EverQuote Reports Impressive 2024 Financial Growth
Overview of EverQuote's Financial Success
EverQuote, Inc. (Nasdaq: EVER), a prominent online insurance marketplace, has made headlines with its remarkable financial performance for the fourth quarter and full year of 2024. The latest results showed a staggering revenue growth of 165% in the fourth quarter, reaching $147.5 million, while the full year revenue soared to over $500 million, marking a 74% increase from the previous year.
Highlighting Key Financial Metrics
In this latest announcement, EverQuote's results detailed a very successful period for the company. The fourth quarter variable marketing dollars (VMD) saw a notable rise of over 110%, totaling $44 million. Furthermore, the company's net income for the fourth quarter reached $12.3 million with an impressive adjusted EBITDA of $18.9 million.
Quarterly Milestones and Achievements
During the fourth quarter, EverQuote reported several impressive milestones:
- Revenue increased to $147.5 million, a 165% year-over-year growth.
- Automotive insurance vertical revenue skyrocketed to $135.9 million, reflecting a growth of more than 200% compared to the prior quarter.
- In home and renters insurance, revenue rose 15% to $11.3 million.
- Adjusted EBITDA amounted to $18.9 million, improving from a loss of $0.9 million in the same quarter last year.
- Cash and cash equivalents at the end of the fourth quarter reached $102.1 million.
Full Year Financial Highlights
For the entire year 2024, EverQuote demonstrated continued growth with several financial key points standing out:
- Total revenue attained $500.2 million, a 74% increase from 2023's figures.
- The automotive insurance segment generated $446.1 million, up 96% year-over-year.
- Overall net income improved to $32.2 million compared to a net loss of $51.3 million the previous year.
- Operating cash flow for 2024 finished at $66.6 million.
Strategic Vision Going Forward
CEO Jayme Mendal expressed pride in the team's achievements and emphasized the focus on becoming a growth partner for property and casualty (P&C) insurance providers. The strategy includes enhancing technology to better serve customers with a wider range of products. This commitment to improvement and strategic investment is expected to pave the way for further profitability and growth.
Looking Ahead: First Quarter 2025 Projections
As EverQuote eyes the future, projections for the first quarter of 2025 are optimistic. Estimates suggest revenues between $155 million and $160 million, indicating a 73% growth. The VMD is expected to remain robust, with estimates between $44 million and $46 million.
Company Vision and Marketplace Position
EverQuote continues to operate as a leader in the online insurance marketplace, connecting consumers with insurance providers. The company leverages proprietary data and technology to revolutionize how insurance is marketed and purchased, making it an attractive partner for both consumers and insurance companies alike.
Frequently Asked Questions
What were EverQuote's total revenues for 2024?
The total revenue for EverQuote in 2024 reached $500.2 million, marking a 74% increase from the previous year.
How did EverQuote perform in the fourth quarter of 2024?
In the fourth quarter of 2024, EverQuote achieved revenues of $147.5 million, reflecting a year-over-year growth of 165%.
What is the projected revenue for EverQuote in Q1 2025?
For the first quarter of 2025, EverQuote projects revenues to be between $155 million and $160 million, indicating significant growth.
Who is the CEO of EverQuote?
The CEO of EverQuote is Jayme Mendal, who has played a crucial role in driving the company's recent successes and strategic vision.
How much cash does EverQuote have on its balance sheet?
As of the end of the fourth quarter of 2024, EverQuote had $102.1 million in cash and cash equivalents.
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