EverQuote, Inc. reported significant financial performance improvements in its latest 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenue of $500.2 million, a 73.7% increase from $287.9 million in 2023. This growth was primarily driven by a substantial rise in spending from automotive insurance providers, which accounted for 89% of total revenue. The company also achieved a net income of $32.2 million, a notable recovery from net losses of $51.3 million in the previous year. Adjusted EBITDA for the year was $58.2 million, compared to just $0.5 million in 2023.
The filing highlighted several strategic developments, including the company's exit from the health insurance vertical in 2023, which was part of a restructuring effort aimed at improving operational efficiency. This restructuring included a workforce reduction of approximately 28%, or 175 employees, to streamline operations. The company also sold its health insurance-related assets, which contributed to a loss of $19.4 million recorded in 2023. Despite these challenges, EverQuote has seen improvements in spending patterns from its largest carrier customer in 2024, although not all customers have increased their spending proportionally.
Operationally, EverQuote reported a total of 32,119,686 shares of Class A common stock and 3,604,278 shares of Class B common stock outstanding as of January 31, 2025. The company has approximately 6,000 enrolled insurance agencies on its platform, and it continues to focus on expanding its network of insurance providers. The filing indicated that the company is actively working to attract more consumers to its marketplace and increase the number of insurance providers participating in its platform.
Looking ahead, EverQuote's management expressed cautious optimism regarding the auto insurance market, noting that while spending patterns have improved, the market remains volatile. The company plans to leverage its proprietary data and technology platform to enhance consumer engagement and improve the efficiency of its referral services. Additionally, EverQuote aims to expand its offerings beyond automotive insurance into other property and casualty insurance verticals, which could further drive revenue growth in the future. The company maintains a strong liquidity position with cash and cash equivalents of $102.1 million as of December 31, 2024, and has access to a $25 million revolving line of credit.
About EverQuote, Inc.
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