# EDGAR Filing Document

**Accession Number:** 0001640428
**File Stem:** 0001193125-23-050740
**Filing Date:** 2023-2
**Character Count:** 48462
**Document Hash:** 2d3050852d9d48ae48e641bdbfa3df7a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-050740.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001193125-23-050740

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20230227

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EverQuote, Inc.
- **CENTRAL INDEX KEY:** 0001640428
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **IRS NUMBER:** 263101161
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38549
- **FILM NUMBER:** 23674663

**BUSINESS ADDRESS:**
- **STREET 1:** 210 BROADWAY
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02139
- **BUSINESS PHONE:** 617-245-0615

**MAIL ADDRESS:**
- **STREET 1:** 210 BROADWAY
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02139

?xml version="1.0" encoding="utf-8" ? 8-K

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): February 27, 2023

------

## EverQuote, Inc.

#### (Exact Name of Registrant as Specified in its Charter)

------

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38549** | **26-3101161** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

---

| | |
|:---|:---|
| **210 Broadway**<br> **Cambridge, Massachusetts** | **02139** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: (855) 522-3444

#### (Former Name or Former Address, if Changed Since Last Report)

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Class A Common Stock, $0.001 par value per share | EVER | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On February 27, 2023, EverQuote, Inc. (the "Company") issued a press release reporting financial results for the fiscal quarter and year ended December 31, 2022. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in Item 2.02 in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

On February 27, 2023, the Company posted an investor presentation to its website (www.everquote.com). A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information contained in Item 7.01 in this Current Report on Form 8-K (including Exhibit 99.2) shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 99.1 | [Press release dated February 27, 2023](d451826dex991.htm) |
| 99.2 | [Investor Presentation dated February 27, 2023](d451826dex992.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | EVERQUOTE, INC. | EVERQUOTE, INC. |
| Date: February 27, 2023 | By: | /s/ John Wagner |
|  |  | John Wagner |
|  |  | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1** 

**EverQuote Announces Fourth Quarter and Full Year 2022 Financial Results** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth Quarter Revenue of $88.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth Quarter Variable Marketing Margin of $29.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full Year Revenue of $404.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full Year Variable Marketing Margin of $128.3 million

CAMBRIDGE, Mass., Feb. 27, 2023 (GLOBE NEWSWIRE) — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the fourth quarter and year ended December 31, 2022.

"In 2022, we achieved positive Adjusted EBITDA for the year through the continued strength and agility of our team to respond swiftly to frequent, large reductions in carrier demand with amplified discipline in expense management and pursuit of targeted growth opportunities," said Jayme Mendal, CEO of EverQuote. "We delivered full year revenue and Variable Marketing Margin, or VMM, of $404.1 million and $128.3 million, respectively; and generated positive Adjusted EBITDA."

"Despite a very challenging auto insurance environment last year, EverQuote enters 2023 in a stronger position than ever before. As a market leader, EverQuote continues to gain market share and is focused on redefining the category of insurance distribution as we build the one-stop insurance destination for the digital age. In 2023, we will work to restore revenue growth, bring profitability back to pre-downturn levels and generate positive cash flow, while continuing to make key investments to advance our strategy."

**Fourth Quarter 2022 Highlights:** 

(All comparisons are relative to the fourth quarter of 2021):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue of $88.3 million, a decrease of 13%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automotive insurance vertical revenue of $67.2 million, a decrease of 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue from other insurance verticals, which includes home and renters, life, and health insurance, decreased
33% to $21.1 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable Marketing Margin of $29.1 million, a decrease of 12%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net loss was $8.5 million, flat with the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA was $0.1 million, compared to Adjusted EBITDA of $0.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct to consumer agency, or DTCA, revenue of $13.9 million, or 15.7% of total revenue.

