EverQuote (EVER) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	EVER
Entity Registrant Name	EverQuote, Inc.
Entity Central Index Key	0001640428
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Document Quarterly Report	true
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Class A Common Stock
Document Transition Report	false
Entity Address, State or Province	MA
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,922,392
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,109,517

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 50,460	$ 46,054
Accounts receivable	35,655	32,214
Prepaid expenses and other current assets	7,159	7,065
Total current assets	93,274	85,333
Property and equipment, net	5,236	5,197
Other assets	692	691
Total assets	99,202	91,221
Current liabilities:
Accounts payable	27,646	23,663
Accrued expenses and other current liabilities	12,736	13,225
Deferred revenue	1,577	1,501
Total current liabilities	41,959	38,389
Deferred rent, net of current portion	1,011	1,062
Total liabilities	42,970	39,451
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding
Additional paid-in capital	164,656	158,752
Accumulated deficit	(108,451)	(107,009)
Total stockholders' equity	56,232	51,770
Total liabilities and stockholders' equity	99,202	91,221
Class A Common Stock [Member]
Stockholders' equity:
Common stock	17	15
Total stockholders' equity	17	15
Class B Common Stock [Member]
Stockholders' equity:
Common stock	10	12
Total stockholders' equity	$ 10	$ 12

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred stock, authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Class A Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	220,000,000	220,000,000
Common stock, shares issued	16,568,446	14,635,834
Common stock, shares outstanding	16,568,446	14,635,834
Class B Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	10,413,805	11,802,341
Common stock, shares outstanding	10,413,805	11,802,341

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue	$ 81,364	$ 52,233
Cost and operating expenses:
Cost of revenue	5,335	3,666
Sales and marketing	66,504	44,622
Research and development	6,459	4,685
General and administrative	4,719	3,826
Total cost and operating expenses	83,017	56,799
Loss from operations	(1,653)	(4,566)
Other income:
Interest income	111	184
Other income	100
Total other income	211	184
Net loss and comprehensive loss	$ (1,442)	$ (4,382)
Net loss per share, basic and diluted	$ (0.05)	$ (0.17)
Weighted average common shares outstanding, basic and diluted	26,640	25,294

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Class B Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2018	$ 43,184	$ 8	$ 18	$ 143,050	$ (99,892)
Beginning balance, shares at Dec. 31, 2018		7,528,741	17,696,414
Issuance of common stock upon exercise of stock options	234			234
Issuance of common stock upon exercise of stock options, shares		114,831
Vesting of restricted stock units, shares		99,197
Stock-based compensation expense	2,750			2,750
Transfer of Class B common stock to Class A common stock		$ 1	$ (1)
Transfer of Class B common stock to Class A common stock, shares		1,032,231	(1,032,231)
Net Income (loss)	(4,382)				(4,382)
Ending balance at Mar. 31, 2019	41,786	$ 9	$ 17	146,034	(104,274)
Ending balance, shares at Mar. 31, 2019		8,775,000	16,664,183
Beginning balance at Dec. 31, 2018	43,184	$ 8	$ 18	143,050	(99,892)
Beginning balance, shares at Dec. 31, 2018		7,528,741	17,696,414
Net Income (loss)	(7,100)
Ending balance at Dec. 31, 2019	51,770	$ 15	$ 12	158,752	(107,009)
Ending balance, shares at Dec. 31, 2019		14,635,834	11,802,341
Issuance of common stock upon exercise of stock options	1,364			1,364
Issuance of common stock upon exercise of stock options, shares		214,179
Vesting of restricted stock units, shares		329,897
Stock-based compensation expense	4,540			4,540
Transfer of Class B common stock to Class A common stock		$ 2	$ (2)
Transfer of Class B common stock to Class A common stock, shares		1,388,536	(1,388,536)
Net Income (loss)	(1,442)				(1,442)
Ending balance at Mar. 31, 2020	$ 56,232	$ 17	$ 10	$ 164,656	$ (108,451)
Ending balance, shares at Mar. 31, 2020		16,568,446	10,413,805

Condensed Consolidated Stateme

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (1,442)	$ (4,382)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense	849	481
Stock-based compensation expense	4,540	2,750
Provision for bad debt	21
Deferred rent	(51)	6
Changes in operating assets and liabilities:
Accounts receivable	(3,462)	(8,396)
Prepaid expenses and other current assets	(94)	158
Other assets	(4)
Accounts payable	3,983	4,631
Accrued expenses and other current liabilities	(489)	1,040
Deferred revenue	76	230
Net cash provided by (used in) operating activities	3,927	(3,482)
Cash flows from investing activities:
Acquisition of property and equipment, including costs capitalized for development of internal-use software	(885)	(667)
Net cash used in investing activities	(885)	(667)
Cash flows from financing activities:
Proceeds from exercise of stock options	1,364	234
Net cash provided by financing activities	1,364	234
Net increase (decrease) in cash, cash equivalents and restricted cash	4,406	(3,915)
Cash, cash equivalents and restricted cash at beginning of period	46,304	41,884
Cash, cash equivalents and restricted cash at end of period	50,710	37,969
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	50,460	37,719
Restricted cash (included in other assets)	250	250
Cash, cash equivalents and restricted cash at end of period	$ 50,710	$ 37,969

