On February 24, 2025, EverQuote Inc (EVER, Financial) released its 8-K filing, showcasing impressive financial results for the fourth quarter and full year of 2024. EverQuote Inc, a prominent online marketplace for insurance shopping, connects consumers with insurance providers through its data-driven platform. The company reported significant growth in revenue and profitability, exceeding analyst expectations and marking a successful year.
Company Overview
EverQuote Inc operates an online marketplace that facilitates insurance shopping for consumers. The platform leverages data science to match consumers with suitable insurance options, primarily focusing on car, home, and life insurance. The majority of its revenue is derived from direct channels, making it a key player in the interactive media industry.
Performance and Challenges
EverQuote Inc reported a remarkable 165% year-over-year increase in fourth-quarter revenue, reaching $147.5 million. This surpassed the analyst estimate of $133.84 million. The company's net income for the quarter was $12.3 million, a significant turnaround from a net loss of $6.3 million in the same period last year. This performance highlights the company's ability to navigate challenges in the insurance market, particularly in the automotive sector, which saw a revenue increase of over 200%.
Financial Achievements
The company's full-year revenue grew by 74% to $500.2 million, exceeding the annual estimate of $486.48 million. This growth is crucial for EverQuote Inc as it solidifies its position in the interactive media industry, demonstrating its capacity to scale operations and enhance profitability. The adjusted EBITDA for the year was $58.2 million, a substantial increase from $0.5 million in 2023, reflecting improved operational efficiency.
Key Financial Metrics
EverQuote Inc's financial statements reveal a strong balance sheet with $102.1 million in cash and cash equivalents, up from $82.8 million at the end of the third quarter of 2024. The company's operating cash flow for the year was $66.6 million, a significant improvement from a negative cash flow of $2.8 million in 2023. These metrics underscore the company's robust financial health and its ability to generate cash from operations.
Our strong momentum continued through the fourth quarter, as we again exceeded guidance across all three of our primary financial metrics: total revenue, Variable Marketing Dollars or VMD, and Adjusted EBITDA," said Joseph Sanborn, CFO of EverQuote.
Analysis and Outlook
EverQuote Inc's performance in 2024 highlights its strategic focus on expanding its technology platform and enhancing product offerings. The company's ability to leverage its data assets and technology to support insurance providers is a key driver of its growth. Looking ahead, EverQuote Inc plans to continue investing in its platform to accelerate product development and maintain its competitive edge in the market.
Overall, EverQuote Inc's financial results for 2024 demonstrate its resilience and adaptability in a challenging market environment. The company's strong revenue growth and profitability position it well for continued success in 2025 and beyond.
Explore the complete 8-K earnings release (here) from EverQuote Inc for further details.
