EVER - Earnings call transcript Q3 2021

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Operator

Good day and thank you for standing by. Welcome to the EverQuote Third Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advise that today’s conference is being recorded. now today, hand Blueshirt Brinlea would to conference Group. I speaker your Johnson Instructions] like the to over [Operator of The Please go ahead.

Brinlea Johnson

XXXX afternoon. EverQuote’s Good welcome earnings quarter you. call. Thank And third to

the results market Chief is Financial John the me Jayme We will EverQuote’s With be announcing press Executive today close. this release call the EverQuote. Wagner, Chief Officer our on Mendal, of after issued afternoon and discussing Officer;

statements growth that we and guidance to call related industry, make the agency, may regarding including our the new be and law, will goals business, business, growth drive our investments forward-looking quarter our COVID for companies, other and financial other existing business prospects. levers the During insurance recent plans for of full our to statements ability planned the considered and direct-to-consumer plans expect our integrations our our in strategy, year maintain statements our acquire on and on statements and to we to under fourth interest our our impact securities initiatives federal the or acquisitions to key business XXXX, our our concerning strategy acquire and and execute growth customers, our the ability the including

views by Forward-looking should not forward-looking update expect, similar We these today law. considered or only and date. words statements to phrases we and required anticipate, may we specifically plan, of except and as obligation subsequent be statements as may, upcoming statements and our identified views any of be our as such believe, disclaim reflect any we as with words These we we intend, phrases. revise

to materially and of or future our performance a differ expectations. and the to that actual not guarantees uncertainties from are are promises statements cause could variety Forward-looking results risks of subject

quarterly annual actual and with report website is in affect XX-K, For refer that recent on a at XX-Q section on and Risk Exchange our results, and on at the Commission on heading report Factors SEC’s available Investor on other website material our Form sec.gov. risks Relations important file our the and under of our could most which the discussion contained investor.everquote.com the please Securities of and factors Form those

during today’s to to we is measures release with in investors.everquote.com. measures, investors. section believe issued Relations close at press market the website of call, of the non-GAAP Finally, will on today, after non-GAAP that, to is the A the course And which financial of refer Jayme. our helpful of it certain over we are GAAP which reconciliation I to included available turn Investor

Jayme Mendal

driven higher we losses everyone experienced our by our feedback, you, current challenges in expected Thank customers they us preliminary market. higher quarter, losses On third cost of Brinlea, Several expected per the in thank severity sudden two to of insurance marketing a resulting carrier than profitability. for key primarily and October half attributable claim higher were on today. loss carrier quarter XXth, a in as and levels claims spend announced joining auto you their address restore for attempted the Based second claims pullback target in or the factors. results than to

labor cost chain value stemming supply of repair shortages. rose from vehicle and replacement vehicle significantly, and First,

well Second, inflation. with serious larger liability increased or of or injuries medical medical to accidents as a overall number expected as costs than due fatalities,

to of in vertical higher a before environment placed with carriers correct believe Hurricane weather associated underwriting strains Ida our auto adjust customer in We the nature are new quarters, further carrier spend. their insurance including extreme temporary addition, profitability. industry levels coming restoring will and isolated to claims as dynamics In these acquisition on pricing

correction pricing approximate carriers. reaccelerated has structural carriers implemented decade effort current auto to challenges period similar we serving insurance growth we expenses an from EverQuote seen of the environment, non-cash structure which In cost auto XX% align our the items. and to our by reduction following an have excluding operating During a non-marketing

we growing more which to insurance operating two, vision consolidate review policies resulted largest and We deepening source our beginning will more reducing number of of when in of to four an attracting of organizational engagement, data online did non-auto industry long-term we streamline provider insurance and the coverage XXXX, changes of of business, provider toward better EverQuote budget, I making number our for expenses in number verticals. the extensive leadership three, becoming which affordable four, steadfast auto decision-making, building position and the remain using strong part our At simpler, technology growth As believe and make expanding one, shoppers, personalized. levers growth by and consumer and insurance insurance outlined including, number strategy, optimizing rebounds.

