EverQuote (EVER) Oppenheimer 29th Annual Technology, Internet & Communications Conference summary

Business performance and growth drivers

• Achieved nearly $200 million in free cash flow over two years, outperforming peers in a crowded insurance marketplace.

• Growth driven by technology, proprietary data, and precise consumer-provider matching, especially through Smart Campaigns.

• Strategic focus on P&C insurance, exiting health and life to deepen relationships and expand services for carriers and agents.

• Expanded agent offerings to 1.4 products per agent, including digital marketing and AI-powered solutions.

• Leveraging AI for both customer innovation and internal operational efficiency.

Market environment and financial outlook

• Insurance carriers are in a strong position, with combined ratios in the low to mid-80s, driving a focus on growth.

• Q2 saw 25% revenue growth and 37% EBITDA growth; Q3 guidance implies 17% revenue growth.

• Revenue growth may moderate in the second half due to more disciplined carrier spending and tough Q4 comps.

• Favorable industry conditions expected to persist into 2027.

Strategic targets and investment plans

• Targeting $1 billion in revenue within 15–27 months, implying 13–25% annual growth.

• Growth path is organic, not reliant on M&A, with a long-term goal of 20% EBITDA margins.

• Investments in AI-first products and enablement will increase costs modestly in the second half, but EBITDA margins are still expected to improve by 100 basis points this year.

• Investments support both near-term growth and long-term market leadership.