☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 26-3101161 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
210 Broadway Cambridge, Massachusetts | 02139 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Class A Common Stock, $0.001 Par Value Per Share | EVER | The Nasdaq Global Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ||||
Emerging growth company | ☐ |
Page | ||||||
PART I | ||||||
Item 1. | 5 | |||||
Item 1A. | ||||||
Item 1B. | 44 | |||||
Item 2. | 44 | |||||
Item 3. | 45 | |||||
Item 4. | 45 | |||||
Item 5. | 46 | |||||
Item 6. | 47 | |||||
Item 7. | 48 | |||||
Item 7A. | 64 | |||||
Item 8. | ||||||
Item 9. | 99 | |||||
Item 9A. | ||||||
Item 9B. | 101 | |||||
Item 9C. | 101 | |||||
Item 10. | 101 | |||||
Item 11. | 101 | |||||
Item 12. | 101 | |||||
Item 13. | 101 | |||||
Item 14. | 101 | |||||
PART IV | ||||||
Item 15. | ||||||
Item 16. | 104 | |||||
102 | ||||||
ITEM 1. | BUSINESS |
ITEM 1A. | RISK FACTORS |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
ITEM 6. | RESERVED |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(in thousands) | ||||||||||||
Automotive | $ | 330,928 | $ | 283,236 | $ | 212,300 | ||||||
Other | 87,587 | 63,699 | 36,511 | |||||||||
Total Revenue | $ | 418,515 | $ | 346,935 | $ | 248,811 | ||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(in thousands) | ||||||||||||
Net loss | $ | (19,434 | ) | $ | (11,202 | ) | $ | (7,117 | ) | |||
Stock-based compensation | 30,020 | 24,179 | 12,721 | |||||||||
Depreciation and amortization | 5,072 | 3,350 | 2,186 | |||||||||
Acquisition-related costs | 1,065 | 2,258 | — | |||||||||
Legal settlement | — | — | 1,227 | |||||||||
Severance under a plan | 440 | — | — | |||||||||
Interest income | (37 | ) | (189 | ) | (669 | ) | ||||||
Benefit from income taxes | (2,510 | ) | — | — | ||||||||
Adjusted EBITDA | $ | 14,616 | $ | 18,396 | $ | 8,348 | ||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(in thousands) | ||||||||||||
Statement of Operations Data: | ||||||||||||
Revenue(1) | $ | 418,515 | $ | 346,935 | $ | 248,811 | ||||||
Cost and operating expenses(2): | ||||||||||||
Cost of revenue | 23,949 | 21,373 | 15,903 | |||||||||
Sales and marketing | 354,990 | 284,880 | 202,689 | |||||||||
Research and development | 35,732 | 29,662 | 20,214 | |||||||||
General and administrative | 24,703 | 20,444 | 16,827 | |||||||||
Acquisition-related costs | 1,065 | 2,258 | — | |||||||||
Legal settlement | — | — | 1,227 | |||||||||
Total cost and operating expenses | 440,439 | 358,617 | 256,860 | |||||||||
Loss from operations | (21,924 | ) | (11,682 | ) | (8,049 | ) | ||||||
Other income (expense): | ||||||||||||
Interest income | 37 | 189 | 669 | |||||||||
Other income (expense), net | (57 | ) | 291 | 263 | ||||||||
Total other income (expense), net | (20 | ) | 480 | 932 | ||||||||
Loss before income taxes | (21,944 | ) | (11,202 | ) | (7,117 | ) | ||||||
Benefit from income taxes | 2,510 | — | — | |||||||||
Net loss | $ | (19,434 | ) | $ | (11,202 | ) | $ | (7,117 | ) | |||
Other Financial and Operational Data: | ||||||||||||
Quote requests | 30,270 | 27,013 | 20,011 | |||||||||
Variable marketing margin | $ | 129,553 | $ | 108,642 | $ | 73,316 | ||||||
Adjusted EBITDA(3) | $ | 14,616 | $ | 18,396 | $ | 8,348 |
(1) | Comprised of revenue from the following distribution channels: |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Direct channels | 90 | % | 92 | % | 94 | % | ||||||
Indirect channels | 10 | % | 8 | % | 6 | % | ||||||
100 | % | 100 | % | 100 | % | |||||||
(2) | Includes stock-based compensation expense as follows: |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(in thousands) | ||||||||||||
Cost of revenue | $ | 363 | $ | 361 | $ | 193 | ||||||
Sales and marketing | 12,405 | 10,246 | 3,805 | |||||||||
Research and development | 9,551 | 7,751 | 3,967 | |||||||||
General and administrative | 7,701 | 5,821 | 4,756 | |||||||||
$ | 30,020 | $ | 24,179 | $ | 12,721 | |||||||
(3) | See “—Non-GAAP Financial Measure” for information regarding our use of adjusted EBITDA as anon-GAAP financial measure and a reconciliation of adjusted EBITDA to its comparable GAAP financial measure. |
Year Ended December 31, | Change | |||||||||||||||
2021 | 2020 | Amount | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Revenue | $ | 418,515 | $ | 346,935 | $ | 71,580 | 20.6 | % |
Year Ended December 31, | Change | |||||||||||||||
2021 | 2020 | Amount | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Cost of revenue | $ | 23,949 | $ | 21,373 | $ | 2,576 | 12.1 | % | ||||||||
Percentage of revenue | 5.7 | % | 6.2 | % |
Year Ended December 31, | Change | |||||||||||||||
2021 | 2020 | Amount | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Sales and marketing expense | $ | 354,990 | $ | 284,880 | $ | 70,110 | 24.6 | % | ||||||||
Percentage of revenue | 84.8 | % | 82.1 | % |
Year Ended December 31, | Change | |||||||||||||||
2021 | 2020 | Amount | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Research and development expense | $ | 35,732 | $ | 29,662 | $ | 6,070 | 20.5 | % | ||||||||
Percentage of revenue | 8.5 | % | 8.5 | % |
Year Ended December 31, | Change | |||||||||||||||
