Second Quarter 2024 Q2 2024 Investor Presentation
Investor Presentation
Our vision
Become the largest online source of insurance policies by using data, technology and knowledgeable advisors to make insurance simpler, more affordable and personalized.
3
Key Investment Highlights
Insurance Marketplace Leader
Massive Market Opportunity
Proprietary Tech and Data
Extensive Distribution
Attractive Business Model
Leading Property and Casualty1("P&C") online insurance marketplace providing compelling benefits for consumers and insurance providers
$100b+ in annual P&C insurance distribution and advertising spend in the early phases of shifting online provides multi-yeartailwind2
Proprietary platforms improving the way insurance providers attract and connect with consumers shopping for insurance
Extensive distribution channels with Carriers and Local Agent Network3
Asset-Light model, with strong operating leverage, well positioned as the auto insurance market recovers to drive strong profitability and cash flow
1. |
Includes auto, home, renters and other related insurance products |
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2. |
Source: |
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3. |
Also referred to as 3rd party agent network |
Company Overview
Company Snapshot
- One of the insurance industry's largest online customer acquisition and distribution platforms
- Highly scalable, data proprietary platform leveraging 3.0b+ consumer data points amassed over a decade1
- Diversified distribution model: ~75 carriers and ~6,000 3rd party agents across multiple P&C insurance markets
- Founded in 2011 with headquarters in
Cambridge, MA ; IPO in summer 2018
Compelling Value Proposition
Providers: efficiently acquire consumers
- Large volume of high intent consumers
- Higher ROI from target-based consumer attributes
- Opportunity to acquire consumerreferrals
Consumers: saving time and money
- Single destination forP&C insurance needs
- Personalized shopping experience
- Providemultiple quotes, fitting the consumer's needs
1. Source: estimated using Company data through 2023
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Large & Expanding TAM
Distribution and Advertising
Spend1
Distribution and Advertising
Spend
P&C Distribution
and Advertising
Spend Market
P&C Digital
Advertising
Spend
Highlights2
<1%
Estimated share of P&C
Distribution and Advertising
Spend Market
<5%
Estimated share of P&C Digital
Advertising Spend Market
~10%
Spend Growth3
Growth Drivers
Continued shift of
consumer time spent online
Continued shift of acquisition spend online
Continued shift to
digitization of insurance products and workflows
1. |
Source: |
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2. |
Market share based on |
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3. |
Estimated compound annual growth rate for 2023 to 2025 for all insurance verticals. Source: Insider Intelligence |
The Customer Journey
Customer Acquisition
TrafficConsumer
ChannelsArrival
SEM
Performance Media
Calls
Clicks
Partnerships
Other1
Consumer Routing
Provider
Matching
Alignment Bidding
Performance
Distribution
Provider Representative
EngagementCarriers3
Enterprise Distribution
Carriers
Agent Distribution
Local Agent Network2
1. |
Other includes organic search, direct-to-site, partner exchange & other traffic sources |
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2. |
In addition to the 3rd party agent network, |
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3. |
Based on Company data & representative of the insurance provider partners on the platform as of |
Proprietary Platforms Strengthen Competitive Moat
Highly integrated AI, machine learning and data assets to support growth of all verticals
Marketing
Omni-channel
Automated Bidding
Minimize Cost per
Acquisition
Consumer
Personalized User
Experiences
Maximize
Conversion Rates
Distribution
Consumer Alignment
Algorithms
Maximize Bind
Performance
B2B
Campaign Management
Maximize Value per
Acquisition
3.0b+ Consumer Submitted Data Points Since Inception1
1. Source: estimated using Company data through 2023
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2024 Strategic Priorities
Focus on P&C Markets
Asset-
Scaling Traffic and
Technology
Positioned for Auto Recovery
Focus on EVER's core vertical markets of Auto and Home / Renters after exit of Health vertical in 2023
Streamline our business around the most capital efficient parts of EVER's operations; employee headcount down ~37% YoY1
Drive greater value for carriers and agents by leveraging proprietary data, machine learning capabilities and expanding AI applications
Expanding operating leverage as we scale and drive top-line growth
1. 495 employees as of
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Quarterly Financial Overview Q3 2023 - Q2 2024
Summary
- Auto carrier recovery is driving significant growth in both Revenue and VMM
- VMM % decreasing (as expected with recovery) due to more competitive advertising environment
- Adjusted EBITDA margin expansion due to strong operating leverage and disciplined expense management
Variable Marketing Margin ($m) |
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50.0% |
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45.0% |
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40.0% |
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37.1% |
33.8% |
35.0% |
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35.2% |
31.1% |
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30.0% |
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$- |
25.0% |
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Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
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Variable Marketing Margin % |
Revenue ($m)
Beginning of Auto |
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Carrier Recovery |
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Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Adjusted EBITDA ($m)
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20.0% |
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15.0% |
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10.0% |
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11.0% |
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8.3% |
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50%. |
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$- |
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00%. |
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$( 2). 0 |
-1.6% |
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-3.5% |
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$( 4). 0 |
-5. 0% |
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Q4 2023 |
Q1 2024 |
Q2 2024 |
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Q3 2023 |
Adjusted EBITDA Margin %
Note: After exiting the Health Vertical on |
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