EverQuote reports Q3 EPS (87c), consensus (70c)

Reports Q3 revenue $55.01M, consensus $52.84M. “In the third quarter, EverQuote delivered revenue of $55.0 million, Variable Marketing Margin, or VMM, of $19.4 million, and Adjusted EBITDA of negative $1.9 million,” said Jayme Mendal, CEO of EverQuote. “During the quarter, we restored greater focus on our most differentiated assets so we can accelerate the rate at which we deliver deeper value to our customers. These assets include our P&C insurance shopping traffic scale and technology, our local agent network, and our proprietary data and associated data science and machine learning capabilities. “As we work through this challenging auto insurance market, our team’s strong execution and proven resilience give us high confidence that we will be well positioned when the market recovers. EverQuote’s vision remains unchanged: to become the largest online source of insurance policies, using data, technology, and knowledgeable advisors to make insurance simpler, more affordable and more personalized,” concluded Mr. Mendal. “We have continued to focus on what we can control by taking decisive action to judiciously manage expenses and build our balance sheet,” said Joseph Sanborn, CFO of EverQuote. “We remain focused on streamlining our cost structure, maintaining financial flexibility, restoring a pattern of consistent cash generation, and driving towards profitability.”