quarter 2020 Business Highlights:

•

Consumer traffic initiatives led to an 18% year-over-year increase in revenue per quote request and a 12% year-over-year increase in quote requests.

•

More than 95% of revenue from carriers came from those who have been on our platform for more than a year, reflecting the strong re-occuring nature of the Company’s business model.

•

The Health insurance vertical benefitted from the annual open enrollment period and the successful integration of the previously announced acquisition of Crosspointe Insurance.

•

Craig Lister joined as Chief Marketing Officer

Full Year 2020 Financial Highlights:

(All comparisons are relative to the full year of 2019):

•

Total revenue of $346.9 million, an increase of 39%.

•

Automotive insurance vertical revenue of $283.2 million, an increase of 33%.

•

Revenue from our Other insurance verticals, which includes home and renters, life, health and commerical insurance, increased 74% to $63.7 million.

•

Variable Marketing Margin of $108.6 million, an increase of 48%.

•

GAAP net loss of $11.2 million, compared to a GAAP net loss of $7.1 million.

•

Adjusted EBITDA of $18.4 million, compared to Adjusted EBITDA of $8.3 million.

Full Year 2020 Business Highlights:

•

The Company’s distribution growth and traffic optimization led to a 35% growth in quote request volume over the prior year.

•

Acquired Crosspointe Insurance, a Direct-To-Consumer (DTC) health insurance agency, to support the growth of our Health insurance vertical.

•

Launched a DTC agency strategy in our Health and Life insurance verticals.

•

EverQuote welcomed several senior leaders to help scale our business and drive operational efficiencies.

First Quarter and Full-Year 2021 Guidance:

EverQuote anticipates Revenue, Variable Marketing Margin and Adjusted EBITDA to be in the following ranges:

First quarter 2021:

•

Revenue of $100 - $102 million.

•

Variable Marketing Margin of $30.5 - $31.5 million.

•

Adjusted EBITDA in the range of $4 - $5 million.

Full year 2021:

•

Revenue of $430- $440 million.

•

Variable Marketing Margin of $135 - $140 million.

•

Adjusted EBITDA in the range of $25 - $30 million.

With respect to the Company’s expectations under “First Quarter and Full Year 2021 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 2020 financial results at 4:30 p.m. Eastern Time today, February 22, 2021. To access the conference call, dial (877) 273-5005 for the U.S. or Canada, or (647) 689-5410 for international callers and provide conference ID 8772399. The webcast will be available live on the Investors section of the Company’s website at https://investors.everquote.com.

An audio replay of the call will also be available to investors beginning at approximately 6:30 p.m. Eastern Time on February 22, 2021, until 11:59 p.m. Eastern Time on February 28, 2021, by dialing (800) 585-8367 for the U.S. or Canada, or (416) 621-4642 for international callers, and entering passcode 8772399. In addition, an archived webcast will be available 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 Company’s expected use of proceeds from its initial public offering; (10) developments regarding the insurance industry and the transition to online marketing; and (11) 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 @EverQuoteInsure.

Investor Relations Contact:

Brinlea Johnson

The Blueshirt Group

212-331-8424

[email protected]

EVERQUOTE, INC.

STATEMENTS OF OPERATIONS


	Three Months Ended December 31,						Year Ended December 31,
	2020			2019			2020			2019
	(in thousands except per share)
Revenue	$	97,292		$	73,799		$	346,935		$	248,811

Cost and operating expenses(1):
Cost of revenue		5,683			4,681			21,373			15,903
Sales and marketing		80,217			59,331			284,880			202,689
Research and development		8,088			5,529			29,662			20,214
General and administrative		5,310			4,186			20,444			16,827
Acquisition-related costs		1,778			—			2,258			—
Legal settlement		—			1,227			—			1,227

Total cost and operating expenses		101,076			74,954			358,617			256,860

Loss from operations		(3,784	)		(1,155	)		(11,682	)		(8,049	)

Other income:
Interest income		13			133			189			669
Other income		3			88			291			263

Total other income		16			221			480			932

Net loss	$	(3,768	)	$	(934	)	$	(11,202	)	$	(7,117	)

Net loss per share, basic and diluted	$	(0.13	)	$	(0.04	)	$	(0.41	)	$	(0.28	)

Weighted average common shares outstanding, basic and diluted		28,005			26,240			27,329			25,759

(1)	Amounts include stock-based compensation expense, as follows:


	Three Months Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
	(in thousands)
Cost of revenue	$	108	$	54	$	361	$	193
Sales and marketing		2,924		1,129		10,246		3,805
Research and development		2,385		1,053		7,751		3,967
General and administrative		772		1,228		5,821		4,756

	$	6,189	$	3,464	$	24,179	$	12,721

EVERQUOTE, INC.

