Mission Statement, Vision, & Core Values (2024) of EverQuote, Inc. (EVER)

An Overview of EverQuote, Inc. (EVER)

General Summary of EverQuote, Inc.

EverQuote, Inc. (NASDAQ: EVER) was founded in 2011 and is headquartered in Cambridge, Massachusetts. The company operates a leading online marketplace for insurance shopping, connecting consumers with insurance providers, including both carriers and agents. Its primary offerings include consumer referrals for automotive, home, and renters insurance.

As of 2024, EverQuote has exited the health insurance vertical to focus on its core business areas. The company utilizes data and technology to simplify the insurance shopping experience, aiming to become the largest online source of insurance policies. In 2024, EverQuote reported total sales of approximately $352.7 million for the nine months ended September 30, 2024, a significant increase from $232.2 million in the same period of 2023.

Company's Financial Performance in the Latest Financial Reports

In the three months ended September 30, 2024, EverQuote achieved a record-breaking revenue of $144.5 million, an increase of 162.7% compared to $55.0 million in the same period of 2023. The revenue growth was primarily driven by a $86.9 million increase in the automotive vertical and a $3.3 million increase in the home and renters insurance vertical.

For the nine months ended September 30, 2024, the company reported total revenue of $352.7 million, representing a year-over-year increase of 51.9%. The increase was attributed to a $127.6 million rise in the automotive vertical and a $9.6 million rise in the home and renters insurance vertical.

EverQuote's net income for the three months ended September 30, 2024, was $11.6 million, compared to a net loss of $29.2 million in the same period of 2023. For the nine months ended September 30, 2024, the net income was $19.9 million, a substantial recovery from a net loss of $44.9 million for the same period in 2023.

Adjusted EBITDA for the three months ended September 30, 2024, was $18.8 million, compared to a loss of $1.9 million in the same period of 2023. For the nine months ended September 30, 2024, adjusted EBITDA increased to $39.3 million from $1.3 million in 2023.

Introduction to EverQuote as a Leader in the Industry

EverQuote is recognized as one of the leading companies in the online insurance marketplace. The company's innovative approach leverages proprietary data and technology to improve marketing efficiency and enhance consumer experience. With a focus on high-intent, pre-validated consumer referrals, EverQuote connects insurance providers with potential customers effectively. The transparency and campaign management tools provided by the platform enable insurers to evaluate their marketing performance effectively.

In 2024, EverQuote's strategic focus on its core verticals and investment in technology positions it well for continued growth in the insurance marketplace. The company’s revenue model is primarily based on consumer inquiries sold as referrals to insurance providers, alongside commissions from direct-to-consumer sales.

Mission Statement of EverQuote, Inc. (EVER)

Mission Statement of EverQuote, Inc. (EVER)

EverQuote, Inc. operates a leading online marketplace for insurance shopping, connecting consumers with insurance providers. The company's mission statement emphasizes its commitment to making insurance simpler, more affordable, and personalized through data, technology, and knowledgeable advisors.

Core Component 1: Consumer Empowerment

The first core component of EverQuote's mission is consumer empowerment. The company aims to provide consumers with a comprehensive insurance shopping experience that allows them to make informed decisions. This is achieved through a user-friendly platform that enables consumers to compare various insurance policies and providers.

As of September 30, 2024, EverQuote reported a total revenue of $352.7 million, a significant increase from $232.2 million in the same period the previous year, reflecting a year-over-year growth of 51.9%. This growth indicates that more consumers are engaging with the platform, highlighting its effectiveness in empowering users in their insurance purchasing journey.

Core Component 2: Technology-Driven Solutions

The second core component focuses on leveraging technology to enhance the insurance shopping process. EverQuote utilizes a proprietary data and technology platform to connect high-intent consumers with insurance providers. This technology-driven approach not only improves user experience but also optimizes the performance of insurance carriers on the platform.

In the three months ended September 30, 2024, EverQuote's revenue from the automotive vertical reached $130 million, up from $43 million in the same period the previous year. This tremendous increase can be attributed to enhanced technological capabilities that attract more carriers and consumers to the marketplace.

Core Component 3: Commitment to Quality and Transparency

The final core component of EverQuote's mission statement is its commitment to delivering quality and transparency in the insurance marketplace. The company works to ensure that consumers receive accurate information and referrals that meet their specific needs. By fostering transparency, EverQuote builds trust with its users and partners.