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation EverQuote, Inc. (the “Company”) was incorporated in the state of Delaware in 2008. Through its internet websites, the Company operates an online marketplace for consumers shopping for auto, home and renters, life, health and commercial insurance. The Company generates revenue by selling consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States. The Company is subject to a number of risks and uncertainties common to companies in similar industries and stages of development including, but not limited to, rapid technological changes, competition from substitute products and services from larger companies, protection of proprietary technology, customer concentration, patent litigation, the need to obtain additional financing to support growth and dependence on third parties and key individuals. In addition, the Company is subject to risks and uncertainties relating to the ongoing outbreak of the novel strain of coronavirus (“COVID-19”), COVID-19 shelter-in-place COVID-19 pandemic On July 2, 2018, the Company completed an initial public offering (“IPO”), in which it issued and sold 3,125,000 shares of Class A common stock at a public offering price of $18.00 per share, resulting in net proceeds to the Company of approximately $48.6 million after deducting underwriting discounts and commissions and other offering costs. Additionally, certain of the Company’s stockholders sold 1,562,500 shares of Class A common stock at the same public offering price of $18.00 per share. The Company did not receive any proceeds from the sale of shares by its stockholders. The accompanying condensed consolidated financial statements have The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, EverQuote NI Limited. All intercompany accounts and transactions have been eliminated in consolidation. The Company is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and may remain an emerging growth company until the last day of the fiscal year following the fifth anniversary of the IPO, subject to specified conditions. The JOBS Act provides that an emerging growth company can take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. The Company has elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or non-public non-public

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The condensed balance sheet at condensed 10-K for or any other interim period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition and collectability of accounts receivable, the expensing and capitalization of website and software development costs, the valuation of stock-based awards and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in periods in which they become known. Actual results may differ from those estimates or assumptions. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of May 7, 2020, the date of issuance of these consolidated financial statements. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. Concentrations of Credit Risk and of Significant Customers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents at two accredited financial institutions. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company sells its consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States. For the three months ended March 31, 2020, one customer represented 24% of total revenue. For the three months ended March 31, 2019, two customers represented 19% and 11% of total revenue. As of March 31, 2020, one customer accounted for 15% of the accounts receivable balance. As of December 31, 2019, two customers accounted for 14% each of the accounts receivable balance. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents of $23.2 million as of March 31, 2020, consisting of money market funds, are carried at fair value based on Level 1 inputs. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities. Accounts Receivable The Company provides credit to customers in the ordinary course of business and believes its credit policies are prudent and reflect industry practices and business risk. Management reviews accounts receivable on a periodic basis and reserves for receivables in the Company’s allowance for doubtful accounts on a specific identification basis when they are determined to be uncollectible. After the Company has exhausted all collection efforts, the outstanding receivable is written off against the allowance. The Company had no allowance for doubtful accounts as of March 31, 2020 and December 31, 2019, as the Company deemed all amounts to be collectible. Revenue Recognition The Company derives its revenue by selling consumer referrals to its insurance provider customers, including insurance carriers and agents. To determine revenue recognition for arrangements that the Company determines are within the scope of the revenue standard, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company only applies the five-step model to contracts when collectability of the consideration to which the Company is entitled in exchange for the goods or services it transfers to the customer is determined to be probable. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company recognizes revenue when it satisfies its performance obligations by delivering the referrals to its customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those referrals. The Company presents disaggregated revenue from contracts with customers by distribution channel as the distribution channel impacts the nature and amount of the Company’s revenue and by vertical market segment. Total revenue is comprised of revenue from the following distribution channels: Three Months Ended March 31, 2020 2019 Direct channels 93 % 93 % Indirect channels 7 7 100 % 100 % Total revenue is comprised of revenue from the following insurance verticals (in thousands): Three Months Ended March 31, 2020 2019 Automotive $ 67,641 $ 45,014 Other 13,723 7,219 Total Revenue $ 81,364 $ 52,233 The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that would have been recognized is one year or less or the amount is immaterial. At March 31, 2020, the Company had not capitalized any costs to obtain any of its contracts. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue. Deferred revenue was $1.6 million and $1.5 million as of March 31, 2020 and December 31, 2019, respectively. During the three months ended March 31, 2020, the Company recognized revenue of $1.0 million that was included in the contract liability balance (deferred revenue) at December 31, 2019. The Company recognizes deferred revenue by first allocating from the beginning deferred revenue balance to the extent that the beginning deferred revenue balance exceeds the revenue to be recognized. Billings during the period are added to the deferred revenue balance to be recognized in future periods. Advertising Expense Advertising expense consists of variable costs that are related to attracting consumers to the Company’s marketplace and generating consumer quote requests, promoting its marketplace to insurance carriers and agents, and increasing downloads of the Company’s social safe-driving mobile app EverDrive. In November 2019, the Company announced that it would no longer support EverDrive. The Company expenses advertising costs as incurred and such costs are included in sales and marketing expense in the accompanying statements of operations and comprehensive income (loss). During the three months ended March 31, 2020 and 2019, advertising expense totaled $57.5 million and $38.4 million, respectively. Net Income (Loss) per Share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their affect is anti-dilutive. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: March 31, 2020 2019 Options to purchase common stock 3,120,480 3,534,784 Unvested restricted stock units 3,585,469 2,825,909 6,705,949 6,360,693 The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. As more fully described in Note 5 one-to-one Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out record a right-of-use asset and fiscal years. For non-public entities permitted. ASU 2016-02 initially required FASB issued ASU No. 2018-11, Leases (Topic 842) recognize a cumulative catch-up adjustment to the 2019-10, non-public currently plans No. 2016-02 of material right-of-use assets and In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) For non-public entities No. 2019-10, non-public In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. internal-use For non-public entities