BALANCE SHEET DATA


	December 31,
	2020		2019
	(in thousands)
Cash and cash equivalents	$	42,870	$	46,054
Working capital		50,554		46,944
Total assets		129,050		91,221
Total liabilities		58,068		39,451
Total stockholders’ equity		70,982		51,770

EVERQUOTE, INC.

STATEMENTS OF CASH FLOWS


	Three Months Ended December 31,						Year Ended December 31,
	2020			2019			2020			2019
	(in thousands)
Cash flows from operating activities:
Net loss	$	(3,768	)	$	(934	)	$	(11,202	)	$	(7,117	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		1,176			593			3,350			2,186
Loss on disposal of property and equipment		—			98			—			98
Stock-based compensation expense		6,189			3,464			24,179			12,721
Change in fair value of contingent consideration		1,778			—			1,778			—
Provision for (recovery of) bad debt		90			(1	)		105			478
Changes in operating assets and liabilities, net of effects from acquisition:
Accounts receivable		(4,642	)		(2,305	)		(13,970	)		(15,232	)
Operating lease right-of-use assets		2,076			—			2,076			—
Prepaid expenses and other current assets		(1,425	)		(3,855	)		623			(5,609	)
Other assets		(332	)		1			(554	)		(1	)
Accounts payable		(729	)		305			9,301			6,837
Accrued expenses and other current liabilities		(1,643	)		6,712			(3,968	)		10,126
Operating lease liabilities		(2,233	)		—			(2,233	)		—
Deferred revenue		177			(66	)		368			61
Other long-term liabilities		51			(56	)		815			(135	)

Net cash provided by (used in) operating activities		(3,235	)		3,956			10,668			4,413

Cash flows from investing activities:
Acquisition of property and equipment, including costs capitalized for development of internal-use software		(1,114	)		(777	)		(3,822	)		(2,975	)
Acquisition of business		—			—			(14,930	)		—

Net cash used in investing activities		(1,114	)		(777	)		(18,752	)		(2,975	)

Cash flows from financing activities:
Proceeds from exercise of stock options		1,345			926			4,907			2,982

Net cash provided by financing activities		1,345			926			4,907			2,982

Effect of exchange rate changes on cash, cash equivalents and restricted cash		(7	)		—			(7	)		—

Net increase (decrease) in cash, cash equivalents and restricted cash		(3,011	)		4,105			(3,184	)		4,420
Cash, cash equivalents and restricted cash at beginning of period		46,131			42,199			46,304			41,884

Cash, cash equivalents and restricted cash at end of period	$	43,120		$	46,304		$	43,120		$	46,304

EVERQUOTE, INC.

FINANCIAL AND OPERATING METRICS

Revenue by vertical:


	Three Months Ended December 31,				Change
	2020		2019		%
	(in thousands)
Automotive	$	76,222	$	60,192		26.6	%
Other		21,070		13,607		54.8	%

Total Revenue	$	97,292	$	73,799		31.8	%


	Year Ended December 31,				Change
	2020		2019		%
	(in thousands)
Automotive	$	283,236	$	212,300		33.4	%
Other		63,699		36,511		74.5	%

Total Revenue	$	346,935	$	248,811		39.4	%

Other financial and non-financial metrics:


	Three Months Ended December 31,						Change
	2020			2019			%
	(in thousands)
Loss from operations	$	(3,784	)	$	(1,155	)		227.6	%
Net loss	$	(3,768	)	$	(934	)		303.4	%
Quote requests		6,553			5,863			11.8	%
Variable Marketing Margin	$	31,921		$	21,836			46.2	%
Adjusted EBITDA(1)	$	5,362		$	4,217			27.2	%


	Year Ended December 31,						Change
	2020			2019			%
	(in thousands)
Loss from operations	$	(11,682	)	$	(8,049	)		45.1	%
Net loss	$	(11,202	)	$	(7,117	)		57.4	%
Quote requests		27,013			20,011			35.0	%
Variable Marketing Margin	$	108,642		$	73,316			48.2	%
Adjusted EBITDA(1)	$	18,396		$	8,348			120.4	%

(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; 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,
	2020			2019			2020			2019
	(in thousands)
Net income (loss)	$	(3,768	)	$	(934	)	$	(11,202	)	$	(7,117	)
Stock-based compensation		6,189			3,464			24,179			12,721
Depreciation and amortization		1,176			593			3,350			2,186
Acquisition-related costs		1,778			—			2,258			—
Legal settlement		—			1,227			—			1,227
Interest income		(13	)		(133	)		(189	)		(669	)