2021 | 2020 | Amount | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
General and administrative expense | $ | 24,703 | $ | 20,444 | $ | 4,259 | 20.8 | % | ||||||||
Percentage of revenue | 5.9 | % | 5.9 | % |
Year Ended December 31, | Change | |||||||||||||||
2021 | 2020 | Amount | % | |||||||||||||
(in thousands except percentages) | ||||||||||||||||
Quote requests | 30,270 | 27,013 | 3,257 | 12.1 | % |
Year Ended December 31, | Change | |||||||||||||||
2021 | 2020 | Amount | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Revenue | $ | 418,515 | $ | 346,935 | $ | 71,580 | 20.6 | % | ||||||||
Less: total advertising expense (a component of sales and marketing expense) | 288,962 | 238,293 | ||||||||||||||
Variable marketing margin | $ | 129,553 | $ | 108,642 | $ | 20,911 | 19.2 | % | ||||||||
Percentage of revenue | 31.0 | % | 31.3 | % |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(in thousands) | ||||||||||||
Net cash provided by operating activities | $ | 7,189 | $ | 10,668 | $ | 4,413 | ||||||
Net cash used in investing activities | (18,817 | ) | (18,752 | ) | (2,975 | ) | ||||||
Net cash provided by financing activities | 3,615 | 4,907 | 2,982 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (6 | ) | (7 | ) | — | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (8,019 | ) | $ | (3,184 | ) | $ | 4,420 | ||||
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. | CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
Page(s) | ||||
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December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Assets | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 42,870 | $ | 46,054 | $ | 34,851 | $ | 42,870 | ||||||||
Accounts receivable, net | 46,079 | 32,214 | 35,659 | 46,079 | ||||||||||||
Prepaid expenses and other current assets | 8,452 | 7,065 | 14,184 | 8,452 | ||||||||||||
Total current assets | 97,401 | 85,333 | 84,694 | 97,401 | ||||||||||||
Property and equipment, net | 6,173 | 5,197 | 5,796 | 6,173 | ||||||||||||
Goodwill | 9,794 | — | 21,501 | 9,794 | ||||||||||||
Acquired intangible assets, net | 3,366 | — | 10,229 | 3,366 | ||||||||||||
Operating lease right-of-use | 9,621 | — | 7,291 | 9,621 | ||||||||||||
Other assets | 2,695 | 691 | 14,096 | 2,695 | ||||||||||||
Total assets | $ | 129,050 | $ | 91,221 | $ | 143,607 | $ | 129,050 | ||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 32,964 | $ | 23,663 | $ | 29,599 | $ | 32,964 | ||||||||
Accrued expenses and other current liabilities | 9,421 | 13,225 | 13,015 | 9,421 | ||||||||||||
Deferred revenue | 1,869 | 1,501 | 2,096 | 1,869 | ||||||||||||
Operating lease liabilities | 2,593 | — | 2,696 | 2,593 | ||||||||||||
Total current liabilities | 46,847 | 38,389 | 47,406 | 46,847 | ||||||||||||
Operating lease liabilities, net of current portion | 8,093 | — | 5,531 | 8,093 | ||||||||||||
Other long-term liabilities | 3,128 | 1,062 | 5,545 | 3,128 | ||||||||||||
Total liabilities | 58,068 | 39,451 | 58,482 | 58,068 | ||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||||
Commitments and contingencies (Note 13) | 0 | 0 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding | — | — | ||||||||||||||
Class A common stock, $0.001 par value; 220,000,000 shares authorized; 20,784,065 shares and 14,635,834 shares issued and outstanding at December 31, 2020 and 2019, respectively | 21 | 15 | ||||||||||||||
Class B common stock, $0.001 par value; 30,000,000 shares authorized; 7,429,502 shares and 11,802,341 shares issued and outstanding at December 31, 2020 and 2019, respectively | 7 | 12 | ||||||||||||||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding | 0— | 0— | ||||||||||||||
Class A common stock, $0.001 par value; 220,000,000 shares authorized; 23,544,995 shares and 20,784,065 shares issued and outstanding at December 31, 2021 and 2020, respectively | 24 | 21 | ||||||||||||||
Class B common stock, $0.001 par value; 30,000,000 shares authorized; 6,407,678 shares and 7,429,502 shares issued and outstanding at December 31, 2021 and 2020, respectively | 6 | 7 | ||||||||||||||
Additional paid-in capital | 189,172 | 158,752 | 222,730 | 189,172 | ||||||||||||
Accumulated other comprehensive loss | (7 | ) | — | |||||||||||||
Accumulated other comprehensive income (loss) | 10 | (7 | ) | |||||||||||||
Accumulated deficit | (118,211 | ) | (107,009 | ) | (137,645 | ) | (118,211 | ) | ||||||||
Total stockholders’ equity | 70,982 | 51,770 | 85,125 | 70,982 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 129,050 | $ | 91,221 | $ | 143,607 | $ | 129,050 | ||||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Revenue | $ | 418,515 | $ | 346,935 | $ | 248,811 | ||||||
Cost and operating expenses: | ||||||||||||
Cost of revenue | 23,949 | 21,373 | 15,903 | |||||||||
Sales and marketing | 354,990 | 284,880 | 202,689 | |||||||||
Research and development | 35,732 | 29,662 | 20,214 | |||||||||
General and administrative | 24,703 | 20,444 | 16,827 | |||||||||
Acquisition-related costs | 1,065 | 2,258 | — | |||||||||
Legal settlement | — | — | 1,227 | |||||||||
Total cost and operating expenses | 440,439 | 358,617 | 256,860 | |||||||||
