☒ | QUARTERLY 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. | ||||||
8 | ||||||
9 | ||||||
Item 2. | ||||||
Item 3. | ||||||
Item 4. | ||||||
PART II. | ||||||
Item 1. | ||||||
Item 1A. | ||||||
Item 2. | ||||||
Item 6. | ||||||
September 30, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 41,773 | $ | 42,870 | ||||
Accounts receivable, net | 44,517 | 46,079 | ||||||
Prepaid expenses and other current assets | 11,483 | 8,452 | ||||||
Total current assets | 97,773 | 97,401 | ||||||
Property and equipment, net | 5,979 | 6,173 | ||||||
Goodwill | 21,666 | 9,794 | ||||||
Acquired intangible assets, net | 10,872 | 3,366 | ||||||
Operating lease right-of-use | 7,966 | 9,621 | ||||||
Other assets | 4,291 | 2,695 | ||||||
Total assets | $ | 148,547 | $ | 129,050 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 25,057 | $ | 32,964 | ||||
Accrued expenses and other current liabilities | 20,186 | 9,421 | ||||||
Deferred revenue | 1,892 | 1,869 | ||||||
Operating lease liabilities | 2,785 | 2,593 | ||||||
Total current liabilities | 49,920 | 46,847 | ||||||
Operating lease liabilities, net of current portion | 6,214 | 8,093 | ||||||
Other long-term liabilities | 6,365 | 3,128 | ||||||
Total liabilities | 62,499 | 58,068 | ||||||
Commitments and contingencies (Note 10) | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
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; 23,176,001 shares and 20,784,065 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 23 | 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 September 30, 2021 and December 31, 2020, respectively | 6 | 7 | ||||||
Additional paid-in capital | 215,179 | 189,172 | ||||||
Accumulated other comprehensive income (loss) | 5 | (7 | ) | |||||
Accumulated deficit | (129,165 | ) | (118,211 | ) | ||||
Total stockholders’ equity | 86,048 | 70,982 | ||||||
Total liabilities and stockholders’ equity | $ | 148,547 | $ | 129,050 | ||||
March 31, 2022 | December 31, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 46,128 | $ | 34,851 | ||||
Accounts receivable, net | 46,557 | 35,659 | ||||||
Prepaid expenses and other current assets | 14,319 | 14,184 | ||||||
Total current assets | 107,004 | 84,694 | ||||||
Property and equipment, net | 5,742 | 5,796 | ||||||
Goodwill | 21,501 | 21,501 | ||||||
Acquired intangible assets, net | 9,661 | 10,229 | ||||||
Operating lease right-of-use | 7,213 | 7,291 | ||||||
Other assets | 19,407 | 14,096 | ||||||
Total assets | $ | 170,528 | $ | 143,607 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 43,104 | $ | 29,599 | ||||
Accrued expenses and other current liabilities | 10,246 | 13,015 | ||||||
Deferred revenue | 1,984 | 2,096 | ||||||
Operating lease liabilities | 2,852 | 2,696 | ||||||
Total current liabilities | 58,186 | 47,406 | ||||||
Operating lease liabilities, net of current portion | 5,279 | 5,531 | ||||||
Other long-term liabilities | 4,621 | 5,545 | ||||||
Total liabilities | 68,086 | 58,482 | ||||||
Commitments and contingencies (Note 9) | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
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; 24,949,939 shares and 23,544,995 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 25 | 24 | ||||||
Class B common stock, $0.001 par value; 30,000,000 shares authorized; 6,407,678 shares issued and outstanding at March 31, 2022 and December 31, 2021 | 6 | 6 | ||||||
Additional paid-in capital | 245,751 | 222,730 | ||||||
Accumulated other comprehensive income | 20 | 10 | ||||||
Accumulated deficit | (143,360 | ) | (137,645 | ) | ||||
Total stockholders’ equity | 102,442 | 85,125 | ||||||
Total liabilities and stockholders’ equity | $ | 170,528 | $ | 143,607 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue | $ | 107,563 | $ | 89,977 | $ | 316,448 | $ | 249,643 | ||||||||
Cost and operating expenses: | ||||||||||||||||
Cost of revenue | 5,994 | 5,378 | 17,758 | 15,690 | ||||||||||||
Sales and marketing | 92,545 | 73,598 | 265,724 | 204,663 | ||||||||||||
Research and development | 9,259 | 8,149 | 26,885 | 21,574 | ||||||||||||
General and administrative | 6,731 | 5,661 | 18,527 | 15,134 | ||||||||||||
Acquisition-related | 819 | 480 | 1,005 | 480 | ||||||||||||
Total cost and operating expenses | 115,348 | 93,266 | 329,899 | 257,541 | ||||||||||||