these update of levers. context an Here’s progress the on growth in

During a reacceleration the our successfully year-over-year. request XX% to quarter, we reported resulting consumers marketplace, in strong quote of as traffic attracted to growth growth we more

we multi-vertical DTC announced our The the consumers. enabling same billion of integrated quarter, us team with to consistent directly the path the to the is each announced PolicyFuel platform, while we previously brings This transaction, closer agency of economic and at last customers, enables our buying DTC of into market. or share a begin to which more how develop closed time, addressable early are giving portion the it PolicyFuel capture acquisition value the us And a to EverQuote lion’s us relationships direct-to-consumer experiences acquisition tech- access to seamless with first larger of the and pleased with $XXX our and broader deeper has and of performance strategy building agency year data-enabled operations. a we agency

our annual integration in support many agents further We the insurance of and Medicare We health year periods PolicyFuel, we in ramp build that successful times and our new QX continued strong Medicare foundational business technology pillar confident Health last agency Medicare approximately this improved to we of growth. we in and foundational Health have platform solidify our remain steep investments compared X to DTC to and vertical agency DTC capacity enrollment addition processes open grew QX. of making in and and In team, performance number our deliver a future now in QX. the and Asian the will advance in of in Health

the side provider of the On quarter. the marketplace, distribution diversified us our in benefited third model

moved to agent significantly the have carriers the impact expenses As response current operations higher marketing in local less our agency third-party in expected their claims and experienced from markets. quickly reduce losses, DTC direct headwinds than demand insurance auto to

a marketplace, build policies and by personalized guided insurance As streamlined are age EverQuote, customers sides consumers on experience with options more providers shopping seeking the in we seeking to more shopping. serving both insurance coverage we digital of continue our of profitable

and at and strategy well-positioned customer We across increasingly personal scale on We believe we marketplace are as are major promises. to the EverQuote occupies with of a only executing industry our the on deliver agency in player unique our lines position operations insurance.

technology customer insurance that We experiences have assembled can today. innovative for not generate distinctive to like, combination assets relationships leveraged manage and life data, to LTV bidding areas advantages operational a and traffic, exist do in customer’s of in and be ways via multi-line designing own customer that expanding

a temporary. EverQuote insurance auto distribution indeed billion current I powerful While ever in be believe a better is truly insurance will setback, $XXX market player dynamic temporary market. it emerge than before the positioned the presents as to

call John provide financial our details Now, I will to to turn more the on over results.

John Wagner

the and for Jayme, fourth discussing financial our the for guidance everyone. quarter full and updated with I good guidance our will the you, and by afternoon, Thank quarter, results start conclude third for year.

auto Our and to which revenue was million, renters, quarter of $XX.X life, home and vertical rate in insurance a from million. to of insurance verticals, for other health our XX% our commercial increase an year-over-year. the million, insurance Revenue $XXX.X year-over-year. growth includes $XX.X increased Revenue increased XX%

Our growth within XX% of the quarter. of XX% year-over-year revenue rate representing

a was XX% in in quote year-over-year the volume by in reduction per marketplace, revenue revenue increase of quarter quote our Our request request. third X% the growth a by offset in driven

Having willingness carrier carriers’ per and to We revenue impact approach was directly carriers profitability lower our request. continue to will will in extent us their their carriers of than a was new to consumer largely as and in quarter and reducing their in some begun Jayme reduced higher full acquisition. and This manage given abruptly in Though in on these in claims turn marketing profitability dramatically advertising in manner certain quarter losses anticipated. QX spike quarters in impacted had re-price more believe impact to the marketplace reduce impacted in vertical QX, the greater continued recover. by a the spend effort marketing carriers increases environment miles significantly third led shopping to near-term, driven auto book to which quote spend frequency monetization spend of to for auto we marketing for insurance likely the As claims expected. insurance of performance it losses. their business That trends spend sudden claims is their and were current the in that to targets an severity have consumer spend our an Claims likely auto in by rate increasing to said, take insurance remains demand same not completely fully their multiple levels. healthy, in marketplace the carriers pullback anticipated their our will to through outlined, drive pre-pandemic marketplace insurance late This period. our over impact