Adjusted EBITDA	$	5,362		$	4,217		$	18,396		$	8,348

Investor Presentation February 2021 Exhibit 99.2

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 & retain consumers & 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 effectiveness of the Company’s growth strategies & its ability to effectively manage growth; (4) the Company’s ability to maintain & build its brand; (5) the Company’s reliance on its third-party service providers; (6) the Company’s ability to develop new & enhanced products & services to attract & retain consumers & insurance providers& the Company’s ability to successfully monetize them; (7) the impact of competition in the Company’s industry & innovation by the Company’s competitors; (8) the Company’s expected use of proceeds from its initial public offering; & (9) developments regarding the insurance industry & the transition to online marketing; (10) the effects of the COVID-19 pandemic; & (11) 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.

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.

Key Investment Highlights Leading online insurance marketplace providing compelling benefits for consumers and insurance providers Track record of delivering strong growth and expanding adjusted EBITDA profitability; re-occurring revenue, asset-light model Insurance Marketplace $154bn in annual distribution and advertising spend in the early phases of shifting online provides multi-year secular tailwind Massive Market Opportunity Proprietary platforms built on highly integrated machine learning & data assets support rapid growth, drive network effects and create competitive moat Proprietary Tech & Data 100+ carriers and 8,500+ local agents coupled with Direct-to-Consumer (DTC) agency in life and health verticals Extensive Distribution Strong Financial Profile

* First year of revenue Founded* 2011 IPO June 28, 2018 EverQuote Company Snapshot LTM Revenue Growth 39% LTM Adjusted EBITDA Growth 120% Employees 450+ LTM Variable Marketing Margin Growth 48% Headquarters Cambridge, MA Auto Home & Renters Life Health Commercial Insurance Verticals Last Twelve Months (”LTM”) financial information as of December 31, 2020 with growth relative to the the twelve months ended December 31, 2019.

Large & Expanding TAM Total Digital Spending Growth: ~ 16% EVER Share: <10% Projected Annual Growth to 2024 Continued shift of consumer time spent online Continued shift of acquisition spend online Continued shift to digitization of insurance products & workflows Growth Drivers U.S. Insurance Market: Distribution & Ad Spend Total Market Growth: ~4% EVER Share: <1% Source: Stax Consulting, Inc., S&P Global Market Intelligence SNL Insurance Data, IIABA and Company estimates. 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 22,,2021. $435.0mm1 EverQuote 2021 revenue guidance midpoint $154bn Total Market $16.7bn Total Advertising Spend $6.5bn Total Digital Spend

Compelling Model Benefits Both Consumers & Providers More Efficient Acquisition for Providers Large volume of high intent consumers Target based consumer attributes tied to ROI Consumers Save Time & Money Match & connect for multiple quotes Average Savings ~$600 per year1 Addresses the alignment challenges inherent in the fragmented insurance market Estimated average annual premium savings based on a countrywide survey in 2020 of EverQuote users that reported old & new premiums. Consumers Insurance Providers

Marketplace Arrival to Policy Sale Journey Gets Quotes / Buy Insurance Traffic Channels Matched with Providers Arrives at the Marketplace Marketplace Workflows Other includes organic search, direct-to-site, inbound calls,, social & other traffic sources.. Performance Marketing relates to managing traffic directed to owned and operated websites.. Display Email TV / Offline SEM Other1 Verified Partners EverQuote Agents Carriers Local Agents 1St Party - DTC Agency Health & Life Only 3rd Party - All Verticals Customer Acquisition Marketplace Distribution Performance Alignment Bidding EQ monetizes on commission; LTV relationship with consumer EQ monetizes on the referral to carriers and third-party agents Performance Marketing2 (Owned & Operated) Verified Partner Network (3rd Party) Traffic Platforms

Multiple Initiatives to Enhance the Consumer Experience Deep integrations with ~ 97% of carrier partners1 Create more streamlined shopping experience Deep Integrations Significant tech investment to personalize workflows Reduce friction & enhance conversion More Personalized Marketplace Workflows Insurance Bundling Bundled offerings across verticals Save time & money for consumers DTC Agency Experiences Offered in Life & Heath verticals Offer more personalized & consultative approach to educate consumers Opportunity to improve monetization & build lifetime relationship with consumers 1. .Based on carrier partners with direct representation on the platform.

100+ carriers available via the marketplace1 19 of 20 top auto insurance carriers1 8,500+ 3rd party local agents ~ 97% of carriers have “deep” technology integrations2 Distribution Strength of our Marketplace Based on Company data & representative of the insurance provider partners on the platform as of December 31, 2020 Based on carrier partners with direct representation on the platform. deep integration metric as of February 22, 2021.