Balance Sheet Accounts

Balance Sheet Accounts	3 Months Ended
	Mar. 31, 2020
Balance Sheet Accounts [Abstract]
Balance Sheet Accounts	3. Balance Sheet Accounts Prepaid expenses and other current assets includes a receivable of $3.6 million for insurance proceeds related to a legal settlement and a deposit of $1.2 million related to this same legal settlement (see Note 7). Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued employee compensation and benefits $ 2,703 $ 2,388 Accrued advertising expenses 3,519 4,119 Accrued legal settlement (see Note 7) 4,750 4,750 Other current liabilities 1,764 1,968 $ 12,736 $ 13,225

Loan and Security Agreement

Loan and Security Agreement	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Loan and Security Agreement	4. Loan and Security Agreement As of March 31, 2020, the Company had available borrowings of $11.0 million under its amended Loan and Security Agreement, as modified by the 2018 Loan and Modification Agreement (the “2018 Loan Modification”). Pursuant to the 2018 Loan Modification, borrowings under the revolving line of credit cannot exceed 80% of eligible accounts receivable balances and bear interest at one-half percent Under the 2018 Loan Modification, the Company is subject to specified affirmative and negative covenants until maturity. These covenants include limitations on the Company’s ability to incur additional indebtedness and engage in certain fundamental business transactions, such as mergers or acquisitions. In addition, the Company is required to maintain a financial performance covenant: a minimum asset coverage ratio of 1.5 to 1, calculated as the sum of unrestricted cash and qualified accounts receivable divided by borrowings outstanding under the revolving line of credit. Events which would meet the criteria of a default under the 2018 Loan Modification include failure to make payments when due, insolvency events, failure to comply with covenants or material adverse events with respect to the Company. As of March 31, 2020, the Company was in compliance with all covenants related to the revolving line of credit. There can be no guarantee that these covenants will be met in the future, and if not met, that waivers will be obtained. As of March 31, 2020 and December 31, 2019, the Company had no amounts outstanding on the revolving line of credit and $11.0 million was available for borrowing. The 2018 Loan Modification was amended during the three months ended March 31, 2020 to extend the availability of the line of credit to May 2020.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Equity	5. Equity Each share of Class A common stock entitles the holder to one vote for each share on all matters submitted to a vote of the Company’s stockholders at all meetings of stockholders and written actions in lieu of meetings. Each share of Class B common stock entitles the holder to ten votes for each share on all matters submitted to a vote of the Company’s stockholders at all meetings of stockholders and written actions in lieu of meetings. Holders of both classes of common stock are entitled to receive dividends, when and if declared by the board of directors. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time. Automatic conversion shall occur upon the occurrence of a transfer of such share of Class B common stock or at the date and time, or the occurrence of an event, specified by a vote or written consent of the holders of a majority of the voting power of the then outstanding shares of Class B common stock. A transfer is described as a sale, assignment, transfer, conveyance, hypothecation or disposition of such share or any legal or beneficial interest in such share other than certain permitted transfers as described in the Restated Certificate of Incorporation, including a transfer to a holder of Preferred Stock. Each share of Class B common stock held by a stockholder shall automatically convert into one fully paid and non-assessable Acquisitions of treasury stock have been recorded at cost. Treasury stock held was reported as a deduction from stockholders’ deficit. When the treasury stock was retired, the carrying value of the treasury stock was allocated between additional paid-in paid-in paid-in paid-in

