$EVER
EverQuote Inc

2018 Q3 Form 10-Q Financial Statement

#000119312518326822 Filed on November 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3 2017 Q1
Revenue $41.75M $32.10M $31.75M
YoY Change 30.07%
Cost Of Revenue $3.115M $1.889M $1.736M
YoY Change 64.9%
Gross Profit $38.63M $30.21M $30.02M
YoY Change 27.89%
Gross Profit Margin 92.54% 94.11% 94.53%
Selling, General & Admin $38.45M $28.79M $29.40M
YoY Change 33.56%
% of Gross Profit 99.52% 95.29% 97.95%
Research & Development $4.123M $2.441M $2.100M
YoY Change 68.91%
% of Gross Profit 10.67% 8.08% 7.0%
Depreciation & Amortization $340.0K $320.0K $400.0K
YoY Change 6.25%
% of Gross Profit 0.88% 1.06% 1.33%
Operating Expenses $42.57M $31.23M $31.60M
YoY Change 36.33%
Operating Profit -$3.936M -$1.019M -$1.551M
YoY Change 286.26%
Interest Expense $3.000K $116.0K -$100.0K
YoY Change -97.41%
% of Operating Profit
Other Income/Expense, Net $128.0K -$116.0K
YoY Change -210.34%
Pretax Income -$3.808M -$1.135M -$1.600M
YoY Change 235.51%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$3.808M -$1.135M -$1.618M
YoY Change 235.51%
Net Earnings / Revenue -9.12% -3.54% -5.1%
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share -$0.15 -$44.35K -$64.52K
COMMON SHARES
Basic Shares Outstanding 24.60M
Diluted Shares Outstanding 24.60M

Balance Sheet

Concept 2018 Q3 2017 Q3 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.70M
YoY Change
Cash & Equivalents $38.71M $2.125M $12.40M
Short-Term Investments
Other Short-Term Assets $1.600M
YoY Change
Inventory
Prepaid Expenses
Receivables $21.79M
Other Receivables $0.00
Total Short-Term Assets $62.14M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.021M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $721.0K
YoY Change
Total Long-Term Assets $4.742M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $62.14M
Total Long-Term Assets $4.742M
Total Assets $66.89M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.62M
YoY Change
Accrued Expenses $2.700M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $18.85M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.200M
YoY Change
Total Long-Term Liabilities $1.200M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $18.85M
Total Long-Term Liabilities $1.200M
Total Liabilities $20.03M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$92.97M
YoY Change
Common Stock $139.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.86M
YoY Change
Total Liabilities & Shareholders Equity $66.89M
YoY Change

Cashflow Statement

Concept 2018 Q3 2017 Q3 2017 Q1
OPERATING ACTIVITIES
Net Income -$3.808M -$1.135M -$1.618M
YoY Change 235.51%
Depreciation, Depletion And Amortization $340.0K $320.0K $400.0K
YoY Change 6.25%
Cash From Operating Activities -$5.010M -$2.070M -$550.0K
YoY Change 142.03%
INVESTING ACTIVITIES
Capital Expenditures -$1.080M -$350.0K -$390.0K
YoY Change 208.57%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.080M -$350.0K -$390.0K
YoY Change 208.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 42.42M 3.290M -9.220M
YoY Change 1189.36%
NET CHANGE
Cash From Operating Activities -5.010M -2.070M -550.0K
Cash From Investing Activities -1.080M -350.0K -390.0K
Cash From Financing Activities 42.42M 3.290M -9.220M
Net Change In Cash 36.33M 870.0K -10.16M
YoY Change 4075.86%
FREE CASH FLOW
Cash From Operating Activities -$5.010M -$2.070M -$550.0K
Capital Expenditures -$1.080M -$350.0K -$390.0K
Free Cash Flow -$3.930M -$1.720M -$160.0K
YoY Change 128.49%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b><i>Concentrations of Credit Risk and of Significant Customers</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents at two accredited financial institutions. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company sells its consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States. For the three months ended September&#xA0;30, 2018 and 2017, one customer represented 22% and 19%, respectively, of total revenue. For the nine months ended September&#xA0;30, 2018 and 2017, one customer represented 20% and 21%, respectively, of total revenue. As of September&#xA0;30, 2018, two customers accounted for 28% and 13% of the accounts receivable balance. As of December&#xA0;31, 2017, four customers accounted for 12%, 11%, 11% and 11% of the accounts receivable balance.</p> </div>
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9918000
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
6600000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
24729000
us-gaap Revenues
Revenues
123570000
us-gaap Share Based Compensation
ShareBasedCompensation
3876000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2018Q3 us-gaap Advertising Expense
AdvertisingExpense
29200000
CY2018Q3 us-gaap Cost Of Revenue
CostOfRevenue
3115000
CY2018Q3 us-gaap Costs And Expenses
CostsAndExpenses
45684000
CY2018Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3296000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
105105000
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
37415000
dei Trading Symbol
TradingSymbol
EVER
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, the expensing and capitalization of website and software development costs, the valuation of common and preferred stock prior to the IPO, the valuation of stock-based awards and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in periods in which they become known. Actual results may differ from those estimates or assumptions.</p> </div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14187261 shares
ever Deferred Rent Adjustment
DeferredRentAdjustment
-319000
ever Proceeds From Issuance Initial Public Offering Net Of Underwriting Discount And Commissions
ProceedsFromIssuanceInitialPublicOfferingNetOfUnderwritingDiscountAndCommissions
52313000
ever Tax Cuts And Jobs Act Of2017 Net Operating Losses Limitation Percentage
TaxCutsAndJobsActOf2017NetOperatingLossesLimitationPercentage
0.80 pure
ever Operating Lease Commencing Month Year
OperatingLeaseCommencingMonthYear
2019-03
ever Operating Lease Expiration Month Year One
OperatingLeaseExpirationMonthYearOne
2024-09
ever Cash Payment To Related Party
CashPaymentToRelatedParty
7000000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.35 pure
us-gaap Net Income Loss
NetIncomeLoss
-5100000
ever Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
0
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2586000
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3808000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q3 us-gaap Interest Expense
InterestExpense
3000
CY2018Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
131000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3808000
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
128000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-3808000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3936000
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4123000
CY2018Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
2200000
CY2018Q3 us-gaap Revenues
Revenues
41748000
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
35150000
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24595102 shares
CY2018Q3 ever Cash Payment To Related Party
CashPaymentToRelatedParty
2000000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
433000
CY2017Q3 us-gaap Advertising Expense
AdvertisingExpense
23000000
CY2017Q3 us-gaap Cost Of Revenue
CostOfRevenue
1889000
CY2017Q3 us-gaap Costs And Expenses
CostsAndExpenses
33115000
CY2017Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1181000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1135000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q3 us-gaap Interest Expense
InterestExpense
116000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-604000
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-116000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-1135000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1019000
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2441000
CY2017Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
2200000
CY2017Q3 us-gaap Revenues
Revenues
32096000
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
27604000
CY2017Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
-531000
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8622072 shares
CY2017Q3 ever Cash Payment To Related Party
CashPaymentToRelatedParty
2000000

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