Loss from operations | (7,785 | ) | (3,289 | ) | (13,451 | ) | (7,898 | ) | ||||||||
Other income (expense): | ||||||||||||||||
Interest income | 9 | 18 | 33 | 176 | ||||||||||||
Other income (expense), net | (6 | ) | 87 | (46 | ) | 288 | ||||||||||
Total other income (expense), net | 3 | 105 | (13 | ) | 464 | |||||||||||
Loss before income taxes | (7,782 | ) | (3,184 | ) | (13,464 | ) | (7,434 | ) | ||||||||
Benefit from income taxes | 2,510 | — | 2,510 | — | ||||||||||||
Net loss | $ | (5,272 | ) | $ | (3,184 | ) | $ | (10,954 | ) | $ | (7,434 | ) | ||||
Net loss per share, basic and diluted | $ | (0.18 | ) | $ | (0.12 | ) | $ | (0.38 | ) | $ | (0.27 | ) | ||||
Weighted average common shares outstanding, basic and diluted | 29,277 | 27,526 | 28,871 | 27,102 | ||||||||||||
Comprehensive loss: | ||||||||||||||||
Net loss | $ | (5,272 | ) | $ | (3,184 | ) | $ | (10,954 | ) | $ | (7,434 | ) | ||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustment | (10 | ) | — | 12 | — | |||||||||||
Comprehensive loss | $ | (5,282 | ) | $ | (3,184 | ) | $ | (10,942 | ) | $ | (7,434 | ) | ||||
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated Other Comprehensive | Accumulated | Total Stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||||||||
Balances at December 31, 2020 | 20,784,065 | $ | 21 | 7,429,502 | $ | 7 | $ | 189,172 | $ | (7 | ) | $ | (118,211 | ) | $ | 70,982 | ||||||||||||||||
Issuance of common stock upon exercise of stock options | 213,317 | — | — | — | 1,272 | — | — | 1,272 | ||||||||||||||||||||||||
Vesting of restricted stock units | 332,311 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 7,520 | — | — | 7,520 | ||||||||||||||||||||||||
Transfer of Class B com m on stock to Class A common stock | 1,021,824 | 1 | (1,021,824 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 15 | — | 15 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (3,801 | ) | (3,801 | ) | ||||||||||||||||||||||
Balances at March 31, 2021 | 22,351,517 | 22 | 6,407,678 | 6 | 197,964 | 8 | (122,012 | ) | 75,988 | |||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 56,786 | — | — | — | 452 | — | — | 452 | ||||||||||||||||||||||||
Vesting of restricted stock units | 260,340 | 1 | — | — | (1 | ) | — | — | — | |||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 7,089 | — | — | 7,089 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 7 | — | 7 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (1,881 | ) | (1,881 | ) | ||||||||||||||||||||||
Balances at June 30, 2021 | 22,668,643 | 23 | 6,407,678 | 6 | 205,504 | 15 | (123,893 | ) | 81,655 | |||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 187,386 | — | — | — | 1,367 | — | — | 1,367 | ||||||||||||||||||||||||
Vesting of restricted stock units | 300,388 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Issuance of common stock to settle contingent consideration liability | 19,584 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 8,308 | — | — | 8,308 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | (10 | ) | — | (10 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (5,272 | ) | (5,272 | ) | ||||||||||||||||||||||
Balances at September 30, 2021 | 23,176,001 | $ | 23 | 6,407,678 | $ | 6 | $ | 215,179 | $ | 5 | $ | (129,165 | ) | $ | 86,048 | |||||||||||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Revenue | $ | 110,681 | $ | 103,822 | ||||
Cost and operating expenses: | ||||||||
Cost of revenue | 5,984 | 5,953 | ||||||
Sales and marketing | 96,150 | 87,569 | ||||||
Research and development | 8,196 | 8,573 | ||||||
General and administrative | 6,941 | 5,596 | ||||||
Acquisition-related | (892 | ) | (79 | ) | ||||
Total cost and operating expenses | 116,379 | 107,612 | ||||||
Loss from operations | (5,698 | ) | (3,790 | ) | ||||
Other income (expense): | ||||||||
Interest income | 8 | 14 | ||||||
Other expense, net | (25 | ) | (25 | ) | ||||
Total other expense, net | (17 | ) | (11 | ) | ||||
Net loss | $ | (5,715 | ) | $ | (3,801 | ) | ||
Net loss per share, basic and diluted | $ | (0.19 | ) | $ | (0.13 | ) | ||
Weighted average common shares outstanding, basic and diluted | 30,529 | 28,431 | ||||||
Comprehensive loss: | ||||||||
Net loss | $ | (5,715 | ) | $ | (3,801 | ) | ||
Other comprehensive income: | ||||||||
Foreign currency translation adjustment | 10 | 15 | ||||||