**Full Year 2022 Highlights:** 

(All comparisons are relative to the full year of 2021):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue of $404.1 million, a decrease of 3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automotive insurance vertical revenue of $324.4 million, a decrease of 2%.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue from other insurance verticals, which includes home and renters, life, and health insurance, decreased 9%
to $79.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable Marketing Margin of $128.3 million, a decrease of 1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable Marketing Margin as a percentage of revenue was a record 31.7%, driven by the strength of our traffic
operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net loss increased to $24.4 million, compared to GAAP net loss of $19.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA was $5.9 million, compared to Adjusted EBITDA of $14.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTCA generated $51.4 million in revenue, or 12.7% of total revenue, while driving significant improvements
in operational efficiency.

**First Quarter and Full Year 2023 Guidance:** 

**First Quarter 2023:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $101 - $105 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable Marketing Margin of $31.5 - $33.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $2 - $4 million.

**Full Year 2023:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $420 - $435 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable Marketing Margin of $132 - $140 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $7 - $13 million.

With respect to the Company's expectations under "First Quarter and Full Year 2023 Guidance" above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, acquisition-related costs, one-time severance charges, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

**Conference Call and Webcast Information** 

EverQuote will host a conference call and live webcast to discuss its fourth quarter and full year 2022 financial results at 4:30 p.m. Eastern Time today, February 27, 2022. To access the conference call, dial Toll Free: (844) 200-6205 for the US, or (929) 526-1599 for international callers, and provide conference ID 396529. The live webcast and replay will be available on the Investors section of the Company's website at https://investors.everquote.com.

------

**Safe Harbor Statement** 

Any statements in this press release about future expectations, plans and prospects for EverQuote, Inc. ("EverQuote" or the "Company"), including statements about future results of operations or the future financial position of the Company, including financial targets, business strategy, plans and objectives for future operations and other statements containing the words "anticipates," "believes," "expects," "plans," "continues," "will" and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: (1) the Company's ability to attract and retain consumers and insurance providers using the Company's marketplace; (2) the Company's ability to maintain or increase the amount providers spend per quote request; (3) the impact on the Company and the insurance industry of the COVID-19 pandemic; (4) the effectiveness of the Company's growth strategies and its ability to effectively manage growth; (5) the Company's ability to maintain and build its brand; (6) the Company's reliance on its third-party service providers; (7) the Company's ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and the Company's ability to successfully monetize them; (8) the impact of competition in the Company's industry and innovation by the Company's competitors; (9) the expected recovery of the auto insurance industry; (10) developments regarding the insurance industry and the transition to online marketing; (11) the possible impacts of inflation; and (12) other factors discussed in the "Risk Factors" section of the Company's most recent Quarterly Report on Form 10-Q, which is on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.

**About EverQuote** 

EverQuote operates a leading online insurance marketplace, connecting consumers with insurance providers. The company's mission is to empower insurance shoppers to better protect life's most important assets—their family, health, property, and future. Our vision is to become the largest online source of insurance policies by using data, technology, and knowledgeable advisors to make insurance simpler, more affordable and personalized, ultimately reducing cost and risk.

For more information, visit everquote.com and follow on Twitter @everquotelife, Instagram @everquotepics, and LinkedIn https://www.linkedin.com/company/everquote/.

**Investor Relations Contact** 

Brinlea Johnson

The Blueshirt Group

415-489-2193

------

EVERQUOTE, INC.

STATEMENTS OF OPERATIONS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | (in thousands except per share) | (in thousands except per share) | (in thousands except per share) | (in thousands except per share) |
|  Revenue | $88308 | $102067 | $404127 | $418515 |
|  Cost and operating expenses(1): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenue | 6060 | 6191 | 23980 | 23949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | 76153 | 89266 | 349255 | 354990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 7440 | 8847 | 31713 | 35732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 6702 | 6176 | 28102 | 24703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition-related costs | 632 | 60 | (4135) | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cost and operating expenses | 96987 | 110540 | 428915 | 440439 |
|  Loss from operations | (8679) | (8473) | (24788) | (21924) |
|  Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 191 | 4 | 349 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense), net | (6) | (11) | 23 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income (expense), net | 185 | (7) | 372 | (20) |
|  Loss before income taxes | (8494) | (8480) | (24416) | (21944) |
|  Benefit from income taxes |  |  |  | 2510 |
|  Net loss | $(8494) | $(8480) | $(24416) | $(19434) |
|  Net loss per share, basic and diluted | $(0.26) | $(0.29) | $(0.77) | $(0.67) |
|  Weighted average common shares outstanding, basic and diluted | 32372 | 29732 | 31613 | 29088 |

