First Quarter 2025 Q1 2025 Investor Presentation

Investor Presentation

May 2025

Our vision:

To be the leading growth partner for P&C insurance providers

3

Key Investment Highlights

Insurance Marketplace Leader

Leading Property and Casualty1 ("P&C") online insurance marketplace providing compelling benefits for consumers and insurance providers

Massive Market Opportunity

Σ117b in annual P&C insurance distribution and advertising spend continuing to shift online provides multi-year tailwind2

Proprietary Tech and Data

Proprietary platforms improving the way insurance providers attract and connect with consumers shopping for insurance

Extensive Distribution

Extensive distribution channels with Carriers and Local Agent Network3

Compelling Business Model

Asset-Light model, with strong operating leverage, driving scale, growing profitability and cash flow

1. Includes auto, home, renters and other related insurance products

2. Source: S&P Global Market Intelligence as of 2023 4

3. Also referred to as 3rd party agent network

Company Overview

Company SnapshotCompelling Value Proposition

Providers: efficiently acquire consumers

• Large volume of high intent consumers

• Higher ROI from target-based consumer attributes

• Opportunity to acquire consumer referrals

• One of the insurance industry's largest online customer

  acquisition and distribution platforms

• Highly scalable, data proprietary platform leveraging 4.0b+ consumer data points amassed over a decade1

  Consumers: saving time and money

  • Single destination for P&C insurance needs

  • Personalized shopping experience

  • Provide multiple quotes, fitting the consumer's needs

• Diversified distribution model: ~60 carriers and ~6,000 3rd party agents across multiple P&C insurance markets

• Founded in 2011 with headquarters in Cambridge, MA

  
  
  
  

  1. Source: estimated using Company data through 2024

5

Large & Expanding TAM

U.S. P&C Insurance Market:

Distribution and Advertising

Spend1

Σ117b

P&C Distribution and Advertising Spend Market

Σ7b

P&C Digital Advertising Spend

Highlights2

<1%

Estimated share of P&C Distribution and Advertising Spend Market

~7%

Estimated share of P&C Digital Advertising Spend Market

~15%

Estimated Digital Advertising Spend Growth3

Growth Drivers

Increased carrier focus on

growing policies in force

Continued shift of

acquisition spend online

Continued shift to digitization of insurance products and workflows

6

1. Source: S&P Global Market Intelligence, Insider Intelligence, and Company's own estimates. Includes commissions and advertising spend 2023

2. Market share based on EverQuote's FY 2024 revenue, which was $500.2 million

3. Estimated compound annual growth rate for 2023 to 2026 for all insurance verticals. Source: Insider Intelligence

The Consumer Journey

Consumer Acquisition

Consumer Routing

Distribution

Traffic Channels

Consumer Arrival

Provider Matching

Provider Engagement

Representative Carriers2

Alignment Bidding

Performance

1. Other includes organic search, direct-to-site, partner exchange & other traffic sources

2. Based on Company data & representative of the insurance provider partners on the platform as of December 31, 2024 7

Proprietary Platforms Strengthen Competitive Moat

Highly integrated AI, machine learning and data assets to support growth of all verticals

4.0b+ Consumer Submitted Data Points Since Inception1

1. Source: estimated using Company data through 2024

8

Multiple Levers to Drive Future Growth

Explore Acquisition Opportunities

Expand Product Offerings

Attract

More

High-Intent Consumers

Increase Provider Coverage and Budget

Leverage Technology Advantage

Grow Non-Auto Verticals

9

Financial Highlights

Strong Q1 2025 Results

Year-over-Year Comparison

Σm	Q1 2024	Q1 2025	YoY Growth %
Revenue	$91.1	$166.6	83%
VMD	$30.8	$46.9	52%
Adjusted EBITDA	$7.6	$22.5	197%
Adjusted EBITDA Margin %	8.3%	13.5%	5.2% pts.

Quarterly Variable Marketing Dollars ($m)

$36.5

$30.8

30.4%

29.9%

33.8%

31.1%

28.1%

$43.9 $44.0 $46.9

Quarterly Revenue ($m)

$144.5

$147.5

$117.1

$91.1

$166.6

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

Quarterly Adjusted EBITDA ($m)

$22.5

$18.8

$18.9

$12.9

8.3%

$7.6

13.0%

12.8%

11.0%

13.5%

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

Variable Marketing Margin %

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

Adjusted EBITDA Margin %

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Revenues by Verticals

Commentary

• EVER's Q1 2025 total revenue grew 83%

  YoY to a record of $166.6m

• Auto Q1 2025 revenue increased 97% YoY

• Home/Renters Q1 2025 revenue increased 10% YoY

• Starting in Q3 2023, EVER started reporting two main verticals - Auto and Home/Renters

Quarterly Revenue (Q2 '23 - Q1 '25) ($m)

Total:

Σ68.0

Σ55.0

Σ55.7

Σ91.1

Σ117.1

Σ144.5

Σ147.5

Σ166.6

$180. 0

$7.5 $10.7 $49.7

$1.0 $10.9 $43.1

Auto $0.9 $9.8 $45.0

Home/Renters Ot $0.6 $0.8 $13.9 $12.7 $77.5 $102.6

her

$0.4 $14.1 $130.0

$0.2 $11.3 $135.9

$13.9 $152.7

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

.0

Annual Revenue (2019 - 2024) ($m)

Auto

$2.1

Home/Renters

$52.0

Other

$15.0

$21.5

$212.3

$31.3

$32.4

$50.0

$37.5

$47.8

$31.9

$19.5

$40.9

$446.1

$283.2

$330.9

$324.4

$227.5

2019 2020 2021 2022 2023 2024

1. Other revenue consists of life, health and other insurance verticals. The health insurance vertical was exited on June 30, 2023, causing a significant decline in Other revenue 12

Note: Due to rounding within the individual revenue vertical amount, summation of verticals to total revenue may not agree.