quote request. both of per in that in revenue or result requests sequential of which year-over-year. we increase marketing a cause rates demand growth while those million, and revenue a industry quote less factors in we as QX continued at margin QX, delivered will reduced year-over-year year-over-year to in $XX.X reductions expect achieved we expense insurance advertising basis, In an We on QX define VMM, similar of XX% variable as

As marketplace a quote last from per down Though VMM cost in percentage demand. decline of year. was offset XX%, by of by the lower monetization VMM carrier quarter XX% and QX directly was request, impacted in advertising revenue, partially third

operating expect vertical. to variable, to will within insurance is expect we health our advertising optimize As But for the as from despite will we overall the seek dynamics health downward VMM continue annual period dollars. open QX, revenue insurance growth in VMM our VMM during business point expected in an the our structure insurance auto our to from direct-to-consumer on absolute vertical. This improvement auto is our we to pressure within to pressure look Apart market put QX calibrate spend enrollment advertising agency QX. in the of vertical, in the to QX, auto forward auto versus the highly we insurance in VMM benefit drive cost strong

higher changing agency a guiding of dynamics benefit within insurance namely our per we review our higher initiatives auto insurance with engagement, The captured how metric volume and take coverage within request we may to agency evolve our complete DTC through like our higher traditional Our marketplace request consumers considerably quarterly the business, life marketplace our operates higher quote value the financial not lifetime our DTC within a demonstrates and revenue new to in VMM, verticals health, and XXXX. are and consistently journey rate capture which purchase. through better within to metrics quote intend

mentioned, in we XX% an Jayme and our in realign effort to structural streamline expenses approximate an non-marketing implemented As organization. structure cash reduction and cost focus our

this profitability the QX return to as return their acquiring will pattern as We to quickly in run reductions constrained long to digital position XXXX. at operating the cost will impact for As took full of action carrier remains auto the expense place when and us with demand consumers QX, insurance believe positive rate EBITDA of this carriers channels. captured to to allow will higher target normal continue entering through partially in levels reductions adjusted us

tracked adjusted the on planned balance EBITDA resulted adjusted to earlier and a of both associated closely within insurance our a release NOL outstanding. quarter and EBITDA partial acquisition. cash benefit cash XX.X within to or million and loss revenue end net from the the the the expense We quarter, closing EBITDA the cash closely third with million than quarter associated flow cash the PolicyFuel of our million of of net delivered based cash $XX has or Historically, from of quarter. average as from PolicyFuel equivalents $XX.X in at paid of adjusted $X.X of flow sheet acquisition PolicyFuel this the with Positive the Turning higher allowance $X.X share vertical GAAP on GAAP net EBITDA of in quarter. adjusted acquisition. included to weighted impacted auto in did for of it closing million a million million operating of $X.XX X.X% increased VMM $X.X valuation shares operations loss loss QX. profitability, per $X.X of the the at million to the track tax one-time Lower

As also periods. to On in expect the more we sold, flow revenue, QX, PolicyFuel. announced significantly lifetime policy policy to acquisition cash that closed contribute QX that we as policy commissions EBITDA operating over trail commissions of future most August anticipate the sales sales into we which XXth, the adjusted expected we of will we stretches collect

we marketplace. diversity will by be will challenging have ramp for during a carrier our perform QX. expect health with above so integration our and We stated pleased and PolicyFuel the not auto and and agency, to for policy provide impacted expectations been DTC expect life marketing model significantly with business Similar revenue and PolicyFuel’s sales-as-a-service non-auto our insurance insurance verticals our period now us previously to far reductions

impacted insurance affecting by in factors near-term. the Turning significantly to industry vertical guidance our is auto guidance, our QX