---

(1) Amounts include stock-based compensation expense, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  Cost of revenue | $60 | $81 | $281 | $363 |
|  Sales and marketing | 2383 | 3189 | 11018 | 12405 |
|  Research and development | 2580 | 2211 | 10328 | 9551 |
|  General and administrative | 1600 | 1582 | 7359 | 7701 |
|  | $6623 | $7063 | $28986 | $30020 |

---

EVERQUOTE, INC.

BALANCE SHEET DATA

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
|  | (in thousands) | (in thousands) |
|  Cash and cash equivalents | $30835 | $34851 |
|  Working capital | 35567 | 37288 |
|  Total assets | 156519 | 143607 |
|  Total liabilities | 49033 | 58482 |
|  Total stockholders' equity | 107486 | 85125 |

---

------

EVERQUOTE, INC.

STATEMENTS OF CASH FLOWS

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  **Cash flows from operating activities:** |  |  |  |  |
|  Net loss | $(8494) | $(8480) | $(24416) | $(19434) |
|  Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 1522 | 1464 | 5848 | 5072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense | 6623 | 7063 | 28986 | 30020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of contingent consideration | 632 | 60 | (4135) | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes |  |  |  | (2510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for (recovery of) bad debt | 581 | 9 | 693 | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized foreign currency transaction (gains) losses | 25 | 9 | (9) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities, net of effects from acquisitions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 10239 | 8849 | 5362 | 10511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissions receivable current and non-current | (8566) | (13112) | (24240) | (16871) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | (1745) | 606 | (2111) | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets | 662 | 674 | 2613 | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets |  |  | (19) | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (6496) | 4654 | 1124 | (3968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 891 | (7123) | (2375) | 2692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue | (23) | 204 | (229) | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (749) | (772) | (2883) | (2840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term liabilities |  | (964) |  | (934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | (4898) | (6859) | (15791) | 7189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash flows from investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of property and equipment, including costs capitalized for development of internal-use software | (1071) | (587) | (4290) | (2862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of business |  |  |  | (15955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities | (1071) | (587) | (4290) | (18817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash flows from financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of stock options | 212 | 524 | 942 | 3615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from private placement of common stock |  |  | 15000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax withholding payments related to net share settlement | (21) |  | (100) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 191 | 524 | 15842 | 3615 |
|  Effect of exchange rate changes on cash, cash equivalents and restricted cash | 22 |  | (27) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in cash, cash equivalents and restricted cash** | (5756) | (6922) | (4266) | (8019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash at beginning of period | 36591 | 42023 | 35101 | 43120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and restricted cash at end of period | $30835 | $35101 | $30835 | $35101 |

---

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EVERQUOTE, INC.

FINANCIAL AND OPERATING METRICS

Revenue by vertical:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change%** |
|  | **2022** | **2021** | **Change%** |
|  | (in thousands) | (in thousands) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automotive | $67217 | $70423 | -4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 21091 | 31644 | -33.3% |
|  Total Revenue | $88308 | $102067 | -13.5% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Change%** |
|  | **2022** | **2021** | **Change%** |
|  | (in thousands) | (in thousands) | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automotive | $324417 | $330928 | -2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 79710 | 87587 | -9.0% |
|  Total Revenue | $404127 | $418515 | -3.4% |

---

Other financial and non-financial metrics:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change%** |
|  | **2022** | **2021** | **Change%** |
|  | (in thousands) | (in thousands) | |
|  Loss from operations | $(8679) | $(8473) | 2.4% |
|  Net loss | $(8494) | $(8480) | 0.2% |
|  Variable Marketing Margin | $29059 | $32884 | -11.6% |
|  Adjusted EBITDA(1) | $92 | $543 | -83.1% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Change%** |
|  | **2022** | **2021** | **Change%** |
|  | (in thousands) | (in thousands) | |
|  Loss from operations | $(24788) | $(21924) | 13.1% |
|  Net loss | $(24416) | $(19434) | 25.6% |
|  Variable Marketing Margin | $128258 | $129553 | -1.0% |
|  Adjusted EBITDA(1) | $5934 | $14616 | -59.4% |

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(1) Adjusted EBITDA is a non-GAAP measure. 
Please see "EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP" below for more information.