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation The Company has outstanding awards under its 2008 Stock Incentive Plan, as amended (the “2008 Plan”), but is no longer granting awards under this plan. Shares of common stock issued upon exercise of stock options granted prior to September 8, 2017 will be issued as either Class A common stock or Class B common stock. Shares of common stock issued upon exercise of stock options granted after September 8, 2017 will be issued as Class A common stock. The Company’s 2018 Equity Incentive Plan (the “2018 Plan” and, together with the 2008 Plan, the “Plans”) provides for the grant of incentive stock options, non-qualified stock of Class A common stock Options and restricted stock units (“RSUs”) granted under the Plans vest over periods determined by the board of directors. Options granted under the Plans expire no longer than ten years from the date of the grant. The exercise price for stock options granted is not less than the fair value of common shares based on quoted market prices. Award Issuances During the three months ended March 31, 2020, the Company granted 474,216 service-based RSUs with an aggregate grant date fair value of $19.4 million. During the three months ended March 31, 2020, the Company granted 88,623 service- and performance-based RSUs with an aggregate grant date fair value of $3.6 million. Option Issuances During the three months ended March 31, 2020, the Company granted 531,108 options with service-based, market-based and performance-based vesting conditions. The fair value of these grants is estimated using a Monte Carlo simulation model. Assumptions and estimates utilized in the model include the risk-free interest rate, dividend yield, expected stock volatility and the estimated period to achievement of the performance and market condition. The following table presents the assumptions used in the Monte Carlo simulation model to determine the fair value of these stock-based awards: Three Months Ended March 31, 2020 Risk-free interest rate 1.5 % Expected volatility 49.0 % Expected dividend yield 0 % Derived service period (in years) 4.1 Stock-based compensation expense is recognized when the achievement of the performance-based vesting conditions is probable regardless of whether the market condition is achieved. The aggregate grant date fair value of these options was $8.1 million. As the Company has deemed achievement of the performance condition to be probable, the Company is recognizing stock-based compensation for these awards over the estimated service period using the graded-vesting method. During the three months ended March 31, 2020, the Company recognized stock-based compensation expense of $0.3 million related to these awards Stock-Based Compensation The Company recorded stock-based compensation expense in the following expense categories of its statements of operations and comprehensi ve Three Months 2020 2019 Cost of revenu e $ 54 $ — Sales and marketing 1,695 794 Research and development 1,276 874 General and administrative 1,515 1,082 $ 4,540 $ 2,750 Stock-based compensation expense for the three months ended March 31, 2020 included a total of $0.5 million related to unvested RSUs and option awards with performance-based vesting conditions, including options with performance- and market-based vesting conditions, for which the performance-based condition has not yet been achieved but has been deemed probable of being achieved. As of March 31, 2020, unrecognized compensation expense for RSUs and option awards with service-based vesting conditions and RSUs and option awards with performance-based vesting conditions either achieved or deemed probable of being achieved was $56.4 million, which is expected to be recognized over a weighted average period of 3.7 years. Additionally, the Company had unrecognized compensation expense of $6.8 million related to unvested awards with performance-based vesting conditions, which have not been deemed probable.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Operating Leases The Company leases office space in Cambridge, Massachusetts under a non-cancelable operating a non-cancelable operating non-cancelable under lease payments Lease incentives, payment escalations and rent holidays specified in the lease agreements are accrued or deferred as appropriate such that rent expense per square foot is recognized on a straight-line basis over the terms of occupancy. As of March 31, 2020 and December 31, 2019, the Company had a deferred rent liability of $1.2 million. During the three months ended March 31, 2020 and 2019, the Company recorded rent expense of $0.6 million and $0.5 million, respectively. As of March 31, 2020 and December 31, 2019, the Company maintained security deposits of $0.4 million with the landlords of its leases, which amounts are included in other assets on the Company’s balance sheet. Future minimum lease payments under the operating leases as of March 31, 2020 are as follows (in thousands): Year Ending December 31, 2020 (Remaining nine months) $ 2,101 2021 2,848 2022 2,696 2023 2,583 2024 1,922 Thereafter — $ 12,150 Indemnification Agreements In the normal course of business, the Company may provide indemnification of varying scope and terms to third parties and enter into commitments and guarantees (“Agreements”) under which it may be required to make payments. The duration of these Agreements varies, and in certain cases, is indefinite. Furthermore, many of these Agreements do not limit the Company’s maximum potential payment exposure. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. Through March 31, 2020 and December 31, 2019, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its financial statements as of March 31, 2020 and December 31, 2019. Legal Proceedings On February 15, 2019, Sean F. Townsend, a purported holder of the Company’s common stock, filed a civil action in the Supreme Court for the State of New York against the Company, the Company’s chief executive officer, chief financial officer, general counsel, the Company’s directors, and the Company’s underwriters for its IPO, captioned Townsend v. EverQuote , Inc. et al. Townsend v. EverQuote , Inc. et al. million within accrued expenses and other current liabilities on the balance sheet as of December 31, 2019 and March 31, 2020. The Company funded $1.2 million of this amount to an escrow agent during the three months ended March 31, 2020, which amount is included within prepaid expenses and other current assets as of March 31, 2020. The parties thereafter on February 6, 2020 filed a Stipulation of Settlement settling the litigation in principle, subject to final approval of the Court. The Court has scheduled a final approval hearing for the settlement on June 11, 2020. The Company was contacted by a representative from a state tax assessor’s office requesting remittance of uncollected sales taxes. The Company does not believe its services are taxable in this state and is investigating this request and intends to vigorously defend this position. If the Company does not prevail in its position, uncollected sales taxes due for the period could amount to approximately $1.5 million, including interest and penalties. The Company has not recorded any liabilities related to this matter as the loss has not been deemed probable. On April 29, 2020, EverQuote was named as a defendant in a putative, statewide (Colorado) class action lawsuit filed in U.S. District Court for the District of Colorado captioned Scott M. Runyon v EverQuote, Inc. The Complaint alleges that the Company violated the Telephone Consumer Protection Act by making unsolicited marketing calls to his cellphone and those of other Colorado residents using an automatic telephone dialing system without prior express consent. Plaintiff seeks, among other forms of relief, statutory damages of $500 to $1,500 for each alleged violation and an order enjoining future violations. Plaintiff also asserts an individual claim against the Company for invasion of privacy arising out of the same calls to his cellphone and a claim for unspecified damages. No substantive proceedings have occurred in the case to date. The Company believes these claims lack merit, and intends to vigorously defend the Company against them. The Company is from time to time subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of its business. While the outcome of these other claims cannot be predicted with certainty, management does not believe that the outcome of any of these other legal matters will have a material adverse effect on the Company’s results of operations or financial condition.

