earnings
confidence high
sentiment negative
materiality 0.85
EverQuote preannounces Q3 revenue $106.5-107.5M, below guidance; cuts non-marketing costs 10%
EverQuote, Inc.
2021-Q3 EPS reported
-$0.38
revenue$316,448,000
- Total revenue expected $106.5-107.5M vs guidance of $109-111M; variable marketing margin $32-32.5M vs $33-34M.
- Adjusted EBITDA forecast $2.0-2.5M, well below guidance of $4.5-5.5M; GAAP net loss $5.5-6.0M.
- Auto insurance carriers pulled back marketing due to higher claims losses; EverQuote cites temporary industry dynamics.
- Company implementing ~10% structural reduction in non-marketing operating expenses, mainly in auto marketplace operations.
- Management expects non-auto verticals (health) to be unaffected and remains confident in Q4 health insurance outlook.