Comprehensive loss | $ | (5,705 | ) | $ | (3,786 | ) | ||
Class A Common Stock | Class B Common Stock | Additional Paid-in | Accumulated Other Comprehensive | Accumulated | Total Stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||||||||
Balances at December 31, 2019 | 14,635,834 | $ | 15 | 11,802,341 | $ | 12 | $ | 158,752 | $ | 0 | $ | (107,009 | ) | $ | 51,770 | |||||||||||||||||
Issuance of common stock upon exercise of stock options | 214,179 | — | — | — | 1,364 | — | — | 1,364 | ||||||||||||||||||||||||
Vesting of restricted stock units | 329,897 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 4,540 | — | — | 4,540 | ||||||||||||||||||||||||
Transfer of Class B common stock to Class A common stock | 1,388,536 | 2 | (1,388,536 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (1,442 | ) | (1,442 | ) | ||||||||||||||||||||||
Balances at March 31, 2020 | 16,568,446 | 17 | 10,413,805 | 10 | 164,656 | 0 | (108,451 | ) | 56,232 | |||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 126,375 | — | — | — | 954 | — | — | 954 | ||||||||||||||||||||||||
Vesting of restricted stock units | 254,265 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 6,250 | — | — | 6,250 | ||||||||||||||||||||||||
Transfer of Class B common stock to Class A common stock | 1,983,220 | 2 | (1,983,220 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (2,808 | ) | (2,808 | ) | ||||||||||||||||||||||
Balances at June 30, 2020 | 18,932,306 | 19 | 8,430,585 | 8 | 171,860 | 0 | (111,259 | ) | 60,628 | |||||||||||||||||||||||
Contingent consideration to be settled in Class A common stock | — | — | — | — | 1,335 | — | — | 1,335 | ||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 194,099 | — | — | — | 1,244 | — | — | 1,244 | ||||||||||||||||||||||||
Vesting of restricted stock units | 219,438 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 7,200 | — | — | 7,200 | ||||||||||||||||||||||||
Transfer of Class B common stock to Class A common stock | 1,001,083 | 1 | (1,001,083 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (3,184 | ) | (3,184 | ) | ||||||||||||||||||||||
Balances at September 30, 2020 | 20,346,926 | $ | 20 | 7,429,502 | $ | 7 | $ | 181,639 | $ | 0 | $ | (114,443 | ) | $ | 67,223 | |||||||||||||||||
Nine Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (10,954 | ) | $ | (7,434 | ) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
Depreciation and amortization expense | 3,608 | 2,174 | ||||||
Stock-based compensation expense | 22,957 | 17,990 | ||||||
Change in fair value of contingent consideration | 136 | 0 | ||||||
Deferred taxes | (2,510 | ) | — | |||||
Provision for (recovery of) bad debt | (50 | ) | 15 | |||||
Unrealized foreign currency transaction (gains) losses | 15 | 0 | ||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | ||||||||
Accounts receivable | 1,662 | (9,328 | ) | |||||
Prepaid expenses and other current assets | (941 | ) | 2,048 | |||||
Operating lease right-of-use | 2,036 | 0 | ||||||
Other assets | (1,089 | ) | (222 | ) | ||||
Accounts payable | (8,622 | ) | 10,030 | |||||
Accrued expenses and other current liabilities | 9,815 | (2,325 | ) | |||||
Deferred revenue | 23 | 191 | ||||||
Operating lease liabilities | (2,068 | ) | 0 | |||||
Other long-term liabilities | 30 | 764 | ||||||
Net cash provided by operating activities | 14,048 | 13,903 | ||||||
Cash flows from investing activities: | ||||||||
Acquisition of property and equipment, including costs capitalized for development of internal-use software | (2,275 | ) | (2,708 | ) | ||||
Acquisition of business | (15,955 | ) | (14,930 | ) | ||||
Net cash used in investing activities | (18,230 | ) | (17,638 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options | 3,091 | 3,562 | ||||||
Net cash provided by financing activities | 3,091 | 3,562 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (6 | ) | 0 | |||||
Net decrease in cash, cash equivalents and restricted cash | (1,097 | ) | (173 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of period | 43,120 | 46,304 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 42,023 | $ | 46,131 | ||||
Supplemental disclosure of noncash investing and financing information: | ||||||||
Fair value of contingent consideration in connection with acquisition included in equity | $ | 0 | $ | 1,335 | ||||