revenue EBITDA $XX.X million are adjusted we revenue million, million between marketing to between $XXX XXXX For $XXX follows; $XXX $X.X $XX.X quarter, expect of and and negative million. a the we the VMM full margin and as of increase million, between prior XX% be expect $X.X our and our million. guidance between $XX.X million EBITDA million and a $XX.X year-over-year million to at to for Consequently, between $XXX lowering be we and variable and positive midpoint from be and million year decrease guidance revenue, adjusted to be

we and a at between at And from our a during XX% and foresee our prior our as ability business of though million. from marketing growth and million, variable of with headwinds, a midpoint in midpoint adjusted and and guidance to our between million, XX% summary, expect long-term of to remain of a expect be to million model EBITDA our near million million increase million the million. between We this term decrease normalizes. profitability In we of and increasing confident $XXX the of between prior $XX we consistent $XXX decrease margin year-over-year to guidance $XXX $XXX and decrease return demand manage $XX year-over-year $XX.X high performance period industry and $XX.X

the a temporary look our conditions strategy. driving your for demand, direct-to-consumer is auto validating believe we in questions. industry and performance beyond forward I our Jayme insurance agency answering breakout Looking QX poised to

Operator

of Your response ahead. from is go Canaccord. first Graham Instructions] Please [Operator Michael

Michael Graham

around standard the could remember duration XX% Just little off just growth for per time it of and as year. and a lot. couple IPO were bit some maybe the Hey, at a a Thanks up of a of have all the softness unfold you circumstances, margins you thanks just in the sort what you timing the auto? year I guys to wanted after of more I at and you of ambition to and the, coming going more just took here see of of a to if flat and I that of compressing similar claims sort the could on other you time? about a that believe got your ask add information quarters color. expect see potential that wondering if maybe I put of color little sort around with

Just wondering up thinking and as about are that we you head how next? into this finish year

Jayme Mendal

for the Thanks Jayme. Mike. question. is Hey, This

duration, points of we obviously, have thing have terms of and data expectations timing experience. the the historical draw first perfect around on on to is a But information. draw in we So couple don’t can we

second just it getting XXXX are you then data this from feedback think the carriers. point time something last I and around XXXX right, are was is experienced like into the we

address they is the marketing is, policyholders And reengage second the they deploy for feel two normalized the and re-file of drawdown now will in-your first then sort resume with of piece carriers is or insurance months. spend spend. that’s levels take rates to in-quarter once that playbook their to Step the marketing state about and will acquiring the solve the process several profitability, unprofitable. is stop that will to of and to be departments profitability, a they good to really, the things second the rates in-period And so know they that two,

that’s this previous carriers. That’s given to this. been we So see in we by time went saw time, happen have the we what expect the that’s through you guidance what

In right expect long have find terms we to information best now we The of that it how we will trough. persist? suggests a

think We with speed. will course we our carriers the different in QX, ways at next QX a of and That’s a gradual I recovery somewhat experience. year. and least respond bottom of likely And see then will different levels affected were over find to step-up sort approaches in different been or of in

expect of of approach phased-in next over ultimately year, a somewhat we spend. to So back year normalized the exit to of next us would levels see course having

John Wagner

add are implies then, part exit with Michael, growth growth model, we on of next to just to the profitability to what right? that confident we But growth. to growth still that is XXXX the model model we obviously, quarters our is question, seeing number long-term for I would this back on is will model industry your an of to long-term And second and tied of and something Our our that tied emerge in long-term industry. that growth into regard also long-term the some are macro would that next the appropriate, year back use, trends we of

Michael Graham

Okay.

John. Sounds good. Thanks, Thanks, Jayme.

Jayme Mendal

Mike. Thanks,

Operator

you. Thank

with Your next Please from Schackart Ralph William Blair. response is go ahead.

