We launched our DTC agency initiative and the health vertical with our acquisition of Crosspointe, and in the life vertical with a homegrown agency.
Lesson 6.8 any way you slice it answers series#
To put this in the context of our strategy, last year, we kicked off a series of strategic initiatives that began to evolve our business to capture a larger portion of the economic value chain of each insurance transaction, while at the same time, bringing us closer to our customers. We are excited to welcome PolicyFuel's founders and team to EverQuote, and expect the transaction to close by the end of Q3. PolicyFuel earns revenue based on policies sold and broadens EverQuote's ability to access the $135 billion commission component of our total addressable market. PolicyFuel operates in property and casualty, or P&C, insurance verticals, providing policy-sales-as-a-service offerings to enable carriers to complement their own call center operations with access to dedicated advisor teams that focus exclusively on selling that provider's offerings to its target customers.
Lesson 6.8 any way you slice it answers update#
I'd like to provide an update on progress against our strategy and the context of these growth levers.īefore discussing Q2, I'll share the strategic rationale for our recently announced acquisition of PolicyFuel.
With over 30% revenue growth in the first half of the year, we continue building toward our vision of becoming the largest online source of insurance policies by using data and technology to make insurance simpler, more affordable and personalized.Īt the beginning of the year, I outlined four growth levers in our strategy, including: number one, attracting more shoppers number two, growing insurance provider coverage and budget number three, optimizing and deepening consumer-provider engagement and number four, expanding non-auto verticals. We generated increased adjusted EBITDA and our strongest adjusted EBITDA margin since going public, while continuing to make significant strategic investments in our growth levers. Year-over-year revenue increased 34% and variable marketing margin, or VMM, grew 40%. We delivered a strong second quarter with growth across all of our key metrics. Thank you, Brinlea, and thank you, everyone for joining us today. A reconciliation of GAAP to non-GAAP measures was included in the press release we issued after the market closed today, which is available on the Investor Relations section of our website at. For a discussion of material risks and other important factors that could affect our actual results, please refer to those contained under the heading Risk Factors in our most recent quarterly report on Form 10-Q and our annual report on Form 10-K, which is on file with the Securities and Exchange Commission and available on the Investor Relations section of our website at and on the SEC's website at sec.gov.įinally, during the course of today's call, we refer to certain non-GAAP financial measures, which we believe are helpful to investors. Forward-looking statements are not promises or guarantees of future performance, and are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from our expectations. We specifically disclaim any obligation to update or revise these forward-looking statements, except as required by law. These statements reflect our views only as of today and should not be considered our views as of any subsequent date.
Forward-looking statements may be identified with words and phrases such as we expect, we believe, we intend, we anticipate, we plan, may, upcoming and similar words and phrases. With me on the call this afternoon is Jayme Mendal, EverQuote's Chief Executive Officer and John Wagner, Chief Financial Officer of EverQuote.ĭuring the call, we will make statements related to our business that may be considered forward-looking statements under federal securities laws, including statements concerning our financial guidance for the third quarter and full-year 2021, our growth strategy and our plans to execute on our growth strategy, key initiatives, including our direct-to-consumer agencies, our investments in the business, the growth levers we expect to drive our business, our ability to maintain existing and acquire new customers, our recent and planned acquisitions, and interest or ability to acquire other companies, our goals for integrations, and other statements regarding our plans and prospects. We will be discussing the results announced in our press release issued today after the market closed. Good afternoon, and welcome to EverQuote's second quarter 2021 earnings call.
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