Fair value of contingent consideration in connection with acquisition included in accrued expenses and other long-term liabilities | $ | 3,784 | $ | 416 | ||||
Acquisition of property and equipment included in accounts payable | $ | 47 | $ | 42 | ||||
Operating lease liabilities arising from obtaining right-of-use | $ | 383 | $ | 0 | ||||
Reconciliation of cash, cash equivalents and restricted cash: | ||||||||
Cash and cash equivalents | $ | 41,773 | $ | 45,881 | ||||
Restricted cash (included in other assets) | 250 | 250 | ||||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 42,023 | $ | 46,131 | ||||
Accumulated | ||||||||||||||||||||||||||||||||
Class A | Class B | Additional | Other | Total | ||||||||||||||||||||||||||||
Common Stock | Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Income | Deficit | Equity | |||||||||||||||||||||||||
Balances at December 31, 2021 | 23,544,995 | $ | 24 | 6,407,678 | $ | 6 | $ | 222,730 | $ | 10 | $ | (137,645 | ) | $ | 85,125 | |||||||||||||||||
Private placement of common stock | 1,004,016 | 1 | — | — | 14,999 | — | — | 15,000 | ||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 92,975 | — | — | — | 558 | — | — | 558 | ||||||||||||||||||||||||
Vesting of restricted stock units | 307,953 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 7,464 | — | — | 7,464 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 10 | — | 10 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (5,715 | ) | (5,715 | ) | ||||||||||||||||||||||
Balances at March 31, 2022 | 24,949,939 | $ | 25 | 6,407,678 | $ | 6 | $ | 245,751 | $ | 20 | $ | (143,360 | ) | $ | 102,442 | |||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||||||
Class A | Class B | Additional | Other | Total | ||||||||||||||||||||||||||||
Common Stock | Common Stock | Paid-in | Comprehensive | Accumulated | Stockholders’ | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||||||||
Balances at December 31, 2020 | 20,784,065 | $ | 21 | 7,429,502 | $ | 7 | $ | 189,172 | $ | (7 | ) | $ | (118,211 | ) | $ | 70,982 | ||||||||||||||||
Issuance of common stock upon exercise of stock options | 213,317 | — | — | — | 1,272 | — | — | 1,272 | ||||||||||||||||||||||||
Vesting of restricted stock units | 332,311 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 7,520 | — | — | 7,520 | ||||||||||||||||||||||||
Transfer of Class B common stock to Class A common stock | 1,021,824 | 1 | (1,021,824 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | — | 15 | — | 15 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (3,801 | ) | (3,801 | ) | ||||||||||||||||||||||
Balances at March 31, 2021 | 22,351,517 | $ | 22 | 6,407,678 | $ | 6 | $ | 197,964 | $ | 8 | $ | (122,012 | ) | $ | 75,988 | |||||||||||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (5,715 | ) | $ | (3,801 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
Depreciation and amortization expense | 1,511 | 1,174 | ||||||
Stock-based compensation expense | 7,530 | 7,520 | ||||||
Change in fair value of contingent consideration liabilities | (892 | ) | (79 | ) | ||||
Provision for (recovery of) bad debt | 75 | (46 | ) | |||||
Unrealized foreign currency transaction losses | 7 | 15 | ||||||
Changes in operating assets and liabilities, net of effects from acquisitions: | ||||||||
Accounts receivable | (10,973 | ) | (2,942 | ) | ||||
Prepaid expenses and other current assets | (136 | ) | 172 | |||||
Operating lease right-of-use | 645 | 791 | ||||||
Other assets | (5,561 | ) | (733 | ) | ||||
Accounts payable | 13,296 | (702 | ) | |||||
Accrued expenses and other current liabilities | (2,857 | ) | 2,810 | |||||
Deferred revenue | (112 | ) | (57 | ) | ||||
Operating lease liabilities | (663 | ) | (638 | ) | ||||
Other long-term liabilities | — | 36 | ||||||
Net cash provided by (used in) operating activities | (3,845 | ) | 3,520 | |||||
Cash flows from investing activities: | ||||||||
Acquisition of property and equipment, including costs capitalized for development of internal-use software | (681 | ) | (777 | ) | ||||
Net cash used in investing activities | (681 | ) | (777 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options | 558 | 1,272 | ||||||
Proceeds from private placement of common stock | 15,000 | — | ||||||
Net cash provided by financing activities | 15,558 | 1,272 | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5 | ) | 1 | |||||
