EverQuote (EVER) Tops Q1 Views; Raises Outlook

EverQuote (NASDAQ: EVER) reported Q1 EPS of ($0.05), versus the analyst estimate of ($0.06). Revenue for the quarter came in at $81.4 million versus the consensus estimate of $77.47 million.

“The COVID-19 pandemic is an unprecedented global challenge and our thoughts are with everyone impacted around the world,” said Seth Birnbaum, CEO and Co-Founder of EverQuote. “We express our sincere gratitude to everyone helping those in need, workers keeping essential services running and to our strong and dedicated team working tirelessly to support our business, customers and partners. We remain fully committed to the health and safety of our families, our team and partners as well as the broader community.”

“We reported strong first quarter results across all of our key financial metrics – delivering revenue growth of 56%, variable marketing margin growth of 72% and positive Adjusted EBITDA. During the quarter, we attracted more high-intent consumers with an 80% increase in quote request volume. We remain committed to our mission to be the largest source of online insurance policies, believe the dominant dynamic for our growth is the shift of insurance online and are focused on capitalizing on our significant, expanding market opportunity.

“Strengths inherent in our business model, combined with our experienced leadership and growing, talented team, enable us to navigate these uncertain times. We are fortunate and grateful that the insurance industry remains healthy while consumer and provider demand online remain strong. Looking ahead, we believe COVID-19 will help accelerate digital transformation in the insurance industry, remain confident in our long-term prospects and are raising our full year 2020 guidance,” concluded Mr. Birnbaum.

GUIDANCE:

EverQuote sees Q2 2020 revenue of $77-80 million, versus the consensus of $75.7 million.

EverQuote sees FY2020 revenue of $318-327 million, versus the consensus of $318.5 million.

For earnings history and earnings-related data on EverQuote (EVER) click here.

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