$EVER
EverQuote Inc

2019 Q3 Form 10-Q Financial Statement

#000119312519287395 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q3
Revenue $67.11M $55.67M $41.75M
YoY Change 60.76% 35.47% 30.07%
Cost Of Revenue $4.052M $3.504M $3.115M
YoY Change 30.08% 21.96% 64.9%
Gross Profit $63.06M $52.16M $38.63M
YoY Change 63.23% 36.48% 27.89%
Gross Profit Margin 93.96% 93.71% 92.54%
Selling, General & Admin $57.55M $50.01M $38.45M
YoY Change 49.68% 36.38% 33.56%
% of Gross Profit 91.26% 95.86% 99.52%
Research & Development $5.596M $4.404M $4.123M
YoY Change 35.73% 38.45% 68.91%
% of Gross Profit 8.87% 8.44% 10.67%
Depreciation & Amortization $580.0K $530.0K $340.0K
YoY Change 70.59% 65.63% 6.25%
% of Gross Profit 0.92% 1.02% 0.88%
Operating Expenses $63.14M $54.41M $42.57M
YoY Change 48.33% 36.55% 36.33%
Operating Profit -$82.00K -$2.246M -$3.936M
YoY Change -97.92% 38.05% 286.26%
Interest Expense $200.0K $200.0K $3.000K
YoY Change 6566.67% 94.17% -97.41%
% of Operating Profit
Other Income/Expense, Net $255.0K $272.0K $128.0K
YoY Change 99.22% -364.08% -210.34%
Pretax Income $200.0K -$2.000M -$3.808M
YoY Change -105.25% 17.65% 235.51%
Income Tax $0.00
% Of Pretax Income
Net Earnings $173.0K -$1.974M -$3.808M
YoY Change -104.54% 14.1% 235.51%
Net Earnings / Revenue 0.26% -3.55% -9.12%
Basic Earnings Per Share $0.01 -$0.15
Diluted Earnings Per Share $0.01 -$78.13K -$0.15
COMMON SHARES
Basic Shares Outstanding 25.91M 24.60M
Diluted Shares Outstanding 28.61M 24.60M

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.90M $37.10M $38.70M
YoY Change 8.27% 1445.83%
Cash & Equivalents $41.95M $37.12M $38.71M
Short-Term Investments
Other Short-Term Assets $3.200M $1.400M $1.600M
YoY Change 100.0% -30.0%
Inventory
Prepaid Expenses
Receivables $29.91M $24.15M $21.79M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $75.07M $62.70M $62.14M
YoY Change 20.8% 184.05%
LONG-TERM ASSETS
Property, Plant & Equipment $5.105M $5.040M $4.021M
YoY Change 26.96% 66.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $698.0K $703.0K $721.0K
YoY Change -3.19% -3.43%
Total Long-Term Assets $5.803M $5.743M $4.742M
YoY Change 22.37% -23.1%
TOTAL ASSETS
Total Short-Term Assets $75.07M $62.70M $62.14M
Total Long-Term Assets $5.803M $5.743M $4.742M
Total Assets $80.87M $68.44M $66.89M
YoY Change 20.91% 131.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.36M $18.36M $14.62M
YoY Change 59.82% 2.02%
Accrued Expenses $4.800M $2.300M $2.700M
YoY Change 77.78% 0.0%
Deferred Revenue $1.567M $1.761M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $31.44M $23.57M $18.85M
YoY Change 66.78% 6.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.100M $1.200M $1.200M
YoY Change -8.33% 0.0%
Total Long-Term Liabilities $1.100M $1.200M $1.200M
YoY Change -8.33% -82.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.44M $23.57M $18.85M
Total Long-Term Liabilities $1.100M $1.200M $1.200M
Total Liabilities $32.56M $24.74M $20.03M
YoY Change 62.54% -18.44%
SHAREHOLDERS EQUITY
Retained Earnings -$106.1M -$106.2M -$92.97M
YoY Change 14.1% 19.17%
Common Stock $154.4M $149.9M $139.8M
YoY Change 10.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $48.31M $43.70M $46.86M
YoY Change
Total Liabilities & Shareholders Equity $80.87M $68.44M $66.89M
YoY Change 20.91% 131.68%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q3
OPERATING ACTIVITIES
Net Income $173.0K -$1.974M -$3.808M
YoY Change -104.54% 14.1% 235.51%
Depreciation, Depletion And Amortization $580.0K $530.0K $340.0K
YoY Change 70.59% 65.63% 6.25%
Cash From Operating Activities $4.300M -$360.0K -$5.010M
YoY Change -185.83% 125.0% 142.03%
INVESTING ACTIVITIES
Capital Expenditures -$650.0K -$880.0K -$1.080M
YoY Change -39.81% 17.33% 208.57%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$650.0K -$880.0K -$1.080M
YoY Change -39.81% 17.33% 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 1.180M 650.0K 42.42M
YoY Change -97.22% -7.14% 1189.36%
NET CHANGE
Cash From Operating Activities 4.300M -360.0K -5.010M
Cash From Investing Activities -650.0K -880.0K -1.080M
Cash From Financing Activities 1.180M 650.0K 42.42M
Net Change In Cash 4.830M -590.0K 36.33M
YoY Change -86.71% 180.95% 4075.86%
FREE CASH FLOW
Cash From Operating Activities $4.300M -$360.0K -$5.010M
Capital Expenditures -$650.0K -$880.0K -$1.080M
Free Cash Flow $4.950M $520.0K -$3.930M
YoY Change -225.95% -11.86% 128.49%