Retirement Plan

Retirement Plan	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Retirement Plan	8. Retirement Plan The Company has established a defined-contribution plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements, and allows participants to defer a portion of their annual compensation on a pre-tax

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions The Company has, in the ordinary course of business, entered into arrangements with other companies who have shareholders in common with the Company. Pursuant to these arrangements, related-party affiliates receive payments for providing website visitor referrals and to a lesser extent a small amount of office space. During the three months ended March 31, 2020 and 2019, the Company recorded expense of $0.9 million and $1.5 million, respectively, related to these arrangements. During the three months ended March 31, 2020 and 2019, the Company paid $1.0 million and $1.4 million, respectively, related to these arrangements. As of March 31, 2020 and December 31, 2019, amounts due to related-party affiliates totaled $0.5 million and $1.1 million, respectively, which were included in accounts payable on the balance sheets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information The condensed balance sheet at condensed 10-K for or any other interim period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition and collectability of accounts receivable, the expensing and capitalization of website and software development costs, the valuation of stock-based awards and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in periods in which they become known. Actual results may differ from those estimates or assumptions. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of May 7, 2020, the date of issuance of these consolidated financial statements. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.
Concentrations of Credit Risk and of Significant Customers	Concentrations of Credit Risk and of Significant Customers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents at two accredited financial institutions. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company sells its consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States. For the three months ended March 31, 2020, one customer represented 24% of total revenue. For the three months ended March 31, 2019, two customers represented 19% and 11% of total revenue. As of March 31, 2020, one customer accounted for 15% of the accounts receivable balance. As of December 31, 2019, two customers accounted for 14% each of the accounts receivable balance.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s cash equivalents of $23.2 million as of March 31, 2020, consisting of money market funds, are carried at fair value based on Level 1 inputs. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities.
Accounts Receivable	Accounts Receivable The Company provides credit to customers in the ordinary course of business and believes its credit policies are prudent and reflect industry practices and business risk. Management reviews accounts receivable on a periodic basis and reserves for receivables in the Company’s allowance for doubtful accounts on a specific identification basis when they are determined to be uncollectible. After the Company has exhausted all collection efforts, the outstanding receivable is written off against the allowance. The Company had no allowance for doubtful accounts as of March 31, 2020 and December 31, 2019, as the Company deemed all amounts to be collectible.
Revenue Recognition	Revenue Recognition The Company derives its revenue by selling consumer referrals to its insurance provider customers, including insurance carriers and agents. To determine revenue recognition for arrangements that the Company determines are within the scope of the revenue standard, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Revenue is recognized when control of promised goods or services is transferred to a customer at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company only applies the five-step model to contracts when collectability of the consideration to which the Company is entitled in exchange for the goods or services it transfers to the customer is determined to be probable. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less. The Company recognizes revenue when it satisfies its performance obligations by delivering the referrals to its customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those referrals. The Company presents disaggregated revenue from contracts with customers by distribution channel as the distribution channel impacts the nature and amount of the Company’s revenue and by vertical market segment. Total revenue is comprised of revenue from the following distribution channels: Three Months Ended March 31, 2020 2019 Direct channels 93 % 93 % Indirect channels 7 7 100 % 100 % Total revenue is comprised of revenue from the following insurance verticals (in thousands): Three Months Ended March 31, 2020 2019 Automotive $ 67,641 $ 45,014 Other 13,723 7,219 Total Revenue $ 81,364 $ 52,233 The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period of the asset that would have been recognized is one year or less or the amount is immaterial. At March 31, 2020, the Company had not capitalized any costs to obtain any of its contracts. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue. Deferred revenue was $1.6 million and $1.5 million as of March 31, 2020 and December 31, 2019, respectively. During the three months ended March 31, 2020, the Company recognized revenue of $1.0 million that was included in the contract liability balance (deferred revenue) at December 31, 2019. The Company recognizes deferred revenue by first allocating from the beginning deferred revenue balance to the extent that the beginning deferred revenue balance exceeds the revenue to be recognized. Billings during the period are added to the deferred revenue balance to be recognized in future periods.
Advertising Expense	Advertising Expense Advertising expense consists of variable costs that are related to attracting consumers to the Company’s marketplace and generating consumer quote requests, promoting its marketplace to insurance carriers and agents, and increasing downloads of the Company’s social safe-driving mobile app EverDrive. In November 2019, the Company announced that it would no longer support EverDrive. The Company expenses advertising costs as incurred and such costs are included in sales and marketing expense in the accompanying statements of operations and comprehensive income (loss). During the three months ended March 31, 2020 and 2019, advertising expense totaled $57.5 million and $38.4 million, respectively.
Net Income (Loss) per Share	Net Income (Loss) per Share Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their affect is anti-dilutive. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: March 31, 2020 2019 Options to purchase common stock 3,120,480 3,534,784 Unvested restricted stock units 3,585,469 2,825,909 6,705,949 6,360,693 The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. As more fully described in Note 5 one-to-one
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out record a right-of-use asset and fiscal years. For non-public entities permitted. ASU 2016-02 initially required FASB issued ASU No. 2018-11, Leases (Topic 842) recognize a cumulative catch-up adjustment to the 2019-10, non-public currently plans No. 2016-02 of material right-of-use assets and In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) For non-public entities No. 2019-10, non-public In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. internal-use For non-public entities

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Disaggregation of Revenue	Total revenue is comprised of revenue from the following distribution channels: Three Months Ended March 31, 2020 2019 Direct channels 93 % 93 % Indirect channels 7 7 100 % 100 % Total revenue is comprised of revenue from the following insurance verticals (in thousands): Three Months Ended March 31, 2020 2019 Automotive $ 67,641 $ 45,014 Other 13,723 7,219 Total Revenue $ 81,364 $ 52,233
Summary of Diluted Net Loss Per Share Attributable to Common Stockholders	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: March 31, 2020 2019 Options to purchase common stock 3,120,480 3,534,784 Unvested restricted stock units 3,585,469 2,825,909 6,705,949 6,360,693

Balance Sheet Accounts (Tables)

Balance Sheet Accounts (Tables)	3 Months Ended
	Mar. 31, 2020
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, Accrued employee compensation and benefits $ 2,703 $ 2,388 Accrued advertising expenses 3,519 4,119 Accrued legal settlement (see Note 7) 4,750 4,750 Other current liabilities 1,764 1,968 $ 12,736 $ 13,225

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Option Grants Valuation Assumptions	The following table presents the assumptions used in the Monte Carlo simulation model to determine the fair value of these stock-based awards: Three Months Ended March 31, 2020 Risk-free interest rate 1.5 % Expected volatility 49.0 % Expected dividend yield 0 % Derived service period (in years) 4.1
Summary of Stock-Based Compensation Expense of Statements of Operations and Comprehensive Loss	The Company recorded stock-based compensation expense in the following expense categories of its statements of operations and comprehensi ve Three Months 2020 2019 Cost of revenu e $ 54 $ — Sales and marketing 1,695 794 Research and development 1,276 874 General and administrative 1,515 1,082 $ 4,540 $ 2,750