Record 2024 Financial Highlights

Record Adjusted EBITDA, Adjusted EBITDA margin of 11.6%

Σ58m

1. As of 12/31/24

2. Cash Conversion is defined as Operating Cash Flow divided by adjusted EBITDA 13

Financial Overview (2018 -2024)

Revenue ($m)

$500

$419

$404

$347

$249

$288

$163

Variable Marketing Dollars ($m)

$155

2018 2019 2020 2021 2022 2023 2024

0

$130

$109

$128

$100

$73

31.3%

$46

31.0%

28.2%

29.5%

34.8%

31.7%

31.0%

2018 2019 2020 2021 2022 2023 2024

Variable Marketing Margin %

Adjusted EBITDA ($m)

11.6%

$58

Operating Cash Flow ($m)

$66.6

$8

$(5)

-3.3%

$18 $15 $6 1.5%

$0 0.1%

$(1.9)

3.4%

$4.4 $10.7$7.2

3.5%

5.3%

$(15.8)

$(2.8)

2018 2019 2020 2021 2022 2023 2024

Adjusted EBITDA Margin %

2018 2019 2020 2021 2022 2023 2024

Note: Auto insurance market downtubegan in the late summer of 2021 14

Note: Historical financials include health insurance vertical financials, which was exited on June 30, 2023.

Note: The health insurance vertical revenue was: $29.7m in 2021, $38.7m in 2022, and $15.0m in 2023.

NASDAQ: EVER

Appendix

Key Metrics Definitions

Variable Marketing Dollars & Margin

We define variable marketing dollars, or VMD, as revenue, as reported in our consolidated statements of operations and comprehensive income (loss), less advertising costs (a component of sales and marketing expense, as reported in our consolidated statements of operations and comprehensive income (loss)). We define variable marketing margin, or VMM, as VMD divided by revenue. We use VMD and VMM to measure the efficiency of individual advertising and consumer acquisition sources and to make trade-off decisions to manage our retuon advertising. We do not use VMD or VMM as a measure of profitability. We define Adjusted EBITDA as net income (loss), adjusted to exclude: stock-based compensation expense, depreciation and amortization expense, restructuring and other charges, acquisition-related costs, legal settlement expense, one-time severance charges, interest income and the provision for (benefit from) income taxes. We monitor & present Adjusted EBITDA because it is a key measure used by our management & board of directors to understand & evaluate our operating performance, to establish budgets & to develop operational goals for managing our business.

Adjusted EBITDA

17

Reconciliation of Adjusted EBITDA - 12 Months Ended

($ in Thousands)	12 Months Ended
	December 31, 2024	December 31, 2023	December 31, 2022	December 31, 2021	December 31, 2020	December 31, 2019
Net Income (Loss)	$32,169		($51,287)	($24,416)	($19,434)	($11,202)	($7,117)
Stock-based compensation	$20,614		$22,808	$28,986	$30,020	$24,179	$12,721
Depreciation & amortization	$5,672		$6,196	$5,848	$5,072	$3,350	$2,186
Legal settlement	-		-	-	-	-	$1,227
Acquisition-related costs/earnout	-		($150)	($4,135)	$1,065	$2,258	-
Restructuring and Other Charges	-		$23,568	-	$440	-	-
Interest (income) expense, net	($2,079)		($1,251)	($349)	($37)	($189)	($669)
Provision for (benefit from) income taxes	$1,839		$577	-	($2,510)	-	-
Adjusted EBITDA	Σ58,215		Σ461	Σ5,934	Σ14,616	Σ18,396	Σ8,348

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Reconciliation of Adjusted EBITDA - 3 Months Ended

($ in Thousands)	3 Months Ended
	March 31, 2025	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024
Net Income (Loss)	$7,990	$12,306	$11,554	$6,402	$1,907
Stock-based compensation	$5,420	$5,310	$5,446	$5,340	$4,518
Depreciation & amortization	$1,221	$1,555	$1,618	$1,236	$1,263
Legal settlement	$7,900	-	-	-	-
Acquisition-related costs/earnout	-	-	-	-	-
Restructuring and Other Charges	-	-	-	-	-
Interest (income) expense, net	($708)	($683)	($554)	($456)	($386)
Provision for (benefit from) income taxes	$684	$428	$719	$406	$286
Adjusted EBITDA	Σ22,507	Σ18,916	Σ18,783	Σ12,928	Σ7,588

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EverQuote Inc. published this content on May 05, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2025 at 20:10 UTC.