Loss from operations | (21,924 | ) | (11,682 | ) | (8,049 | ) | ||||||
Other income (expense): | ||||||||||||
Interest income | 37 | 189 | 669 | |||||||||
Other income (expense), net | (57 | ) | 291 | 263 | ||||||||
Total other income (expense), net | (20 | ) | 480 | 932 | ||||||||
Loss before income taxes | (21,944 | ) | (11,202 | ) | (7,117 | ) | ||||||
Benefit from income taxes | 2,510 | — | — | |||||||||
Net loss | $ | (19,434 | ) | $ | (11,202 | ) | $ | (7,117 | ) | |||
Net loss per share, basic and diluted | $ | (0.67 | ) | $ | (0.41 | ) | $ | (0.28 | ) | |||
Weighted average common shares outstanding, basic and diluted | 29,088 | 27,329 | 25,759 | |||||||||
Comprehensive loss: | ||||||||||||
Net loss | $ | (19,434 | ) | $ | (11,202 | ) | $ | (7,117 | ) | |||
Other comprehensive loss: | ||||||||||||
Foreign currency translation adjustment | 17 | (7 | ) | — | ||||||||
Comprehensive loss | $ | (19,417 | ) | $ | (11,209 | ) | $ | (7,117 | ) | |||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Revenue | $ | 346,935 | $ | 248,811 | ||||
Cost and operating expenses: | ||||||||
Cost of revenue | 21,373 | 15,903 | ||||||
Sales and marketing | 284,880 | 202,689 | ||||||
Research and development | 29,662 | 20,214 | ||||||
General and administrative | 20,444 | 16,827 | ||||||
Acquisition-related costs | 2,258 | — | ||||||
Legal settlement | — | 1,227 | ||||||
Total cost and operating expenses | 358,617 | 256,860 | ||||||
Loss from operations | (11,682 | ) | (8,049 | ) | ||||
Other income: | ||||||||
Interest income | 189 | 669 | ||||||
Other income | 291 | 263 | ||||||
Total other income | 480 | 932 | ||||||
Net loss | $ | (11,202 | ) | $ | (7,117 | ) | ||
Net loss per share, basic and diluted | $ | (0.41 | ) | $ | (0.28 | ) | ||
Weighted average common shares outstanding, basic and diluted | 27,329 | 25,759 | ||||||
Comprehensive loss: | ||||||||
Net loss | $ | (11,202 | ) | $ | (7,117 | ) | ||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustment | (7 | ) | — | |||||
Comprehensive loss | $ | (11,209 | ) | $ | (7,117 | ) | ||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||
Class A | Class B | Additional Paid-in Capital | Total Stockholders’ Equity | |||||||||||||||||||||||||||||
Common Stock | Common Stock | Accumulated Deficit | ||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Balances at December 31, 2018 | 7,528,741 | $ | 8 | 17,696,414 | $ | 18 | $ | 143,050 | $ | — | $ | (99,892 | ) | $ | 43,184 | |||||||||||||||||
Issuance of common stock upon exercise of stock options | 645,920 | 1 | — | — | 2,981 | — | — | 2,982 | ||||||||||||||||||||||||
Vesting of restricted stock units | 567,100 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 12,721 | — | — | 12,721 | ||||||||||||||||||||||||
Transfer of Class B common stock to Class A common stock | 5,894,073 | 6 | (5,894,073 | ) | (6 | ) | — | — | — | — | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (7,117 | ) | (7,117 | ) | ||||||||||||||||||||||
Balances at December 31, 2019 | 14,635,834 | 15 | 11,802,341 | 12 | 158,752 | — | (107,009 | ) | 51,770 | |||||||||||||||||||||||
Contingent consideration to be settled in Class A common stock | — | — | — | — | 1,335 | — | — | 1,335 | ||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 776,914 | 1 | — | — | 4,906 | — | — | 4,907 | ||||||||||||||||||||||||
Vesting of restricted stock units | 998,478 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 24,179 | — | — | 24,179 | ||||||||||||||||||||||||
Transfer of Class B common stock to Class A common stock | 4,372,839 | 5 | (4,372,839 | ) | (5 | ) | — | — | — | — | ||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (7 | ) | — | (7 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (11,202 | ) | (11,202 | ) | ||||||||||||||||||||||
Balances at December 31, 2020 | 20,784,065 | 21 | 7,429,502 | 7 | 189,172 | (7 | ) | (118,211 | ) | 70,982 | ||||||||||||||||||||||
Issuance of common stock to settle contingent consideration liability | 39,168 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 572,429 | 1 | — | — | 3,614 | — | — | 3,615 | ||||||||||||||||||||||||
Vesting of restricted stock units | 1,127,509 | 1 | — | — | — | — | — | 1 | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 29,944 | — | — | 29,944 | ||||||||||||||||||||||||
Transfer of Class B common stock to Class A common stock | 1,021,824 | 1 | (1,021,824 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 17 | — | 17 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (19,434 | ) | (19,434 | ) | ||||||||||||||||||||||
Balances at December 31, 2021 | 23,544,995 | $ | 24 | 6,407,678 | $ | 6 | $ | 222,730 | $ | 10 | $ | (137,645 | ) | $ | 85,125 | |||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Balances at December 31, 2018 | 7,528,741 | $ | 8 | 17,696,414 | $ | 18 | $ | 143,050 | $ | — | $ | (99,892 | ) | $ | 43,184 | |||||||||||||||||
Issuance of common stock upon exercise of stock options | 645,920 | 1 | — | — | 2,981 | — | — | 2,982 | ||||||||||||||||||||||||
Vesting of restricted stock units | 567,100 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 12,721 | — | — | 12,721 | ||||||||||||||||||||||||