Ralph Schackart

more we taking the seen back I before you versus seeing are then guess, currents up question. off added what have here did then, go But of at costs, people the guess, then have changes issues, love chain claims back Jayme, pushing last contrast? last and and related know on what and I Thanks correct. of particularly to with I circling Michael’s some big cars technology and just cross watch some a your supply of similar but cycle afternoon. perspective these you IPO question. cycle, to for which kind Good with also you today compare guess I in

Jayme Mendal

Ralph. Thanks, Yeah.

which this -- different the around. a of time there are is that occurring They different confluence time, are there than are are last So drivers underlying are right? factors --the distinctive,

the that from right? another some this their having react hearing lessons is think rep quickly, last and I that. difference are are positioned occurred time better respond And fact carriers time we to of to -- one some it’s belts, under -- the the So learned have this

just The drivers. second underlying the is

this as in the got this expected. one, accident number hear coming So levels, think are result. levels so at is, miles of back frequency was you of levels have to miles of a driven What factor I up largely from and case, confluence severity not two pre-COVID pre-XXXX this right, was Number events. driven expectations. to your so being and we we is going almost and a this relative not completely anticipated, But increases driving carriers, of perhaps in XX%

at The motions we where so for are through on seeing kind Ida so So -- which supply through, the playbooks sort are they shock right? plus higher And a Atlanta my and is labor once proceed the higher it layer you hurricane But emerge system. have they I back first do associated time, frequency, a at expensive. coming anticipate of particularly more is accidents, unexpected, was that. of And making this unexpected not shortages, wasn’t expenses for chain expected, they all the the to least shortages, go mentioned, right, good carriers Louisiana. and which catastrophe, we top an chunk right? better some around plus of flood the injury pretty Northeastern But understood point came again, together are same cost time events they and all to that, to Hurricane which well at hurricane United they States are to that seeing, and serious vehicles of you this And more making will sudden back rates with of then this prepared, and started been point, of bodily think severity, the are and more normalized. as replacing repairing to

Ralph Schackart

perspective. helpful That’s

Just bit. guess, of claims that or a down in maybe the just one so of flesh something little driving guess, to would I severity, severity guess, mirror I more guess, you the speak sort or could or QX that Is clarifying what’s continued through, out I neutralize slow of, question, maybe what terms that has, what’s on? going I part if

Jayme Mendal

serious and accidents Well, the is the labor number expenses two bodily the severity shortages. two, with supply and then that. and chain again, more -- so greater costs factors driving the associated up healthcare injury And are

that issues, at Now ways. are those two in when has far to on the and sort just they response certainly emerged knows they could normal it time, reflect pricing that. as and to a normal. of see think they sort of period where one themselves, One of what and latter think, as address the experience Number pricing I what inquiring a there, could they new in just -- who higher addressed as resolve we update carriers to they is is two of are tack reflect to right can shortages it Over labor and now the profitability. correcting is lead that now new time be supply taking as a new I of really is this are are carriers chain one about. shortage you resolving the is pricing tell, a focused assuming can a But that levels normal least that revising

Ralph Schackart

helpful. Jayme. Okay. Thank you, That’s

Operator

Thank you.

Kelly Your of go next Jed response Please Oppenheimer. is ahead. from

Jed Kelly

Great. Thanks my taking for question.

still Just insurance recovery, a marketing commercials. we of lot TV see the on

like relative the channels marketplaces spend, it So with affiliate like the their television to when yourself? bringing does are the carriers back marketing work how branded

John Wagner

I take one. Jed. that will Hi,

we marketing there types commitments be affected. times and certain on is in for terms a of So, will spend Clearly, I that spend. think guess, lead carriers of difference all the

models calibrate the carriers reach profitability toward those the as So we goals. did think as and to soon made their we trying soon as decision the this carriers felt to as

us. think I that’s for sudden So

through, when for might I over roll a that’s of a to be of carrier us some that’s and terms in will sources media see into as those mass of tailwind going demand. also advertising time other reductions commitments bit XXXX think little

