$EVER
EverQuote Inc

2020 Q1 Form 10-Q Financial Statement

#000119312520136547 Filed on May 08, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $81.36M $73.80M $52.23M
YoY Change 55.77% 85.52% 28.24%
Cost Of Revenue $5.335M $4.681M $3.666M
YoY Change 45.53% 52.23% 40.19%
Gross Profit $76.03M $69.12M $48.57M
YoY Change 56.54% 88.31% 27.42%
Gross Profit Margin 93.44% 93.66% 92.98%
Selling, General & Admin $71.22M $63.50M $48.45M
YoY Change 47.01% 60.35% 31.88%
% of Gross Profit 93.68% 91.87% 99.75%
Research & Development $6.459M $5.500M $4.685M
YoY Change 37.87% 27.91% 79.23%
% of Gross Profit 8.5% 7.96% 9.65%
Depreciation & Amortization $850.0K $600.0K $480.0K
YoY Change 77.08% 53.85% 65.52%
% of Gross Profit 1.12% 0.87% 0.99%
Operating Expenses $77.68M $69.10M $53.13M
YoY Change 46.2% 57.76% 35.03%
Operating Profit -$1.653M -$1.155M -$4.566M
YoY Change -63.8% -83.76% 269.72%
Interest Expense $0.00 $100.0K $200.0K
YoY Change -100.0% -50.0% 115.05%
% of Operating Profit
Other Income/Expense, Net $211.0K $100.0K $184.0K
YoY Change 14.67% -297.85%
Pretax Income -$1.400M -$900.0K -$4.400M
YoY Change -68.18% -86.96% 238.46%
Income Tax
% Of Pretax Income
Net Earnings -$1.442M -$934.0K -$4.382M
YoY Change -67.09% -86.51% 229.97%
Net Earnings / Revenue -1.77% -1.27% -8.39%
Basic Earnings Per Share
Diluted Earnings Per Share -$52.63K -$34.35K -$173.9K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.50M $46.10M $37.70M
YoY Change 33.95% 10.82% 1350.0%
Cash & Equivalents $50.46M $46.05M $37.72M
Short-Term Investments
Other Short-Term Assets $7.200M $7.100M $1.300M
YoY Change 453.85% 373.33% 44.44%
Inventory
Prepaid Expenses
Receivables $35.66M $32.21M $25.86M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $93.27M $85.33M $64.87M
YoY Change 43.78% 40.93% 174.89%
LONG-TERM ASSETS
Property, Plant & Equipment $5.236M $5.197M $4.673M
YoY Change 12.05% 15.98% 86.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $692.0K $691.0K $709.0K
YoY Change -2.4% -3.36% -66.24%
Total Long-Term Assets $5.928M $5.888M $5.382M
YoY Change 10.14% 13.32% 17.0%
TOTAL ASSETS
Total Short-Term Assets $93.27M $85.33M $64.87M
Total Long-Term Assets $5.928M $5.888M $5.382M
Total Assets $99.20M $91.22M $70.26M
YoY Change 41.2% 38.75% 149.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.65M $23.66M $21.46M
YoY Change 28.84% 40.63% 44.98%
Accrued Expenses $11.00M $11.30M $2.600M
YoY Change 323.08% 391.3% -45.83%
Deferred Revenue $1.577M $1.501M $1.670M
YoY Change -5.57% 4.24%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.96M $38.39M $27.27M
YoY Change 53.89% 79.68% 28.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.000M $1.100M $1.200M
YoY Change -16.67% -8.33% 20.0%
Total Long-Term Liabilities $1.000M $1.100M $1.200M
YoY Change -16.67% -8.33% -82.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.96M $38.39M $27.27M
Total Long-Term Liabilities $1.000M $1.100M $1.200M
Total Liabilities $42.97M $39.45M $28.47M
YoY Change 50.94% 74.86% 1.68%
SHAREHOLDERS EQUITY
Retained Earnings -$108.5M -$107.0M -$104.3M
YoY Change 4.01% 7.12%
Common Stock $164.7M $158.8M $146.0M
YoY Change 12.75% 10.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $56.23M $51.77M $41.79M
YoY Change
Total Liabilities & Shareholders Equity $99.20M $91.22M $70.26M
YoY Change 41.2% 38.75% 149.13%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.442M -$934.0K -$4.382M
YoY Change -67.09% -86.51% 229.97%
Depreciation, Depletion And Amortization $850.0K $600.0K $480.0K
YoY Change 77.08% 53.85% 65.52%
Cash From Operating Activities $3.927M $3.950M -$3.482M
YoY Change -212.78% -3.89% 313.05%
INVESTING ACTIVITIES
Capital Expenditures -$890.0K -$780.0K -$670.0K
YoY Change 32.84% -34.45% 3.08%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$885.0K -$780.0K -$667.0K
YoY Change 32.68% -34.45% 1.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.364M 920.0K 234.0K
YoY Change 482.91% 9100.0% -86.34%
NET CHANGE
Cash From Operating Activities 3.927M 3.950M -3.482M
Cash From Investing Activities -885.0K -780.0K -667.0K
Cash From Financing Activities 1.364M 920.0K 234.0K
Net Change In Cash 4.406M 4.090M -3.915M
YoY Change -212.54% 39.59% -1912.5%
FREE CASH FLOW
Cash From Operating Activities $3.927M $3.950M -$3.482M
Capital Expenditures -$890.0K -$780.0K -$670.0K
Free Cash Flow $4.817M $4.730M -$2.812M
YoY Change -271.3% -10.75% 1356.99%

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CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; 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> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; 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;"> </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; 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 condensed consolidated financial statements include, but are not limited to, revenue recognition and collectability of accounts receivable, 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. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of May 7, 2020, the date of issuance of these consolidated financial statements. These estimates may change, as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions. </div></div></div> <div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; 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="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; 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="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; 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 March&#160;31, 2020, one customer represented 24% of total revenue. For the three months ended March&#160;31, 2019, two customers represented 19% and 11% of total revenue. As of March&#160;31, 2020, one customer accounted for 15% of the accounts receivable balance. As of December&#160;31, 2019, two customers accounted for 14% each 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>
CY2020Q1 dei Entity Shell Company
EntityShellCompany
false
CY2020Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
100000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6705949
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6360693
CY2020Q1 ever Accrued Legal Settlement Current
AccruedLegalSettlementCurrent
4750000
CY2019Q4 ever Accrued Legal Settlement Current
AccruedLegalSettlementCurrent
4750000
CY2020Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
37719000
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
250000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
250000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.490
CY2020Q1 dei Entity Registrant Name
EntityRegistrantName
EverQuote, Inc.

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