In 2024, EverQuote has maintained a variable marketing margin of 30.4% for the three months ended September 30, demonstrating efficient management of marketing expenditures relative to revenue. This efficiency underscores the company's dedication to providing valuable services while ensuring that consumers receive the best possible insurance options.

Vision Statement of EverQuote, Inc. (EVER)

Vision Statement Overview

EverQuote, Inc. (EVER) aims to become the largest online source of insurance policies by leveraging data, technology, and knowledgeable advisors to simplify and personalize insurance for consumers. This vision underscores the company's commitment to innovation and consumer-centric service delivery in the insurance marketplace.

Data-Driven Approach

EverQuote emphasizes a results-driven marketplace powered by proprietary data and technology. As of September 30, 2024, the company reported total revenue of $352.7 million, reflecting a 51.9% increase from $232.2 million for the same period in 2023. This growth is attributed to a significant increase in carrier spend for referrals, particularly in the automotive vertical, which generated $310.2 million in revenue for the nine months ended September 30, 2024.

Innovative Technology Utilization

The company's vision includes utilizing advanced technology to enhance the customer experience. EverQuote's technology platform enables a streamlined insurance shopping experience, allowing consumers to engage with insurance providers via various channels. The company reported a variable marketing margin of $111.2 million for the nine months ended September 30, 2024, representing a 39.7% increase from $79.6 million in 2023, showcasing the effectiveness of its marketing strategies.

Personalized Consumer Experience

EverQuote's vision is focused on creating a personalized experience for consumers. The company operates a marketplace that connects high-intent, pre-validated consumer referrals to insurance providers, ensuring that the needs of consumers are met efficiently. As of September 30, 2024, the company has maintained a robust liquidity position with $82.8 million in cash and cash equivalents and has access to an additional $25 million under its revolving credit line, facilitating continued investment in technology and service enhancements.

Commitment to Core Verticals

In 2023, EverQuote strategically exited the health insurance vertical to focus on its core segments, which has allowed for improved operational efficiency. The restructuring resulted in a net income of $11.6 million for the three months ended September 30, 2024, compared to a net loss of $29.2 million in the same quarter of 2023. This focus on core verticals is expected to drive sustainable growth moving forward.

Core Values of EverQuote, Inc. (EVER)

Integrity

Integrity is a fundamental core value at EverQuote, Inc. (EVER). It emphasizes the importance of honesty and transparency in all aspects of the business.

EverQuote demonstrates its commitment to integrity through various initiatives, including:

• Adherence to regulatory standards in the insurance marketplace, ensuring compliance with all applicable laws.
• Transparent communication with stakeholders, including regular updates on financial performance and business operations.

Innovation

Innovation drives EverQuote's growth and competitive edge in the insurance industry. The company continuously invests in technology to enhance its platform and improve user experience.

Specific examples of innovation include:

• Development of a proprietary data and technology platform that connects consumers with insurance providers more efficiently.
• Investment in research and development, with expenses of $21.9 million for the nine months ended September 30, 2024, compared to $21.6 million in the same period of 2023, reflecting a focus on enhancing technological capabilities.

Customer Centricity

Customer centricity is key to EverQuote's mission, focusing on delivering exceptional service and value to consumers.

The company showcases this value through:

• A marketplace that provides consumers with easy access to multiple insurance quotes, enabling informed decision-making.
• Positive customer feedback, with a significant increase in customer referrals contributing to a revenue increase of 162.7% year-over-year for the three months ended September 30, 2024.

Collaboration

Collaboration is essential for EverQuote's success, fostering teamwork and partnerships across the organization and with external stakeholders.

Examples of collaboration include:

• Engagement with insurance carriers and agents to streamline referral processes and improve service delivery.
• Joint initiatives with technology partners to enhance platform capabilities and consumer reach, leading to an increase in total revenue to $352.7 million for the nine months ended September 30, 2024, up from $232.2 million in the prior year.

Accountability

Accountability is a core value that reinforces EverQuote's commitment to responsibility and performance at all levels of the organization.

This value is reflected in:

• Regular performance assessments and goal-setting processes that align individual contributions with company objectives.
• Financial accountability demonstrated by a net income of $19.9 million for the nine months ended September 30, 2024, compared to a net loss of $44.9 million in the same period of 2023.

Updated on 16 Nov 2024

Resources:

1. EverQuote, Inc. (EVER) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of EverQuote, Inc. (EVER)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View EverQuote, Inc. (EVER)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.