So I react more commitments think marketplace as and term, medium also marketplace -- say to highly those we faster the then, so against valid attributable like in and or acquisition over the carriers with cycles better longer level offers the are other a performance that targeted we that of I we do as spend our carriers ours that are and a have but the think medium-term, is recalibrate they sources rebalance marketing get of. spend worthy our proportionally is more and

we So, think, through first, Jed, hit roll we better may going get -- to I you will it but the do are in is see think medium-term. I but

Jed Kelly

to mentioned back would growth think year? next we that relative XXXX. think higher XX% about would targets, level that actually year your of And rate be growth then or growth that How actually getting the should next be call you a compounding it, would XX% growth growth, you

John Wagner

Yeah.

for will giving certainly -- I thoughts more and quarter on give XXXX look what think we like. will guidance next

know looking terms that its at in length. we care something I are multi-quarters is we think demand in that of

from path. growth We really are XXXX that back on in long-term confident emerging

will be of the regard With long-term statements to we making where are not on XXXX, regard about emerging we with to that out we So back XXXX, profile. any are.

go much especially of can at grow like were which and coming out to consumers we were in in look back of the successfully more XXXX. you look terms mean at emerge. able periods how company in If the periods you slowdown. There marketplace, might I volumes the

will indication, track as right fact on for the us model but long-term the as demand still soon I that we issues right now give So profitability that are the may to model some the back that is carrier and think normalize. be these committed

Jed Kelly

agents, way me, Sorry. just that it a one initiative? your part how re does is more that commissions mean, you rethink of And much guess, make direct-to-consumer then more the accelerate to get to this I are seems process, cyclical? I potentially you able -- more if the and business get less for finding

Jayme Mendal

Yeah. It’s Jed. a question, good

interesting our through sort this as been observations and substantially, our was well agency So business distribution the third-party that’s there direct that, unaffected agents, and third-party affected marketplace, has was one of had the as have carrier through we of while suddenly both, direct-to-consumer our agency. period largely

we how your a so I aggressive think, in to consider high path heading more pause I down point, we certainly, go. question? will emboldens faster the answer and that us as path I moving Did can to be think bit down we are I your instill And confidence right that there.

Jed Kelly

Thanks. you. Yeah. Thank

Operator

you. Thank

next Carpenter ahead. is Cory with go response JPMorgan. Please Your from

Cory Carpenter

the for Thanks questions. Hey.

it’s cuts question with any running difference just how versus PolicyFuel, you type of curious Just And expectations. are of you throughout ahead second carriers, in agency for the broad is traditional kind network from in mentioned of based to were direct-to-consumer your a isolated carriers, a out maybe certain cuts giving notable techs? insured as then,

hoping somewhat from lessons learned and am working you what’s the could integration? I So to well early talk Thanks.

Jayme Mendal

carriers us point Sure. are are to from Cory. directly my would more that that buy oriented broad sort relatively affect seeing direct more The effects us. But based, referrals we say I earlier of industry direct-to-consumer would on directly -- them

the more So the insure aggressively. carriers, our in sort carriers would tech of would include include some DTC that more of to might classify as it be them, you marketplace seem responding

Pol The -- second Cory, the part -- please. of PolicyFuel your yeah. second --- me question, provide

John Wagner

PolicyFuel.

Jayme Mendal

PolicyFuel. Yes.

in are So a we PolicyFuel. couple now on of months

you reorient first the began down path. agency We of direct-to-consumer how it picture. kind to fits this big Just into to

we XXXX. early insurance agency accelerated now of that once our the health persona with path of of PolicyFuel acquisition we the XXXX, with again sort down Crosspointe have of the we of in PolicyFuel with then launch agency the in lines acquisition accelerated With insurance. acquisition and the of major the life mid-to-late across Medicare in And operating this all and have space direct-to-consumer

signs the closed excited the off are plan a ensuring positive are maintain to there’s deal. out have the quite the are team all integration still start. good to we The excited of and we It’s focus on and him well-integrated to laid team. we are we so we So Board. far and have for lot is But so on early a

