EverQuote (EVER) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Financial performance and outlook

• Achieved record financial results last year, with $500 million in revenue and 74% year-on-year growth.

• Adjusted EBITDA reached nearly $60 million, with an 11.6% margin, up from negative the prior year.

• Net income was $12.3 million, and cash conversion was strong, ending the year with $100 million in cash.

• Entered 2024 with strong business momentum and no significant regulatory headwinds.

• Q1 2024 EBITDA margin guidance is 12.5%, with ongoing investments in technology and data platforms.

Market environment and growth drivers

• Auto insurance carriers have largely resumed growth, with most states seeing restored appetite except for a few laggards like California.

• Carrier demand for leads and willingness to pay increased significantly, driving monetization and volume growth.

• Shopper volume for auto and home insurance was up 10%-15% last year, with high levels expected to persist.

• Regulatory risk from a proposed FCC rule was removed, allowing management to refocus on growth.

• Competitive advantage comes from a focused P&C strategy, data, technology, and a large local agent network.

Technology and operational strategy

• Heavy investment in technology, including machine learning for traffic bidding and Smart Campaigns for carriers.

• Proprietary data and distribution advantages enable better matching of consumers and providers.

• Thousands of local agents use the platform, supporting a broad product offering and deeper market penetration.

• Variable Marketing Margin is managed in the high 20s percentage range, supported by technology-driven efficiency.

• Focus remains on disciplined investment and maintaining financial discipline as growth accelerates.