warm everyone. afternoon, the for Good Jayme, you, Thank introduction.
had many meeting nearly our of During of my the EverQuote, X years investors. I've pleasure with
into discussing to role, the dialogue quarter I providing end our of before guidance second sharing financial forward for CFO the look step you making quarter. for the taken recent start the QX by third since the progress and are I I then EverQuote. update results will our As we actions at continuing you with on
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we the vertical, the decision to savings, As part these health review made or including that agency the the identified direct-to-consumer insurance of exit strategic associated DTCA.
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these take assets. charge the expect QX a related to noncash in We sale significant to of
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auto the to of down agent company-wide, addition a DTCA, the the of home In numerous with markets P&C insurance. we positions associated scale eliminated health including substantial insurance our support serving and roles vertical,
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to the sheet to made we QX, of and X liquidity strengthen Subsequent position. our decisions strategic balance close
earlier former cash, which of approximately to added described million will assets be our insurance my in sold balance vertical remarks, $XX.X our As in select sheet. we for I health
provides loan existing our auto given financial Bank, better nature more our the outlook modified with flexible align carrier the we terms with agreement of current Western Alliance that prolonged Second, significantly downturn.
undrawn million loan. million $XX part $XX from the we $XX this and of reduced line the As million eliminated term to credit modification, of
debt no facility. plans outstanding have Alliance facility, have July XXXX which through runs draw the currently on We on and debt to to Western no the
quarter, liquidity Following we close in excess million. $XX total X actions after of these the of have the currently
our an the a June insurance since late on the auto summer We outlook, in industry. demand, to in point in auto Turning new market with carrier began XXXX. downturn the including low ended resulting update very insurance conditions auto weak
remain QX, into public their on and sidelines industry. many on discussions current carrier persist year-end. is the others partners Based in carriers auto have the with expectation that our like through own profitability, We conditions seen largely these on will our their commentary
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premium their remain new this increases auto therefore confident insurance auto continues improve But for financial delayed, carriers that performance we insurance demand QX. timing increase consequently, of Ultimately, for to acquisition. be will the will guidance impacting improvement and for our consumer
to a million, revenue at be expect year-over-year between We million decrease the midpoint. XX% $XX of $XX and
decrease a We And expect VMM the million between to $XX million be at and of adjusted expect be midpoint. year-over-year we $XX between EBITDA million. million, negative $X and XX% negative $X to
In solid guidance exceeding EBITDA. quarter, for adjusted summary, second and midpoint performance our we delivered within the VMM of the
are market market. taking very We challenging and share executing well a in
strong uncertainty of expenses have and the will from can our to capitalize opportunity control on the the of EverQuote auto own what focusing be and on term, positioned taking are we the judiciously directly near We Though to normalization benefit we conviction we recognize well carrier level and manage high insurance demand. will capital. in action market decisive
Jayme answer questions. and I will your now