Net increase in cash, cash equivalents and restricted cash | 11,027 | 4,016 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | 35,101 | 43,120 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 46,128 | $ | 47,136 | ||||
Supplemental disclosure of non-cash investing and financing information: | ||||||||
Acquisition of property and equipment included in accounts payable | $ | 309 | $ | — | ||||
Operating lease liabilities arising from obtaining right-of-use | $ | 567 | $ | 240 | ||||
Reconciliation of cash, cash equivalents and restricted cash: | ||||||||
Cash and cash equivalents | $ | 46,128 | $ | 46,886 | ||||
Restricted cash (included in other assets) | — | 250 | ||||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | 46,128 | $ | 47,136 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Direct channels | 89 | % | 93 | % | 90 | % | 93 | % | ||||||||
Indirect channels | 11 | % | 7 | % | 10 | % | 7 | % | ||||||||
100 | % | 100 | % | 100 | % | 100 | % | |||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Direct channels | 88 | % | 90 | % | ||||
Indirect channels | 12 | % | 10 | % | ||||
100 | % | 100 | % | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Automotive | $ | 89,666 | $ | 74,779 | $ | 260,505 | $ | 207,014 | ||||||||
Other | 17,897 | 15,198 | 55,943 | 42,629 | ||||||||||||
Total Revenue | $ | 107,563 | $ | 89,977 | $ | 316,448 | $ | 249,643 | ||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Automotive | $ | 87,675 | $ | 84,481 | ||||
Other | 23,006 | 19,341 | ||||||
Total Revenue | $ | 110,681 | $ | 103,822 | ||||
March 31, 2022 | December 31, 2021 | |||||||
Commissions receivable, current portion (included in prepaid expenses and other current assets) | $ | 9,134 | $ | 9,285 | ||||
Commissions receivable, non-current portion (included in other assets) | 18,947 | 13,415 | ||||||
$ | 28,081 | $ | 22,700 | |||||
September 30, | ||||||||
2021 | 2020 | |||||||
Options to purchase common stock | 1,708,947 | 2,773,222 | ||||||
Unvested restricted stock units | 2,796,380 | 3,646,253 | ||||||
4,505,327 | 6,419,475 | |||||||
March 31, | ||||||||
2022 | 2021 | |||||||
Options to purchase common stock | 1,569,865 | 1,965,185 | ||||||
Unvested restricted stock units | 3,234,894 | 2,842,867 | ||||||
4,804,759 | 4,808,052 | |||||||
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 | 11,697 | |||
Total assets acquired | 23,353 | |||
Accounts payable and accrued expenses (current) | (871 | ) | ||
Deferred tax liability | (2,510 | ) | ||
Total allocation of purchase price consideration, net of cash acquired | $ | 19,972 | ||
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 September 30, 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 Crosspointe included in other long-term liabilities | $ | 0 | $ | 0 | $ | 1,086 | $ | 1,086 | ||||||||
Contingent consideration liability associated with acquisition of PolicyFuel included in accrued expense and other current liabilities | 0 | 0 | 713 | 713 | ||||||||||||
Contingent consideration liability associated with acquisition of PolicyFuel included in other long-term liabilities | 0 | 0 | 4,315 | 4,315 | ||||||||||||
$ | 0 | $ | 0 | $ | 6,114 | $ | 6,114 | |||||||||
Fair Value Measurements at March 31, 2022 Using: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 20,503 | $ | 0 | $ | 0 | $ | 20,503 | ||||||||
Liabilities: | ||||||||||||||||
Contingent consideration liability associated with acquisition of Eversurance included in other long-term liabilities | $ | 0 | $ | 0 | $ | 951 | $ | 951 | ||||||||
Contingent consideration liability associated with acquisition of PolicyFuel included in accrued expense s and other current liabilities | 0 | 0 | 661 | 661 | ||||||||||||
Contingent consideration liability associated with acquisition of PolicyFuel included in other long-term liabilities | 0 | 0 | 3,670 | 3,670 | ||||||||||||
$ | 0 | $ | 0 | $ | 5,282 | $ | 5,282 | |||||||||
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 Crosspointe included in other long-term liabilities | $ | 0 | $ | 0 | $ | 2,194 | $ | 2,194 | ||||||||
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 s 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 | |||||||||
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 Crosspointe acquisition | (1,108 | ) | ||