Transfer of Class B common stock to Class A common stock | 5,894,073 | 6 | (5,894,073 | ) | (6 | ) | — | — | — | — | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (7,117 | ) | (7,117 | ) | ||||||||||||||||||||||
Balances at December 31, 2019 | 14,635,834 | 15 | 11,802,341 | 12 | 158,752 | — | (107,009 | ) | 51,770 | |||||||||||||||||||||||
Contingent consideration to be settled in Class A common stock | — | — | — | — | 1,335 | — | — | 1,335 | ||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 776,914 | 1 | — | — | 4,906 | — | — | 4,907 | ||||||||||||||||||||||||
Vesting of restricted stock units | 998,478 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 24,179 | — | — | 24,179 | ||||||||||||||||||||||||
Transfer of Class B common stock to Class A common stock | 4,372,839 | 5 | (4,372,839 | ) | (5 | ) | — | — | — | — | ||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (7 | ) | — | (7 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (11,202 | ) | (11,202 | ) | ||||||||||||||||||||||
Balances at December 31, 2020 | 20,784,065 | $ | 21 | 7,429,502 | $ | 7 | $ | 189,172 | $ | (7 | ) | $ | (118,211 | ) | $ | 70,982 | ||||||||||||||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (11,202 | ) | $ | (7,117 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization expense | 3,350 | 2,186 | ||||||
Loss on disposal of property and equipment | — | 98 | ||||||
Stock-based compensation expense | 24,179 | 12,721 | ||||||
Change in fair value of contingent consideration | 1,778 | — | ||||||
Provision for bad debt | 105 | 478 | ||||||
Changes in operating assets and liabilities, net of effects from acquisition: | ||||||||
Accounts receivable | (13,970 | ) | (15,232 | ) | ||||
Prepaid expenses and other current assets | 623 | (5,609 | ) | |||||
Operating lease right-of-use | 2,076 | — | ||||||
Other assets | (554 | ) | (1 | ) | ||||
Accounts payable | 9,301 | 6,837 | ||||||
Accrued expenses and other current liabilities | (3,968 | ) | 10,126 | |||||
Operating lease liabilities | (2,233 | ) | — | |||||
Deferred revenue | 368 | 61 | ||||||
Other long-term liabilities | 815 | (135 | ) | |||||
Net cash provided by operating activities | 10,668 | 4,413 | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of property and equipment, including costs capitalized for development of internal-use software | (3,822 | ) | (2,975 | ) | ||||
Acquisition of business | (14,930 | ) | — | |||||
Net cash used in investing activities | (18,752 | ) | (2,975 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options | 4,907 | 2,982 | ||||||
Net cash provided by financing activities | 4,907 | 2,982 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (7 | ) | — | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (3,184 | ) | 4,420 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 46,304 | 41,884 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 43,120 | $ | 46,304 | ||||
Supplemental disclosure of noncash investing and financing information: | ||||||||
Fair value of contingent consideration in connection with acquisition included in stockholders’ equity | $ | 1,335 | $ | — | ||||
Fair value of contingent consideration in connection with acquisition included in other long-term liabilities | $ | 416 | $ | — | ||||
Operating lease liabilities arising from obtaining right-of-use | $ | 541 | $ | — | ||||
Reconciliation of cash, cash equivalents and restricted cash: | ||||||||
Cash and cash equivalents | $ | 42,870 | $ | 46,054 | ||||
Restricted cash (included in other assets) | 250 | 250 | ||||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 43,120 | $ | 46,304 | ||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net loss | $ | (19,434 | ) | $ | (11,202 | ) | $ | (7,117 | ) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization expense | 5,072 | 3,350 | 2,186 | |||||||||
Loss on disposal of property and equipment | — | — | 98 | |||||||||
Stock-based compensation expense | 30,020 | 24,179 | 12,721 | |||||||||
Change in fair value of contingent consideration | 196 | 1,778 | — | |||||||||
Deferred taxes | (2,510 | ) | — | — | ||||||||
Provision for (recovery of) bad debt | (41 | ) | 105 | 478 | ||||||||
Unrealized foreign currency transaction losses | 24 | — | — | |||||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | ||||||||||||
Accounts receivable | 10,511 | (13,970 | ) | (15,232 | ) | |||||||
Prepaid expenses and other current assets | (3,642 | ) | 623 | (5,609 | ) | |||||||
Operating lease right-of-use | 2,710 | 2,076 | — | |||||||||
Other assets | (10,894 | ) | (554 | ) | (1 | ) | ||||||
Accounts payable | (3,968 | ) | 9,301 | 6,837 | ||||||||
Accrued expenses and other current liabilities | 2,692 | (3,968 | ) | 10,126 | ||||||||
Deferred revenue | 227 | 368 | 61 | |||||||||
Operating lease liabilities | (2,840 | ) | (2,233 | ) | — | |||||||
Other long-term liabilities | (934 | ) | 815 | (135 | ) | |||||||
Net cash provided by operating activities | 7,189 | 10,668 | 4,413 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisition of property and equipment, including costs capitalized for development of internal-use software | (2,862 | ) | (3,822 | ) | (2,975 | ) | ||||||
