EverQuote, Inc. (EVER): restructuring charge — EverQuote completes health insurance exit; records $19.4M loss on asset sale

EverQuote, Inc.

Sold Eversurance LLC membership interests to MyPlanAdvocate for $13.2M cash; recognized $19.4M loss on sale.
Previous restructuring charges totaled $2.7M severance and $1.1M non-cash equity modification.
Assets sold included $30.8M commissions receivable (collected over 7 years), $1.0M intangible, $0.4M other net assets.
Exit of health vertical and workforce reduction completed as of Sept 30, 2023; no further charges expected.

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

The Company previously estimated that it would 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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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

EverQuote, Inc. announced a impairment with charges of loss on sale of assets of $19.4 million affecting health insurance vertical.

Type: impairment
Charge: loss on sale of assets of $19.4 million
Affected area: health insurance vertical

Exact text from the filing

Accordingly, the Company has now recognized a loss on sale of assets of $19.4 million, which amount is included in restructuring and other charges, for the three and nine months ended September 30, 2023.

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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 0001193125-23-272437

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