EverQuote, Inc. (EVER): restructuring charge — EverQuote exits health insurance vertical, cuts workforce; estimates $2-3M in costs

EverQuote, Inc.

Committed on June 30, 2023, to exiting its health insurance vertical and implementing a workforce reduction plan.
Estimated one-time costs of $2.0-$3.0 million for severance, benefits, and related cash expenditures, primarily in Q2 2023.
Exit of health insurance vertical expected to be completed by December 31, 2023.
Company evaluating potential asset write-downs and additional charges from the exit.
Reduction plan part of structural non-marketing opex cut of over 15% announced on June 16, 2023.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

EverQuote, Inc. announced a restructuring with charges of approximately $2.0 million to $3.0 million affecting health insurance vertical.

Type: restructuring
Charge: approximately $2.0 million to $3.0 million
Affected area: health insurance vertical

Exact text from the filing

On June 30, 2023, EverQuote, Inc. (the “Company”) committed to exiting its health insurance vertical and implemented a workforce reduction plan (the “Reduction Plan”) as part of the structural reduction in non-marketing operating expenses (excluding non-cash items) of over 15% that the Company announced on June 16, 2023. The Company estimates that it will incur one-time termination benefits and other associated costs of approximately $2.0 million to $3.0 million in connection with the Reduction Plan.

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3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

EverQuote, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-182779

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