Change in fair value of contingent consideration related to PolicyFuel acquisition | 1,244 | |||
Fair value at September 30, 2021 | $ | 6,114 | ||
Contingent Consideration Liabilities | ||||
Fair value at December 31, 2021 | $ | 6,174 | ||
Change in fair value of contingent consideration related to Eversurance acquisition | 31 | |||
Change in fair value of contingent consideration related to PolicyFuel acquisition | (923 | ) | ||
Fair value at March 31, 2022 | $ | 5,282 | ||
Balance, January 1, 2021 | $ | 9,794 | ||
Final adjustment to Crosspointe purchase price allocation | 175 | |||
Goodwill resulting from PolicyFuel acquisition | 11,697 | |||
Balance, September 30, 2021 | $ | 21,666 | ||
September 30, 2021 | ||||||||||||||||
Weighted Average Useful Life | Gross Amount | Accumulated Amortization | Carrying Value | |||||||||||||
(in years) | ||||||||||||||||
Customer relationships | 7.6 | $ | 10,200 | $ | (1,376 | ) | $ | 8,824 | ||||||||
Developed technology | 3 | 1,700 | (76 | ) | 1,624 | |||||||||||
Other identifiable intangible assets | 2.8 | 570 | (146 | ) | 424 | |||||||||||
$ | 12,470 | $ | (1,598 | ) | $ | 10,872 | ||||||||||
March 31, 2022 | ||||||||||||||||
Weighted Average Useful Life | Gross Amount | Accumulated Amortization | Carrying Value | |||||||||||||
(in years) | ||||||||||||||||
Customer relationships | 7.6 | $ | 10,200 | $ | (2,211 | ) | $ | 7,989 | ||||||||
Developed technology | 3 | 1,700 | (359 | ) | 1,341 | |||||||||||
Other identifiable intangible assets | 2.8 | 570 | (239 | ) | 331 | |||||||||||
$ | 12,470 | $ | (2,809 | ) | $ | 9,661 | ||||||||||
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 | ||||||||||
Year Ending December 31, | ||||
2021 (Remaining three months) | $ | 645 | ||
2022 | 2,276 | |||
2023 | 2,001 | |||
2024 | 1,715 | |||
2025 | 960 | |||
Thereafter | 3,275 | |||
$ | 10,872 | |||
Year Ending December 31, | ||||
2022 (remaining nine months) | $ | 1,709 | ||
2023 | 2,001 | |||
2024 | 1,715 | |||
2025 | 960 | |||
2026 | 685 | |||
Thereafter | 2,591 | |||
$ | 9,661 | |||
March 31, | December 31, | |||||||
2022 | 2021 | |||||||
Commissions receivable, current portion | $ | 9,134 | $ | 9,285 | ||||
Prepaid expenses and other current assets | 5,185 | 4,899 | ||||||
$ | 14,319 | $ | 14,184 | |||||
September 30, 2021 | December 31, 2020 | |||||||
Commissions receivable, current portion | $ | 5,978 | $ | 3,842 | ||||
Prepaid expenses and other current assets | 5,505 | 4,610 | ||||||
$ | 11,483 | $ | 8,452 | |||||
March 31, 2022 | December 31, 2021 | |||||||
Commissions receivable, non-current portion | $ | 18,947 | $ | 13,415 | ||||
Other assets | 460 | 681 | ||||||
$ | 19,407 | $ | 14,096 | |||||
September 30, 2021 | December 31, 2020 | |||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||||
Accrued employee compensation and benefits | $ | 2,607 | $ | 4,105 | $ | 3,695 | $ | 4,115 | ||||||||
Accrued advertising expenses | 13,226 | 2,596 | 2,674 | 5,669 | ||||||||||||
Other current liabilities | 4,353 | 2,720 | 3,877 | 3,231 | ||||||||||||
$ | 20,186 | $ | 9,421 | $ | 10,246 | $ | 13,015 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Cost of revenue | $ | 108 | $ | 111 | $ | 282 | $ | 253 | $ | 59 | $ | 91 | ||||||||||||
Sales and marketing | 3,366 | 3,080 | 9,216 | 7,322 | 3,210 | 3,391 | ||||||||||||||||||
Research and development | 2,692 | 2,228 | 7,340 | 5,366 | 2,411 | 2,327 | ||||||||||||||||||
General and administrative | 2,182 | 1,781 | 6,119 | 5,049 | 1,850 | 1,711 | ||||||||||||||||||
$ | 8,348 | $ | 7,200 | $ | 22,957 | $ | 17,990 | $ | 7,530 | $ | 7,520 | |||||||||||||
In 2011, we launched the EverQuote marketplace for auto insurance. |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||
Automotive | $ | 89,666 | 74,779 | $ | 260,505 | $ | 207,014 | $ | 87,675 | $ | 84,481 | |||||||||||||
Other | 17,897 | 15,198 | 55,943 | 42,629 | 23,006 | 19,341 | ||||||||||||||||||
Total Revenue | $ | 107,563 | $ | 89,977 | $ | 316,448 | $ | 249,643 | $ | 110,681 | $ | 103,822 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||
Net loss | $ | (5,272 | ) | $ | (3,184 | ) | $ | (10,954 | ) | $ | (7,434 | ) | $ | (5,715 | ) | $ | (3,801 | ) | ||||||
Stock-based compensation | 8,348 | 7,200 | 22,957 | 17,990 | 7,530 | 7,520 | ||||||||||||||||||
Depreciation and amortization | 1,298 | 731 | 3,608 | 2,174 | 1,511 | 1,174 | ||||||||||||||||||