Acquisition of business | (15,955 | ) | (14,930 | ) | — | |||||||
Net cash used in investing activities | (18,817 | ) | (18,752 | ) | (2,975 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from exercise of stock options | 3,615 | 4,907 | 2,982 | |||||||||
Net cash provided by financing activities | 3,615 | 4,907 | 2,982 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (6 | ) | (7 | ) | — | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (8,019 | ) | (3,184 | ) | 4,420 | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 43,120 | 46,304 | 41,884 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 35,101 | $ | 43,120 | $ | 46,304 | ||||||
Supplemental disclosure of noncash investing and financing information: | ||||||||||||
Acquisition of property and equipment included in accounts payable | $ | 100 | $ | — | $ | — | ||||||
Fair value of contingent consideration in connection with acquisition included in stockholders’ equity | $ | — | $ | 1,335 | $ | — | ||||||
Fair value of contingent consideration in connection with acquisition included in other long-term liabilities | $ | 3,784 | $ | 416 | $ | — | ||||||
Operating lease liabilities arising from obtaining right-of-use | $ | 383 | $ | 541 | $ | — | ||||||
Reconciliation of cash, cash equivalents and restricted cash: | ||||||||||||
Cash and cash equivalents | $ | 34,851 | $ | 42,870 | $ | 46,054 | ||||||
Restricted cash (included in other assets) | 250 | 250 | 250 | |||||||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 35,101 | $ | 43,120 | $ | 46,304 | ||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Direct channels | 90 | % | 92 | % | 94 | % | ||||||
Indirect channels | 10 | % | 8 | % | 6 | % | ||||||
100 | % | 100 | % | 100 | % | |||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Automotive | $ | 330,928 | $ | 283,236 | $ | 212,300 | ||||||
Other | 87,587 | 63,699 | 36,511 | |||||||||
Total Revenue | $ | 418,515 | $ | 346,935 | $ | 248,811 | ||||||
December 31, | ||||||||
2021 | 2020 | |||||||
Commissions receivable, current portion (included in prepaid expenses and other current assets) | $ | 9,285 | $ | 3,842 | ||||
Commissions receivable, non-current portion (included in other assets) | 13,415 | 1,987 | ||||||
$ | 22,700 | $ | 5,829 | |||||
Estimated Useful Life | ||
Computer equipment | 3 years | |
Software | 3 years | |
Furniture and fixtures | 5 years | |
Leasehold improvements | Shorter of lease term or estimated useful life |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Direct channels | 92 | % | 94 | % | ||||
Indirect channels | 8 | % | 6 | % | ||||
100 | % | 100 | % | |||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Automotive | $ | 283,236 | $ | 212,300 | ||||
Other | 63,699 | 36,511 | ||||||
Total Revenue | $ | 346,935 | $ | 248,811 | ||||
December 31, | ||||||||
2020 | 2019 | |||||||
Options to purchase common stock | 2,188,919 | 2,827,868 | ||||||
Unvested restricted stock units | 3,142,220 | 3,367,846 | ||||||
5,331,139 | 6,195,714 | |||||||
December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Options to purchase common stock | 1,539,573 | 2,188,919 | 2,827,868 | |||||||||
Unvested restricted stock units | 2,798,761 | 3,142,220 | 3,367,846 | |||||||||
4,338,334 | 5,331,139 | 6,195,714 | ||||||||||
Cash paid | $ | 14,930 | ||
Fair value of contingent consideration to be settled in stock | 1,751 | |||
Total purchase price consideration | $ | 16,681 | ||
Assets acquired and liabilities assumed: | ||||
Commission receivable (current and long-term) | $ | 3,460 | ||
Customer relationships | 3,600 | |||
Other identifiable intangible assets | 270 | |||
Operating lease right-of-use | 1,469 | |||
Goodwill | 9,794 | |||
Total assets acquired | 18,593 | |||
Accounts payable and accrued expenses (current and long-term) | (443 | ) | ||
Operating lease liabilities | (1,469 | ) | ||
Total allocation of purchase price consideration | $ | 16,681 | ||
Cash paid, net of cash acquired | $ | 15,955 | ||
Fair value of contingent consideration to be settled in stock | 3,784 | |||
Settlement of existing relationship | 233 | |||
Total purchase price consideration, net of cash acquired | $ | 19,972 | ||
Assets Acquired and Liabilities Assumed: | ||||
Accounts receivable | $ | 283 | ||
Commissions receivable (current and long-term) | 2,761 | |||
Prepaid expenses and other current assets | 12 | |||
Customer relationships | 6,600 | |||
Developed technology | 1,700 | |||
Other identifiable intangible assets | 300 | |||
Goodwill | 11,532 | |||
Total assets acquired | 23,188 | |||
Accounts payable and accrued expenses (current) | (706 | ) | ||
Deferred tax liability | (2,510 | ) | ||
Total allocation of purchase price consideration, net of cash acquired | $ | 19,972 | ||
Cash paid | $ | 14,930 | ||
Fair value of contingent consideration to be settled in stock | 1,751 | |||
Total purchase price consideration | $ | 16,681 | ||
Assets Acquired and Liabilities Assumed: | ||||
Commissions receivable (current and long-term) | $ | 3,285 | ||
Customer relationships | 3,600 | |||
Other identifiable intangible assets | 270 | |||
Operating lease right-of-use | 1,469 | |||
Goodwill | 9,969 | |||
