EverQuote (EVER) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenue of $500.2 million, up 74% year-over-year, and Adjusted EBITDA of $58.2 million, with a strengthened balance sheet and no debt.

• Ended 2024 with $102.1 million in cash, reflecting robust cash flow and disciplined expense management.

• Significant operational transformation included halving headcount and expenses, exiting the health insurance vertical, and focusing on Auto and Home/Renters segments.

• Leadership prioritized technology investment, operational efficiency, and product expansion for insurance providers.

• Successfully navigated regulatory changes, maintaining strategic focus on P&C insurance providers.

Financial highlights

• Q4 2024 revenue reached $147.5 million, up 165% year-over-year; full-year net income was $32.2 million, reversing a $51.3 million loss in 2023.

• Adjusted EBITDA for Q4 was $18.9 million (13% margin); full-year Adjusted EBITDA was $58.2 million (11.6% margin), up from $0.5 million in 2023.

• Variable Marketing Dollars (VMD) in Q4 were $44 million, up 113% year-over-year; full-year VMD was $155.2 million, up 55%.

• Operating cash flow for 2024 was $66.6 million, with a cash conversion rate of 115%.

• Ended 2024 with $102.1 million in cash and no debt, up from $38 million at the end of 2023.

Outlook and guidance

• Q1 2025 revenue guidance: $155–$160 million (73% year-over-year growth at midpoint); VMD: $44–$46 million (46% growth); Adjusted EBITDA: $19–$21 million (163% growth).

• Growth rates expected to normalize after Q1 2025, with seasonal patterns and long-term averages guiding expectations.

• EBITDA margins expected to remain at or near current levels (12–13%) through 2025, with incremental investments in technology and AI planned.

• Positioned to benefit from the ongoing shift of P&C insurance distribution and advertising spend online, with a $117 billion total addressable market.

• Focused on expanding product offerings, growing non-auto verticals, and leveraging proprietary technology for future growth.