Acquisition-related | 819 | 480 | 1,005 | 480 | (892 | ) | (79 | ) | ||||||||||||||||
Interest income | (9 | ) | (18 | ) | (33 | ) | (176 | ) | (8 | ) | (14 | ) | ||||||||||||
Benefit from income taxes | (2,510 | ) | — | (2,510 | ) | — | ||||||||||||||||||
Adjusted EBITDA | $ | 2,674 | $ | 5,209 | $ | 14,073 | $ | 13,034 | $ | 2,426 | $ | 4,800 | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||||||
Revenue(1) | $ | 107,563 | $ | 89,977 | $ | 316,448 | $ | 249,643 | $ | 110,681 | $ | 103,822 | ||||||||||||
Cost and operating expenses(2): | ||||||||||||||||||||||||
Cost of revenue | 5,994 | 5,378 | 17,758 | 15,690 | 5,984 | 5,953 | ||||||||||||||||||
Sales and marketing | 92,545 | 73,598 | 265,724 | 204,663 | 96,150 | 87,569 | ||||||||||||||||||
Research and development | 9,259 | 8,149 | 26,885 | 21,574 | 8,196 | 8,573 | ||||||||||||||||||
General and administrative | 6,731 | 5,661 | 18,527 | 15,134 | 6,941 | 5,596 | ||||||||||||||||||
Acquisition-related | 819 | 480 | 1,005 | 480 | (892 | ) | (79 | ) | ||||||||||||||||
Total cost and operating expenses | 115,348 | 93,266 | 329,899 | 257,541 | 116,379 | 107,612 | ||||||||||||||||||
Loss from operations | (7,785 | ) | (3,289 | ) | (13,451 | ) | (7,898 | ) | (5,698 | ) | (3,790 | ) | ||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest income | 9 | 18 | 33 | 176 | 8 | 14 | ||||||||||||||||||
Other income (expense), net | (6 | ) | 87 | (46 | ) | 288 | ||||||||||||||||||
Other expense, net | (25 | ) | (25 | ) | ||||||||||||||||||||
Total other income (expense), net | 3 | 105 | (13 | ) | 464 | |||||||||||||||||||
Loss before income taxes | (7,782 | ) | (3,184 | ) | (13,464 | ) | (7,434 | ) | ||||||||||||||||
Benefit from income taxes | 2,510 | — | 2,510 | — | ||||||||||||||||||||
Total other expense, net | (17 | ) | (11 | ) | ||||||||||||||||||||
Net loss | $ | (5,272 | ) | $ | (3,184 | ) | $ | (10,954 | ) | $ | (7,434 | ) | $ | (5,715 | ) | $ | (3,801 | ) | ||||||
Other Financial and Operational Data: | ||||||||||||||||||||||||
Quote requests | 7,613 | 6,291 | 22,114 | 20,460 | ||||||||||||||||||||
Variable marketing margin | $ | 32,401 | $ | 29,428 | $ | 96,669 | $ | 76,721 | $ | 34,264 | $ | 31,438 | ||||||||||||
Adjusted EBITDA(3) | $ | 2,674 | $ | 5,209 | $ | 14,073 | $ | 13,034 | $ | 2,426 | $ | 4,800 |
(1) | Comprised of revenue from the following distribution channels: |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
Direct channels | 89 | % | 93 | % | 90 | % | 93 | % | 88 | % | 90 | % | ||||||||||||
Indirect channels | 11 | % | 7 | % | 10 | % | 7 | % | 12 | % | 10 | % | ||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||
(2) | Includes stock-based compensation expense as follows: |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2022 | 2021 | |||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||
Cost of revenue | $ | 108 | $ | 111 | $ | 282 | $ | 253 | $ | 59 | $ | 91 | ||||||||||||
Sales and marketing | 3,366 | 3,080 | 9,216 | 7,322 | 3,210 | 3,391 | ||||||||||||||||||
Research and development | 2,692 | 2,228 | 7,340 | 5,366 | 2,411 | 2,327 | ||||||||||||||||||
General and administrative | 2,182 | 1,781 | 6,119 | 5,049 | 1,850 | 1,711 | ||||||||||||||||||
$ | 8,348 | $ | 7,200 | $ | 22,957 | $ | 17,990 | $ | 7,530 | $ | 7,520 | |||||||||||||
(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. |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||
2021 | 2020 | Amount | % | 2021 | 2020 | Amount | % | |||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||
Revenue | $ | 107,563 | $ | 89,977 | $ | 17,586 | 19.5 | % | $ | 316,448 | $ | 249,643 | $ | 66,805 | 26.8 | % |
Three Months Ended March 31, | Change | |||||||||||||||
2022 | 2021 | Amount | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Revenue | $ | 110,681 | $ | 103,822 | $ | 6,859 | 6.6 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||
2021 | 2020 | Amount | % | 2021 | 2020 | Amount | % | |||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||||
Cost of revenue | $ | 5,994 | $ | 5,378 | $ | 616 | 11.5 | % | $ | 17,758 | $ | 15,690 | $ | 2,068 | 13.2 | % | ||||||||||||||||
Percentage of revenue | 5.6 | % | 6.0 | % | 5.6 | % | 6.3 | % |
Three Months Ended March 31, | Change | |||||||||||||||