Total assets acquired | 18,593 | |||
Accounts payable and accrued expenses (current and long-term) | (443 | ) | ||
Operating lease liabilities | (1,469 | ) | ||
Total allocation of purchase price consideration | $ | 16,681 | ||
Fair Value Measurements at December 31, 2021 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 20,502 | $ | 0 | $ | 0 | $ | 20,502 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration liability associated with acquisition of Eversurance included in other long-term liabilities | $ | 0 | $ | 0 | $ | 920 | $ | 920 | ||||||||
Contingent consideration liability associated with acquisition of PolicyFuel included in accrued expense and other current liabilities | 0 | 0 | 629 | 629 | ||||||||||||
Contingent consideration liability associated with acquisition of PolicyFuel included in other long-term liabilities | 0 | 0 | 4,625 | 4,625 | ||||||||||||
0 | $ | 0 | $ | 6,174 | $ | 6,174 | ||||||||||
Fair Value Measurements at December 31, 2020 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 15,777 | $ | 0 | $ | 0 | $ | 15,777 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration liability associated with acquisition of Eversurance included in other long-term liabilities | $ | 0 | $ | 0 | $ | 2,194 | $ | 2,194 | ||||||||
Contingent | ||||
Consideration | ||||
Liabilities | ||||
Fair value at December 31, 2020 | $ | 2,194 | ||
Acquisition of PolicyFuel | 3,784 | |||
Change in fair value of contingent consideration related to Eversurance acquisition | (1,274 | ) | ||
Change in fair value of contingent consideration related t o PolicyFuel acquisition | 1,470 | |||
Fair value at December 31, 2021 | $ | 6,174 | ||
Balance January 1, 2021 | $ | 9,794 | ||
Final adjustment to Eversurance purchase price allocation | 175 | |||
Goodwill resulting from PolicyFuel acquisition | 11,532 | |||
Balance December 31, 2021 | $ | 21,501 | ||
December 31, 2020 | ||||||||||||||
Weighted Average Useful Life | Gross Amount | Accumulated Amortization | Carrying Value | |||||||||||
(in years) | ||||||||||||||
Customer relationships | 5 | $ | 3,600 | $ | (464 | ) | $ | 3,136 | ||||||
Other identifiable intangible assets | 3.7 | 270 | (40 | ) | 230 | |||||||||
$ | 3,870 | $ | (504 | ) | $ | 3,366 | ||||||||
December 31, 2021 | ||||||||||||||||
Weighted Average Useful Life | Gross Amount | Accumulated Amortization | Carrying Value | |||||||||||||
(in years) | ||||||||||||||||
Customer relationships | 7.6 | $ | 10,200 | $ | (1,830 | ) | $ | 8,370 | ||||||||
Developed technology | 3 | 1,700 | (217 | ) | 1,483 | |||||||||||
Other identifiable intangible assets | 2.8 | 570 | (194 | ) | 376 | |||||||||||
$ | 12,470 | $ | (2,241 | ) | $ | 10,229 | ||||||||||
December 31, 2020 | ||||||||||||||||
Weighted Average Useful Life | Gross Amount | Accumulated Amortization | Carrying Value | |||||||||||||
(in years) | ||||||||||||||||
Customer relationships | 5 | $ | 3,600 | $ | (464 | ) | $ | 3,136 | ||||||||
Other identifiable intangible assets | 3.7 | 270 | (40 | ) | 230 | |||||||||||
$ | 3,870 | $ | (504 | ) | $ | 3,366 | ||||||||||
Year Ending December 31, | ||||
2021 | $ | 1,182 | ||
2022 | 826 | |||
2023 | 609 | |||
2024 | 440 | |||
2025 | 309 | |||
$ | 3,366 | |||
Year Ending December 31, | ||||
2022 | $ | 2,277 | ||
2023 | 2,001 | |||
2024 | 1,715 | |||
2025 | 960 | |||
2026 | 685 | |||
Thereafter | 2,591 | |||
$ | 10,229 | |||
December 31, | ||||||||
2020 | 2019 | |||||||
Computer equipment | $ | 2,183 | $ | 1,940 | ||||
Software | 11,113 | 8,829 | ||||||
Furniture and fixtures | 1,127 | 1,032 | ||||||
Leasehold improvements | 921 | 850 | ||||||
15,344 | 12,651 | |||||||
Less: Accumulated depreciation and amortization | (9,171 | ) | (7,454 | ) | ||||
$ | 6,173 | $ | 5,197 | |||||
December 31, | ||||||||
2021 | 2020 | |||||||
Computer equipment | $ | 2,755 | $ | 2,183 | ||||
Software | 12,888 | 11,113 | ||||||
Furniture and fixtures | 1,127 | 1,127 | ||||||
Leasehold improvements | 906 | 921 | ||||||
17,676 | 15,344 | |||||||
Less: Accumulated depreciation and amortization | (11,880 | ) | (9,171 | ) | ||||
$ | 5,796 | $ | 6,173 | |||||
December 31, | ||||||||
2020 | 2019 | |||||||
Accrued employee compensation and benefits | $ | 4,105 | $ | 2,388 | ||||
Accrued advertising expenses | 2,596 | 4,119 | ||||||
Accrued legal settlement | — | 4,750 | ||||||
Other current liabilities | 2,720 | 1,968 | ||||||
$ | 9,421 | $ | 13,225 | |||||
December 31, | ||||||||
2021 | 2020 | |||||||
Accrued employee compensation and benefits | $ | 4,115 | $ | 4,105 | ||||
Accrued advertising expenses | 5,669 | 2,596 | ||||||
Other current liabilities | 3,231 | 2,720 | ||||||
$ | 13,015 | $ | 9,421 | |||||
Risk-free interest rate | 1.5 | % | ||
Expected volatility | 49.0 | % | ||
Expected dividend yield | 0 | % | ||
Derived service period (in years) | 4.1 |
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||
(in years) | (in thousands) | |||||||||||||||
Outstanding as of December 31, 2019 | 2,827,868 | $ | 7.17 | 6.5 | $ | 76,850 | ||||||||||
Granted | 531,108 | 45.17 | ||||||||||||||
Exercised | (776,914 | ) | 6.32 | |||||||||||||
Forfeited | (393,143 | ) | 33.26 | |||||||||||||
