2019 Q2 Form 10-Q Financial Statement

#000119312519216812 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $55.67M $41.09M
YoY Change 35.47% 36.9%
Cost Of Revenue $3.504M $2.873M
YoY Change 21.96% 52.49%
Gross Profit $52.16M $38.22M
YoY Change 36.48% 35.85%
Gross Profit Margin 93.71% 93.01%
Selling, General & Admin $50.01M $36.67M
YoY Change 36.38% 32.78%
% of Gross Profit 95.86% 95.93%
Research & Development $4.404M $3.181M
YoY Change 38.45% 51.48%
% of Gross Profit 8.44% 8.32%
Depreciation & Amortization $530.0K $320.0K
YoY Change 65.63% -3.03%
% of Gross Profit 1.02% 0.84%
Operating Expenses $54.41M $39.85M
YoY Change 36.55% 34.1%
Operating Profit -$2.246M -$1.627M
YoY Change 38.05% 2.97%
Interest Expense $200.0K $103.0K
YoY Change 94.17% 21.18%
% of Operating Profit
Other Income/Expense, Net $272.0K -$103.0K
YoY Change -364.08%
Pretax Income -$2.000M -$1.700M
YoY Change 17.65% 0.0%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.974M -$1.730M
YoY Change 14.1% 3.9%
Net Earnings / Revenue -3.55% -4.21%
Basic Earnings Per Share
Diluted Earnings Per Share -$78.13K -$68.55K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.10M $2.400M
YoY Change 1445.83%
Cash & Equivalents $37.12M $2.632M
Short-Term Investments
Other Short-Term Assets $1.400M $2.000M
YoY Change -30.0%
Inventory
Prepaid Expenses
Receivables $24.15M $17.72M
Other Receivables $0.00 $0.00
Total Short-Term Assets $62.70M $22.07M
YoY Change 184.05%
LONG-TERM ASSETS
Property, Plant & Equipment $5.040M $3.028M
YoY Change 66.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $703.0K $728.0K
YoY Change -3.43%
Total Long-Term Assets $5.743M $7.468M
YoY Change -23.1%
TOTAL ASSETS
Total Short-Term Assets $62.70M $22.07M
Total Long-Term Assets $5.743M $7.468M
Total Assets $68.44M $29.54M
YoY Change 131.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.36M $17.99M
YoY Change 2.02%
Accrued Expenses $2.300M $2.300M
YoY Change 0.0%
Deferred Revenue $1.761M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $23.57M $22.17M
YoY Change 6.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $6.983M
YoY Change -100.0%
Other Long-Term Liabilities $1.200M $1.200M
YoY Change 0.0%
Total Long-Term Liabilities $1.200M $6.983M
YoY Change -82.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.57M $22.17M
Total Long-Term Liabilities $1.200M $6.983M
Total Liabilities $24.74M $30.34M
YoY Change -18.44%
SHAREHOLDERS EQUITY
Retained Earnings -$106.2M -$89.16M
YoY Change 19.17%
Common Stock $149.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.70M -$89.15M
YoY Change
Total Liabilities & Shareholders Equity $68.44M $29.54M
YoY Change 131.68%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$1.974M -$1.730M
YoY Change 14.1% 3.9%
Depreciation, Depletion And Amortization $530.0K $320.0K
YoY Change 65.63% -3.03%
Cash From Operating Activities -$360.0K -$160.0K
YoY Change 125.0% -91.35%
INVESTING ACTIVITIES
Capital Expenditures -$880.0K -$750.0K
YoY Change 17.33% 188.46%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$880.0K -$750.0K
YoY Change 17.33% 188.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 650.0K 700.0K
YoY Change -7.14% -37.5%
NET CHANGE
Cash From Operating Activities -360.0K -160.0K
Cash From Investing Activities -880.0K -750.0K
Cash From Financing Activities 650.0K 700.0K
Net Change In Cash -590.0K -210.0K
YoY Change 180.95% -78.79%
FREE CASH FLOW
Cash From Operating Activities -$360.0K -$160.0K
Capital Expenditures -$880.0K -$750.0K
Free Cash Flow $520.0K $590.0K
YoY Change -11.86% -137.11%

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<div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:0pt; margin-bottom:0pt; margin-left:150.953px"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates</div></div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt; text-indent:8%"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 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.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Concentration Risk Credit Risk
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<div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-indent:0px; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:18pt; margin-bottom:0pt; margin-left:150.953px"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentrations of Credit Risk and of Significant Customers</div></div></div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:6pt; margin-bottom:0pt; text-indent:8%"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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.</div></div><div style="font-size:10pt; color:#000000; font-family:'times new roman'; font-style:normal; font-variant-ligatures:normal; font-variant-caps:normal; font-weight:400; letter-spacing:normal; orphans:2; text-align:start; text-transform:none; white-space:normal; widows:2; word-spacing:0px; -webkit-text-stroke-width:0px; text-decoration-style:initial; text-decoration-color:initial; margin-top:12pt; margin-bottom:0pt; text-indent:8%"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 June&#160;30, 2019, two customers represented 20% and 13% of total revenue. For the six months ended June&#160;30, 2019, two customers represented 20% and 12% of total revenue. For the three months ended June&#160;30, 2018, two customers represented 22% and 10% of total revenue. For the six months ended June&#160;30, 2018, three customers represented 19%, 10% and 10% of total revenue. As of June&#160;30, 2019, two customers accounted for 16% and 11% of the accounts receivable balance. As of December&#160;31, 2018, two customers accounted for 12% and 11% of the accounts receivable balance.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1922000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
13411000
CY2019Q2 us-gaap Deferred Rent Credit
DeferredRentCredit
1200000
CY2018Q4 us-gaap Deferred Rent Credit
DeferredRentCredit
1200000
CY2019Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
700000
CY2018Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
500000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1200000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1000000
CY2019Q2 us-gaap Security Deposit
SecurityDeposit
400000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1974000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-28132000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6356000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-40473000
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25578579
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9084880
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25436889
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8897088
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.08
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.10
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.55
CY2018Q2 ever Cash Payment To Related Party
CashPaymentToRelatedParty
2400000
CY2019Q2 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
800000
CY2018Q4 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
1000000
dei Trading Symbol
TradingSymbol
EVER
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Address State Or Province
EntityAddressStateOrProvince
MA
CY2019Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2019Q1 us-gaap Capitalized Contract Cost Gross
CapitalizedContractCostGross
0
CY2019Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
CY2019Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
1100000
CY2018Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2100000
CY2019Q2 ever Cash Payment To Related Party
CashPaymentToRelatedParty
1500000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
CY2018Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
CY2019Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2018Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2600000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
4400000
ever Cash Payment To Related Party
CashPaymentToRelatedParty
2900000
ever Cash Payment To Related Party
CashPaymentToRelatedParty
5000000
dei Amendment Flag
AmendmentFlag
false
dei Document Type
DocumentType
10-Q
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Document Period End Date
DocumentPeriodEndDate
2019-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
EverQuote, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001640428
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Security12b Title
Security12bTitle
Class A Common Stock
CY2019Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
400000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6356259
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-50544000
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
568000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
567000
CY2018Q1 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
11013000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-1328000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-61750000
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
9000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
723000
CY2018Q2 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
26402000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
-89150000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
422000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18807392

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