2022 | 2021 | Amount | % | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Cost of revenue | $ | 5,984 | $ | 5,953 | $ | 31 | 0.5 | % | ||||||||
Percentage of revenue | 5.4 | % | 5.7 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Amount | % | 2021 | 2020 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing expense | $ | 92,545 | $ | 73,598 | $ | 18,947 | 25.7 | % | $ | 265,724 | $ | 204,663 | $ | 61,061 | 29.8 | % | $ | 96,150 | $ | 87,569 | $ | 8,581 | 9.8 | % | ||||||||||||||||||||||||
Percentage of revenue | 86.0 | % | 81.8 | % | 84.0 | % | 82.0 | % | 86.9 | % | 84.3 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Amount | % | 2021 | 2020 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Research and development expense | $ | 9,259 | $ | 8,149 | $ | 1,110 | 13.6 | % | $ | 26,885 | $ | 21,574 | $ | 5,311 | 24.6 | % | $ | 8,196 | $ | 8,573 | $ | (377 | ) | -4.4 | % | |||||||||||||||||||||||
Percentage of revenue | 8.6 | % | 9.1 | % | 8.5 | % | 8.6 | % | 7.4 | % | 8.3 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Amount | % | 2021 | 2020 | Amount | % | 2022 | 2021 | Amount | �� | % | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
General and administrative expense | $ | 6,731 | $ | 5,661 | $ | 1,070 | 18.9 | % | $ | 18,527 | $ | 15,134 | $ | 3,393 | 22.4 | % | $ | 6,941 | $ | 5,596 | $ | 1,345 | 24.0 | % | ||||||||||||||||||||||||
Percentage of revenue | 6.3 | % | 6.3 | % | 5.9 | % | 6.1 | % | 6.3 | % | 5.4 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | |||||||||||||||||||||||||||||
2021 | 2020 | Amount | % | 2021 | 2020 | Amount | % | |||||||||||||||||||||||||
(in thousands except percentages) | (in thousands except percentages) | |||||||||||||||||||||||||||||||
Quote requests | 7,613 | 6,291 | 1,322 | 21.0 | % | 22,114 | 20,460 | 1,654 | 8.1 | % |
Three Months Ended September 30, | Change | Nine Months Ended September 30, | Change | Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Amount | % | 2021 | 2020 | Amount | % | 2022 | 2021 | Amount | % | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 107,563 | $ | 89,977 | $ | 17,586 | 19.5 | % | $ | 316,448 | $ | 249,643 | $ | 66,805 | 26.8 | % | $ | 110,681 | $ | 103,822 | $ | 6,859 | 6.6 | % | ||||||||||||||||||||||||
Less: total advertising expense (a component of sales and marketing expense) | 75,162 | 60,549 | 219,779 | 172,922 | 76,417 | 72,384 | ||||||||||||||||||||||||||||||||||||||||||
Variable marketing margin | $ | 32,401 | $ | 29,428 | $ | 2,973 | 10.1 | % | $ | 96,669 | $ | 76,721 | $ | 19,948 | 26.0 | % | $ | 34,264 | $ | 31,438 | $ | 2,826 | 9.0 | % | ||||||||||||||||||||||||
Percentage of revenue | 30.1 | % | 32.7 | % | 30.5 | % | 30.7 | % | 31.0 | % | 30.3 | % |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
(in thousands) | ||||||||||||||||
Net cash provided by operating activities | $ | 14,048 | $ | 13,903 | ||||||||||||
(in thousands) | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | (3,845 | ) | $ | 3,520 | |||||||||||
Net cash used in investing activities | (18,230 | ) | (17,638 | ) | (681 | ) | (777 | ) | ||||||||
Net cash provided by financing activities | 3,091 | 3,562 | 15,558 | 1,272 | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (6 | ) | — | (5 | ) | 1 | ||||||||||
Net decrease in cash, cash equivalents and restricted cash | $ | (1,097 | ) | $ | (173 | ) | ||||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 11,027 | $ | 4,016 | ||||||||||||
Payments Due By Period | ||||||||||||||||||||
Total | Less Than 1 Year | 1 to 3 Years | 4 to 5 Years | More Than 5 Years | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Operating lease commitments(1) | $ | 11,784 | $ | 3,025 | $ | 5,657 | $ | 2,276 | $ | 826 | ||||||||||
Total | $ | 11,784 | $ | 3,025 | $ | 5,657 | $ | 2,276 | $ | 826 | ||||||||||
# | Indicates management contract or compensation plan. |
† | The certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q, 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 Quarterly Report on Form10-Q, irrespective of any general incorporation language contained in such filing. |
EVERQUOTE, INC. | ||||||
Date: | May 6, 2022 | By: | /s/ Jayme Mendal | |||
Jayme Mendal Chief Executive Officer and President (Principal Executive Officer) | ||||||
Date: | May 6, 2022 | By: | /s/ John Wagner | |||
John Wagner Chief Financial Officer and Treasurer (Principal Financial Officer) |