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Summary of Future Minimum Lease Payments under the Operating Leases	Future minimum lease payments under the operating leases as of March 31, 2020 are as follows (in thousands): Year Ending December 31, 2020 (Remaining nine months) $ 2,101 2021 2,848 2022 2,696 2023 2,583 2024 1,922 Thereafter — $ 12,150

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jul. 02, 2018	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Net losses		$ 1,442	$ 4,382	$ 7,100
Accumulated deficit		$ (108,451)		$ (107,009)
Initial Public Offering (IPO) [Member] | Class A Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Shares of common stock issued and sold	3,125,000
Public offering price, per share	$ 18
Net proceeds from initial public offering	$ 48,600
Sale of stock sold by stockholders shares	1,562,500

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)Customers	Mar. 31, 2019USD ($)Customers	Dec. 31, 2019USD ($)Customers
Significant Accounting Policies [Line Items]
Deferred revenue	$ 1,600,000		$ 1,500,000
Contract with customer, liability, revenue recognized	1,000,000
Advertising expenses	57,500,000	$ 38,400,000
Allowance for doubtful accounts	0		$ 0
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Significant Accounting Policies [Line Items]
Cash equivalents	$ 23,200,000
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Number of major customers | Customers	1	2
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customers A [Member]
Significant Accounting Policies [Line Items]
Concentration risk percentage	24.00%	19.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customers B [Member]
Significant Accounting Policies [Line Items]
Concentration risk percentage		11.00%
Accounts Receivable [Member] | Credit Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Number of major customers | Customers	1		2
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customers A [Member]
Significant Accounting Policies [Line Items]
Concentration risk percentage	15.00%		14.00%
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customers B [Member]
Significant Accounting Policies [Line Items]
Concentration risk percentage			14.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Revenue by Distribution Chanel (Detail) - Sales Revenue, Net [Member]	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Product Information [Line Items]
Revenue from Contract with Customer Percentage	100.00%	100.00%
Direct channels [Member]
Product Information [Line Items]
Revenue from Contract with Customer Percentage	93.00%	93.00%
Indirect channels [Member]
Product Information [Line Items]
Revenue from Contract with Customer Percentage	7.00%	7.00%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Disaggregation Of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Product Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 81,364	$ 52,233
Automotive [Member]
Product Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	67,641	45,014
Other [Member]
Product Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 13,723	$ 7,219

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,705,949	6,360,693
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,120,480	3,534,784
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,585,469	2,825,909

Balance Sheet Accounts - Summa

Balance Sheet Accounts - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued employee compensation and benefits	$ 2,703	$ 2,388
Accrued advertising expenses	3,519	4,119
Accrued legal settlement (see Note 7)	4,750	4,750
Other current liabilities	1,764	1,968
Accrued expenses and other current liabilities	$ 12,736	$ 13,225

Loan and Security Agreement - A

Loan and Security Agreement - Additional Information (Detail) - Revolving Credit Facility [Member] - Loan and Security Agreement [Member] - 2018 Loan Modification [Member] - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2018	Dec. 31, 2019
Debt Instrument [Line Items]
Credit facility borrowing capacity	$ 11,000,000
Maximum percentage borrowings of eligible accounts receivable		80.00%
Debt instrument, interest rate description	bear interest at one-half percent (0.5%) above the greater of 4.25% or the prime rate.
Annual rate of accrued interest		(0.50%)
Debt instrument interest rate during period minimum stated percentage		4.25%
Debt Instrument, Covenant Description	the Company is required to maintain a financial performance covenant: a minimum asset coverage ratio of 1.5 to 1, calculated as the sum of unrestricted cash and qualified accounts receivable divided by borrowings outstanding under the revolving line of credit. Events which would meet the criteria of a default under the 2018 Loan Modification include failure to make payments when due, insolvency events, failure to comply with covenants or material adverse events with respect to the Company.
Revolving line of credit outstanding amount	$ 0		$ 0
Borrowing under revolving line of credit, remaining amount	$ 11,000,000		$ 11,000,000

Equity - Additional Information

Equity - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020
Class A Common Stock [Member]
Class of Stock [Line Items]
Common stock, voting right	Class A common stock entitles the holder to one vote for each share
Class B Common Stock [Member]
Class of Stock [Line Items]
Common stock, voting right	Class B common stock entitles the holder to ten votes for each share
Common stock, conversion features	Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time. Automatic conversion shall occur upon the occurrence of a transfer of such share of Class B common stock or at the date and time, or the occurrence of an event, specified by a vote or written consent of the holders of a majority of the voting power of the then outstanding shares of Class B common stock. A transfer is described as a sale, assignment, transfer, conveyance, hypothecation or disposition of such share or any legal or beneficial interest in such share other than certain permitted transfers as described in the Restated Certificate of Incorporation, including a transfer to a holder of Preferred Stock. Each share of Class B common stock held by a stockholder shall automatically convert into one fully paid and non-assessable share of Class A common stock nine months after the death or incapacity of the holder of such Class B common stock.