Facts In Submission

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CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.12
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28607284
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24595102
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25596424
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14187261
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
88352000
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Trading Symbol
TradingSymbol
EVER
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 Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Security12b Title
Security12bTitle
Class A Common Stock
dei Entity Address State Or Province
EntityAddressStateOrProvince
MA
dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2019Q3 us-gaap Deferred Rent Credit
DeferredRentCredit
1200000
CY2019Q3 us-gaap Security Deposit
SecurityDeposit
400000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
95449
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
37415000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25910291
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24595102
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.12
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
173000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-3808000
us-gaap Net Income Loss
NetIncomeLoss
-6183000
us-gaap Net Income Loss
NetIncomeLoss
-6866000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
173000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3808000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6183000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-44281000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
IncrementalCommonSharesAttributableToConversionOfPreferredStock
2696993
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6189915
CY2019Q3 us-gaap Capitalized Contract Cost Gross
CapitalizedContractCostGross
0
CY2018Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
48600000
CY2018Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
88352000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
52313000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
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us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
24729000
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
2625000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3713000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2056000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
853000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div><div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 7%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><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><div style="text-indent: 7%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><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><div style="text-indent: 7%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; 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 September&#160;30, 2019, </div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">one</div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">&#160;customer represented </div>23<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">% of total revenue. For the nine months ended September&#160;30, 2019, </div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">two</div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;"> customers represented </div>21<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">% and </div>11<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">% of total revenue. For the three months ended September&#160;30, 2018, </div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">o<div style="letter-spacing: 0px; top: 0px;;display:inline;">ne</div></div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;"> customer&#160;represented </div>22<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">% of total revenue. For the nine months ended September&#160;30, 2018, </div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">o<div style="letter-spacing: 0px; top: 0px;;display:inline;">ne</div></div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;"> customer&#160;represented </div>20<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">% of total revenue. As of September&#160;30, 2019, </div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">three</div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;"> customers accounted for </div>18<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">%</div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">,</div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;"> </div>11<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">% and </div>10<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">% of the accounts receivable balance. As of December&#160;31, 2018, </div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">two</div><div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;"> customers accounted for </div>12<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">% and </div>11<div style="letter-spacing: 0px; font-size: 10pt; text-indent: 4%; top: 0px;;display:inline;">% of the accounts receivable balance.</div></div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
500000
CY2018Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
500000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1922000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
12801000
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 7%;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><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&#8203;&#8203;&#8203;&#8203;&#8203;&#8203;&#8203; </div></div></div></div></div><div style="text-indent: 7%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><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></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

Files In Submission

Name View Source Status
0001193125-19-287395-index-headers.html Edgar Link pending
0001193125-19-287395-index.html Edgar Link pending
0001193125-19-287395.txt Edgar Link pending
0001193125-19-287395-xbrl.zip Edgar Link pending
d798956d10q.htm Edgar Link pending
d798956dex311.htm Edgar Link pending
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d798956dex322.htm Edgar Link pending
ever-20190930.xml Edgar Link completed
ever-20190930.xsd Edgar Link pending
ever-20190930_cal.xml Edgar Link unprocessable
ever-20190930_def.xml Edgar Link unprocessable
ever-20190930_lab.xml Edgar Link unprocessable
ever-20190930_pre.xml Edgar Link unprocessable
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