Cory Carpenter

you. Thank

Operator

from next Mayank ahead. Your go is Needham. Instructions] Tandon Please [Operator of response

Kyle Peterson

provide Hey. little I are a bit emerging and for just on basis see if some Thanks of a seeing Good of verticals? in like dollar to that of some some as sequentially that evening. areas to little life It’s guys the for actually Kyle percentage any touch of on want you could taking Peterson or challenges both some the guys just emerging Mayank. a bit home revenue the same verticals. that kind questions. get I -- on noticed in you auto you and were additional seeing want color the

Jayme Mendal

I verticals would the the -- been. accelerating expect for dynamics growth market into the have catalyst It industry has affected been that emerging emerging really The QX. see by wasn’t to auto we non-auto not verticals a the in No. same outsized And QX.

think I but they auto it. kept didn’t with pace sort exceed of

you that’s year the we health for been all to enrollment included Medicare, of and and this in and to axing quite and As in agency the get three advisors have team and periods business recall, of over infrastructure heavily support open them. the number course investing that ready annual the

and for quarter. but in positive expect to through it’s catalyst here this period, non-auto’s large progress be the So that as still we are reaccelerate we very do the QX, a early enrollment growth to signs

Kyle Peterson

demand the expenses rationalizations. demand, Okay. expense about, cost of of there the some That’s as environment between just follow-up impact should how that cash a these that in it, to demand some think carrier obviously some moving pieces of you initiatives But call kind obviously, takes is and anything helpful. guess, of prepared then, we maybe And there kind to reductions XX%, between should then, and your we is to on ability grow are how and would kind basically when guys or about of growth pace reaccelerate how the think puts like improves improves? I

Jayme Mendal

Yeah.

great a It’s question. Okay.

couple different approach So we are weighing as we expense the things. reduction, a of

time. auto profitability to be and to hand, and scenarios it expenses respect diligent be would deep to are last one managing direct that out would effectively On the sort of different how how through of trying long with model preserve we dip and period the

actually have pay right? hand, are take big lot But about them to it’s rest consumer auto you do feeling talking at the that other year the So aside. verified business. the you you about partner to that business, thing the if been starting just good very it made aside. we the look of a and of and if the side we investments see this off, and acquisition know a on business can have the I we the set direct On network set

building we a making have of thoughtful our period that that’s have The We beginning launching to very we progress is into and is agency agency and building direct-to-consumer accelerating, business marketplace new strategy and take disrupt of healthy acquire been we that as the and been open the -- be to the is want products investments into really not are parts to and now PolicyFuel, momentum momentum so business. is as lot enrollment move some hold. right we the in the other

we that going us slowing efficiently. level more just on things we as in are building the what’s those progress of with business expense or the two got move momentum approached help the in of think So and of the auto we that terms we it sacrifices we business. in are the on was we with didn’t to it, reduction responsible live and some came organizational necessarily the slowdown But feel couldn’t we context make of parts other any will changes balancing

are sentiment a So we my personal in position. is good

right around it before. does, it were trajectory on keep positioned going But things that we well our we is on back really and some tough to our be We expectation, will we have as that growing getting and will now. us to believe pass

Kyle Peterson

Thanks guys. sense. Makes

Jayme Mendal

Kyle. Thanks,

Operator

over concludes call. the I Q&A now call will the back turn Jayme our for CEO. to This Mendal,

Jayme Mendal

environment. temporary Hey. for you to as our these business Then us thank issues strategies and market today. all correct underwriting presents we joining confident pricing near-term the headwinds carriers that we nature their but for in new are a The are will adjust

are player against Thank insurance distribution a believe all period be executing from evening. strategy. in our have we you market. this to emerge mentioned, EverQuote a billion well We even and $XXX powerful great we better As positioned will

Operator

now conference call. you. You concludes participating Thank for today’s Thank This disconnect. you may

EverQuote (EVER) 2 Nov 212021 Q3 Earnings call transcript