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 01, 2020	Jun. 27, 2018	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense			$ 4,540	$ 2,750
Probable Performance Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense			$ 500
Service Based, Market Based And Performance Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted			531,108
Service Based, Market Based And Performance Based [Member] | Probable Performance Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value of options			$ 8,100
Share-based Payment Arrangement, Expense			300
Performance Based [Member] | Probable Performance Based And Service Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to unvested options			$ 56,400
Compensation expense, expected recognition period			3 years 8 months 12 days
Performance Based [Member] | Nonprobable Performance Based [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to unvested options			$ 6,800
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expiration period			10 years
Service Based Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares			474,216
Aggregate grant date fair value of options			$ 19,400
Service Based and Performance Based RSUs [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares			88,623
Aggregate grant date fair value of options			$ 3,600
2018 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, common stock available for grant			883,181
Share-based Compensation, number of additional shares available for issuance	1,321,908
2018 Equity Incentive Plan [Member] | Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, common stock available for grant		2,149,480
2018 Equity Incentive Plan [Member] | Class A Common Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, common stock available for grant		5,028,832
Shares of common stock available for issuance		2,500,000
2018 Equity Incentive Plan [Member] | Class A Common Stock and Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation, number of additional shares available from 2008 Stock Incentive Plan		583,056
2018 Equity Incentive Plan [Member] | Class A Common Stock and Class B Common Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares of common stock available for issuance		5.00%

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Stock Option Grants (Detail)	3 Months Ended
	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Stock Options/Shares Outstanding, Weighted-Average Exercise Price, and Additional Disclosures [Abstract]
Risk-free interest rate	1.50%
Expected volatility	49.00%
Expected dividend yield	0.00%
Derived service period (in years)	4 years 1 month 6 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense of Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 4,540	$ 2,750
Cost of Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	54
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,695	794
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,276	874
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,515	$ 1,082

Commitments and Contingencies -

Commitments and Contingencies -Additional Information (Detail) - USD ($) $ in Thousands	Apr. 29, 2020	Feb. 26, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating Leased Assets [Line Items]
Deferred rent liability			$ 1,200		$ 1,200
Rent expense			600	$ 500
Security deposits			400		400
Nonprobable Sales Tax Due			1,500
Minimum [Member] | Subsequent Event [Member]
Loss contingency
Damages sought per each violation	$ 500
Maximum [Member] | Subsequent Event [Member]
Loss contingency
Damages sought per each violation	$ 1,500
Settlement Agreement [Member]
Operating Leased Assets [Line Items]
Agreed To Pay Plaintiffs		$ 4,800
Expected To Reimbursed		$ 3,600
Settlement Agreement [Member] | Prepaid Expenses and Other Current Assets [Member]
Operating Leased Assets [Line Items]
Other receivables			3,600		3,600
Settlement Agreement [Member] | Accrued Liabilities And Other Liabilities [Member]
Operating Leased Assets [Line Items]
Accrued Liabilities			4,800		$ 4,800
Escrow Agent [Member] | Settlement Agreement [Member] | Prepaid Expenses and Other Current Assets [Member]
Operating Leased Assets [Line Items]
Legal Expense			$ 1,200
Cambridge, Massachusetts [Member]
Operating Leased Assets [Line Items]
Operating lease expiration period			2024-09
Woburn Massachusetts [Member]
Operating Leased Assets [Line Items]
Operating lease expiration period			2022-01
Seattle, Washington [Member]
Operating Leased Assets [Line Items]
Non-cancelable operating lease term			3 years

Future Minimum Lease Payments U

Future Minimum Lease Payments Under Operating Leases (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020 (Remaining nine months)	$ 2,101
2021	2,848
2022	2,696
2023	2,583
2024	1,922
Thereafter	0
Total	$ 12,150

Retirement Plan - Additional In

Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Retirement Benefits [Abstract]
Contribution to defined contribution savings plan	$ 0.2	$ 0.1

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transactions [Abstract]
Expense from transactions with related party	$ 0.9	$ 1.5
Payment to related party	1	$ 1.4
Due to affiliate	$ 0.5		$ 1.1