Outstanding as of December 31, 2020 | 2,188,919 | $ | 12.01 | 5.72 | $ | 57,538 | ||||||||||
Vested and expected to vest as of December 31, 2020 | 2,121,884 | $ | 12.12 | 5.71 | $ | 55,616 | ||||||||||
Options exercisable as of December 31, 2020 | 1,370,762 | $ | 6.94 | 4.84 | $ | 41,689 | ||||||||||
Weighted | ||||||||||||||||
Weighted | Average | |||||||||||||||
Average | Remaining | Aggregate | ||||||||||||||
Exercise | Contractual | Intrinsic | ||||||||||||||
Number of Shares | Price | Term | Value | |||||||||||||
(in years) | (in thousands) | |||||||||||||||
Outstanding as of December 31, 2020 | 2,188,919 | $ | 12.01 | 5.72 | $ | 57,538 | ||||||||||
Granted | 0 | 0 | ||||||||||||||
Exercised | (572,429 | ) | 6.32 | |||||||||||||
Forfeited | (76,917 | ) | 7.20 | |||||||||||||
Outstanding as of December 31, 2021 | 1,539,573 | $ | 14.37 | 5.36 | $ | 9,820 | ||||||||||
Vested and expected to vest as of December 31, 2021 | 1,523,410 | $ | 14.44 | 5.36 | $ | 9,694 | ||||||||||
Options exercisable as of December 31, 2021 | 1,126,220 | $ | 7.78 | 4.70 | $ | 8,876 | ||||||||||
Number of Shares | Weighted Average Grant-Date Fair Value | |||||||
Unvested balance December 31, 2019 | 3,367,846 | $ | 14.84 | |||||
Granted | 1,331,417 | 42.35 | ||||||
Vested | (998,478 | ) | 16.30 | |||||
Forfeited | (558,565 | ) | 19.02 | |||||
Unvested balance December 31, 2020 | 3,142,220 | $ | 25.29 | |||||
Weighted Average | ||||||||
Number of Shares | Grant-Date Fair Value | |||||||
Unvested balance December 31, 2020 | 3,142,220 | $ | 25.29 | |||||
Granted | 1,774,545 | 26.26 | ||||||
Vested | (1,127,509 | ) | 26.00 | |||||
Forfeited | (990,495 | ) | 30.06 | |||||
Unvested balance December 31, 2021 | 2,798,761 | $ | 23.93 | |||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Cost of revenue | $ | 361 | $ | 193 | ||||
Sales and marketing | 10,246 | 3,805 | ||||||
Research and development | 7,751 | 3,967 | ||||||
General and administrative | 5,821 | 4,756 | ||||||
$ | 24,179 | $ | 12,721 | |||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Cost of revenue | $ | 363 | $ | 361 | $ | 193 | ||||||
Sales and marketing | 12,405 | 10,246 | 3,805 | |||||||||
Research and development | 9,551 | 7,751 | 3,967 | |||||||||
General and administrative | 7,701 | 5,821 | 4,756 | |||||||||
$ | 30,020 | $ | 24,179 | $ | 12,721 | |||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Federal statutory income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||
State taxes, net of federal benefit | 5.2 | 4.2 | 5.5 | |||||||||
Federal and state research and development tax credits | 5.6 | 12.4 | 19.4 | |||||||||
Nondeductible items | (2.0 | ) | (0.7 | ) | (1.6 | ) | ||||||
Stock-based compensation | 10.9 | 97.2 | 13.3 | |||||||||
Deferred taxes on acquisition | 11.4 | 0 | 0 | |||||||||
Other | 0.4 | 2.2 | (0.9 | ) | ||||||||
Change in valuation allowance | (41.1 | ) | (136.3 | ) | (56.7 | ) | ||||||
Effective income tax rate | 11.4 | % | 0 | % | 0 | % | ||||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Federal statutory income tax rate | 21.0 | % | 21.0 | % | ||||
State taxes, net of federal benefit | 4.2 | 5.5 | ||||||
Federal and state research and development tax credits | 12.4 | 19.4 | ||||||
Nondeductible items | (0.7 | ) | (1.6 | ) | ||||
Stock-based compensation | 97.2 | 13.3 | ||||||
Other | 2.2 | (0.9 | ) | |||||
Change in valuation allowance | (136.3 | ) | (56.7 | ) | ||||
Effective income tax rate | — | % | — | % | ||||
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Deferred tax assets: | ||||||||||||||||
Net operating loss carryforwards | $ | 19,197 | $ | 8,165 | $ | 27,364 | $ | 19,197 | ||||||||
Research and development tax credit carryforwards | 6,470 | 5,040 | 7,559 | 6,470 | ||||||||||||
Accrued expenses and other current liabilities | 566 | 671 | 280 | 566 | ||||||||||||
Intangible assets | 1,598 | 33 | 0 | 1,598 | ||||||||||||
Property and equipment | 220 | 215 | 225 | 220 | ||||||||||||
Stock-based compensation | 3,092 | 1,463 | 2,896 | 3,092 | ||||||||||||
Operating lease liability | 2,829 | — | 2,167 | 2,829 | ||||||||||||
Other | 221 | 725 | 0 | 221 | ||||||||||||
Total deferred tax assets | 34,193 | �� | 16,312 | 40,491 | 34,193 | |||||||||||
Valuation allowance | (30,558 | ) | (15,292 | ) | (36,921 | ) | (30,558 | ) | ||||||||
Net deferred tax assets | 3,635 | 1,020 | 3,570 | 3,635 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Capitalized software development costs | (1,088 | ) | (1,020 | ) | (1,095 | ) | (1,088 | ) | ||||||||
Operating lease right-of-use | (2,547 | ) | — | (1,911 | ) | (2,547 | ) | |||||||||
Intangible assets | (528 | ) | 0 | |||||||||||||
Other | (36 | ) | 0 | |||||||||||||
Deferred tax liabilities | (3,635 | ) | (1,020 | ) | (3,570 | ) | (3,635 | ) | ||||||||
Net deferred tax assets and liabilities | $ | — | $ | — | $ | 0 | $ | 0 | ||||||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Valuation allowance as of beginning of year | $ | 15,292 | $ | 11,257 | ||||
Increases recorded to tax provision | 15,266 | 4,035 | ||||||
Valuation allowance as of end of year | $ | 30,558 | $ | 15,292 | ||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Valuation allowance as of beginning of year | $ | 30,558 | $ | 15,292 | $ | 11,257 | ||||||