Multi-Vertical Marketplace Data Platform (Growing Data Assets, Rapid Data Onboarding, Rich Analytics Tools) Growing Data & Tech Assets Strengthen Competitive Moat Diverse Customer Acquisition Broad Distribution with Carriers & 3rd Party Agents; 1st Party EQ Agents in Life & Health Proprietary Platforms Built on Highly Integrated Machine Learning and Data Assets Support Growth of all Marketplace Verticals Property & Casualty (Auto, Home, Commercial) Multi-Channel Automated Bidding Minimize Cost per Acquisition Marketing Platforms Personalized User Experiences Maximize Conversion Rates Consumer Platforms Consumer Alignment Algorithms Maximize Bind Rates Distribution Platforms Enterprise & Agency Campaign Management Maximize Value per Acquisition B2B Platforms ML Platforms (Automated Selection, Prediction & Anomaly Detection) Life & Health Traffic Sources Other includes organic search, direct-to-site, inbound calls, social & other traffic sources.. . Display Email TV / Offline SEM Other1 Verified Partners

Multiple Levers Driving Future Growth Attract More Consumers Leverage Secular Shift Online Increase Provider Coverage & Budget Deepen Consumer & Provider Engagement Expand Non-Auto Verticals

Financial Overview

Note: Adjusted EBITDA is a non-GAAP metric, refer to financial reconciliation for additional detail. Highlights on Full Year 2020 Revenue increased 39% YoY to $346.9 mm* 39% Revenue from Non-Auto Verticals Increased 74% YoY 74% VMM increased 48% YoY to $108.6mm* Achieved Adjusted EBITDA of $18.4mm, up from $8.3mm in CY19* * CY2020 Results significantly exceeded initial guidance range provided in February 2020 Launched DTC Agency offerings/ acquired Crosspointe Insurance Advisors 48% Increased Adjusted EBITDA Margin by 195 basis points YoY, to 5.3% +195 bps

Revenue ($mm) 29% CAGR 2015-2020 Track Record of Strong Growth Track Record of Strong Growth 32% Q4’20 YoY Growth

Delivering Incremental Variable Marketing Margin 36% CAGR 2015-2020 Variable Marketing Margin ($mm) 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 for all years presented. Refer to Key Metrics Definitions in the Appendix for a definition of VMM. 46% Q4’20 YoY Growth Variable Marketing Margin %

Non-auto verticals include our home & renters, life, heath & commercial insurance verticals. Rapid Expansion into New Verticals with Scalable Model Revenue from Non-Auto Verticals ($mm) Traffic leverage: Target advertising opportunities leveraging expertise & technology Sales leverage: Ability to cross-sell traffic to existing customers 112% CAGR 2016-2020 55% YoY Growth Non-Auto Verticals Home & Renters Life Health Commercial

Driving Growth & Profitability Adjusted EBITDA ($mm) Note: Adjusted EBITDA is a non-GAAP metrics, refer to financial reconciliation for additional detail. 2018 2018

NASDAQ: EVER

Appendix

Key Metrics Definitions Quote Requests Quote requests are consumer-submitted website forms that contain the data required to provide an insurance quote, quote requests we receive through offline channels such as telephone calls, & quote requests submitted directly to third-party partners. As we attract more consumers to our platform & they complete quote requests, we are able to refer them to our insurance provider customers, selling more referrals while also collecting data, which we use to improve user experience, conversion rates & consumer satisfaction. Variable Marketing Margin We define variable marketing margin, or VMM, as revenue, as reported in our consolidated statements of operations and 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 acquisition sources and to make trade-off decisions to manage our return on advertising. We do not use VMM as a measure of profitability. Adjusted EBITDA 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, interest income and the 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 operational goals for managing our business.

Reconciliation of Adjusted EBITDA Three Months Ended 12 Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2018 Net income (loss) ($3,768) ($3,184) ($2,808) ($1,442) ($934) ($11,202) ($7,117) ($13,791) Stock-based compensation $6,189 $7,200 $6,250 $4,540 $3,464 $24,179 $12,721 $7,121 Depreciation & amortization $1,176 $731 $594 $849 $593 $3,350 $2,186 $1,341 Legal settlement - - - $1,227 $1,227 - Acquisition-related costs/ earnout $1,778 $480 - - - $2,258 - - Interest (income) expense, net (13) ($18) ($47) ($111) ($133) (189) ($669) ($121) Adjusted EBITDA $5,362 $5,209 $3,989 $3,836 $4,217 $18,396 $8,348 ($5,450) ($ in Thousands)