Decreases recorded to accumulated deficit | (159 | ) | 0 | 0 | ||||||||
Decreases recorded as a benefit to income tax provision | (2,510 | ) | 0 | 0 | ||||||||
Increases recorded to tax provision | 9,032 | 15,266 | 4,035 | |||||||||
Valuation allowance as of end of year | $ | 36,921 | $ | 30,558 | $ | 15,292 | ||||||
Year Ended December 31, | ||||||||||||
Year Ended December 31, 2020 | 2021 | 2020 | ||||||||||
Operating lease cost | $ | 2,590 | $ | 3,174 | $ | 2,590 | ||||||
Short-term lease cost | — | 39 | 0 | |||||||||
Variable lease cost | 387 | 596 | 387 | |||||||||
$ | 2,977 | $ | 3,809 | $ | 2,977 | |||||||
Year Ended | ||||
December 31, 2020 | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 2,747 | ||
Operating lease liabilities arising from obtaining right-of-use | $ | 541 |
Year Ended December 31, | ||||||||
2021 | 2020 | |||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 3,271 | $ | 2,747 | ||||
Operating lease liabilities arising from obtaining right-of-use | $ | 383 | $ | 541 |
2020 | ||||
December 31, | ||||||||
2021 | 2020 | |||||||
Weighted-average remaining lease term - operating leases (in years) | 3.60 | 4.44 | ||||||
Weighted-average discount rate - operating leases | 4.62 | % | 4.67 | % |
Year Ending December 31, | ||||||||
2021 | $ | 3,025 | ||||||
Years ending December 31, | ||||||||
2022 | 2,872 | $ | 3,007 | |||||
2023 | 2,785 | 2,785 | ||||||
2024 | 2,099 | 2,099 | ||||||
2025 | 177 | 177 | ||||||
2026 | 177 | |||||||
Thereafter | 826 | 649 | ||||||
Total future minimum lease payments | 11,784 | 8,894 | ||||||
Less: imputed interest | (1,098 | ) | (667 | ) | ||||
Total operating lease liabilities | $ | 10,686 | $ | 8,227 | ||||
December 31, 2021 | ||||
Current operating lease liabilities | $ | 2,696 | ||
Operating lease liabilities, net of current portion | 5,531 | |||
Total operating lease liabilities | $ | 8,227 | ||
Included in the balance sheet (in thousands): | December 31, 2020 | |||
Current operating lease liabilities | $ | 2,593 | ||
Operating lease liabilities, net of current portion | 8,093 | |||
Total operating lease liabilities | $ | 10,686 | ||
Year Ending December 31, | ||||
2020 | $ | 2,573 | ||
2021 | 2,659 | |||
2022 | 2,502 | |||
2023 | 2,534 | |||
2024 | 1,922 | |||
Thereafter | — | |||
$ | 12,190 | |||
Three Months Ended | ||||||||||||||||||||||||||||||||
Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||||||||||||||||||||
Statements of Operations Data: | ||||||||||||||||||||||||||||||||
Revenue | $ | 97,292 | $ | 89,977 | $ | 78,302 | $ | 81,364 | $ | 73,799 | $ | 67,112 | $ | 55,667 | $ | 52,233 | ||||||||||||||||
Cost of revenue | 5,683 | 5,378 | 4,977 | 5,335 | 4,681 | 4,052 | 3,504 | 3,666 | ||||||||||||||||||||||||
Loss from operations | (3,784 | ) | (3,289 | ) | (2,956 | ) | (1,653 | ) | (1,155 | ) | (82 | ) | (2,246 | ) | (4,566 | ) | ||||||||||||||||
Net income (loss) | (3,768 | ) | (3,184 | ) | (2,808 | ) | (1,442 | ) | (934 | ) | 173 | (1,974 | ) | (4,382 | ) | |||||||||||||||||
Basic and diluted net income (loss) per share available (attributable) to common stockholders: | $ | (0.13 | ) | $ | (0.12 | ) | $ | (0.10 | ) | $ | (0.05 | ) | $ | (0.04 | ) | $ | 0.01 | $ | (0.08 | ) | $ | (0.17 | ) |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
(a) 1. | Financial Statements |
2. | Financial Statement Schedules |
3. | Exhibits |
(b) | Exhibit Index. |
Exhibit Number | Description | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||
Inline XBRL Taxonomy Extension Labels Linkbase Document | ||
Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||
Inline XBRL Taxonomy Extension Definition Linkbase Document | ||
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
# | Indicates management contract or compensation plan. |
† | The certifications attached as Exhibits 32.1 and 32.2 that accompany this Annual Report on Form 10-K, are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of EverQuote, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form10-K, irrespective of any general incorporation language contained in such filing. |
ITEM 16. | FORM 10-K SUMMARY |
February 25, 2022 | EVERQUOTE, INC. | |||||
By: | /s/ Jayme Mendal | |||||
Jayme Mendal | ||||||
Chief Executive Officer and President |
Signature | Title | Date | ||
/s/ Jayme Mendal Jayme Mendal | Chief Executive Officer and President and Director (Principal Executive Officer) | February 25, 2022 | ||
/s/ John Wagner John Wagner | Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) | February 25, 2022 | ||
/s/ David Blundin David Blundin | Chairman of the Board of Directors | February 25, 2022 | ||
/s/ Darryl Auguste Darryl Auguste | Director | February 25, 2022 | ||
/s/ Sanju Bansal Sanju Bansal | Director | February 25, 2022 | ||
/s/ Paul Deninger Paul Deninger | Director | February 25, 2022 | ||
/s/ John Lunny John Lunny | Director | February 25, 2022 | ||
/s/ George Neble George Neble | Director | February 25, 2022 | ||
/s/ John Shields John Shields | Director | February 25, 2022 | ||
/s/ Mira Wilczek Mira Wilczek | Director | February 25, 2022 |