To supplement the Company's financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote's financial results, the Company has presented Adjusted. EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.

The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based compensation expense; depreciation and amortization expense; acquisition-related costs; one-time severance charges; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote's business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote's core operating performance.

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The Company uses Adjusted EBITDA to evaluate EverQuote's operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote's business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote's operating results, enhancing the overall understanding of the Company's past performance and future prospects.

The Company's non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company's non-GAAP financial measures as tools for comparison.

The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.

EVERQUOTE, INC.

RECONCILIATION OF NON-GAAP MEASURES TO GAAP

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31,** | **Three Months Ended<br>December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
|  Net loss | $(8494) | $(8480) | $(24416) | $(19434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation | 6623 | 7063 | 28986 | 30020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 1522 | 1464 | 5848 | 5072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition-related costs | 632 | 60 | (4135) | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severance |  | 440 |  | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | (191) | (4) | (349) | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit from income taxes |  |  |  | (2510) |
|  Adjusted EBITDA | $92 | $543 | $5934 | $14616 |

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## Exhibit 99.2

![](g451826ex99_2p1g1.jpg)

Exhibit 99.2 Investor Presentation February 2023 1

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Disclaimer This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding possible or assumed future results of operations, business strategies, development plans, regulatory activities, competitive position, potential growth opportunities, & the effects of competition are forward-looking statements. These statements involve known & unknown risks, uncertainties & other important factors that may cause actual results, performance or achievements of EverQuote, Inc. ("the Company") to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward- looking statements by terms such as "may," "should," "expect," "plan," "project," "estimate," "guidance," or "potential" or the negative of these terms or other similar expressions. The forward-looking statements in this presentation are only predictions. The Company has based these forward-looking statements largely on its current expectations & projections about future events & financial trends that it believes may affect the Company's business, financial condition & results of operations. These forward-looking statements speak only as of the date of this presentation & are subject to a number of risks, uncertainties & assumptions, some of which cannot be predicted or quantified & some of which are beyond the Company's control. The events & circumstances reflected in the Company's forward-looking statements may not be achieved or occur, & actual results could differ materially from those projected in the forward-looking statements, including as a result of: (1) the Company's ability to attract and retain consumers and insurance providers using the Company's marketplace; (2) the Company's ability to maintain or increase the amount providers spend per quote request; (3) the impact on the Company and the insurance industry of the COVID-19 pandemic; (4) the effectiveness of the Company's growth strategies and its ability to effectively manage growth; (5) the Company's ability to maintain and build its brand; (6) the Company's reliance on its third-party service providers; (7) the Company's ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and the Company's ability to successfully monetize them; (8) the impact of competition in the Company's industry and innovation by the Company's competitors; (9) the expected recovery of the auto insurance industry; (10) developments regarding the insurance industry and the transition to online marketing; (11) the possible impacts of inflation; and (12) the risks described in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q & the other filings that the Company makes with the Securities & Exchange Commission from time to time. Moreover, new risk factors & uncertainties may emerge from time to time, & it is not possible for management to predict all risk factors & uncertainties that the Company may face. Except as required by applicable law, the Company does not plan to publicly update or revise any forward- looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. The Company's presentation also contains estimates, projections, & other information concerning the Company's industry, the Company's business & the markets for certain of the Company's products & services, including data regarding the estimated size of those markets. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties & actual events or circumstances may differ materially from events & circumstances reflected in this information. Unless otherwise expressly stated, the Company obtained this industry, business, market & other data from reports, research surveys, studies & similar data prepared by market research firms & other third parties, from industry, general publications, & from government data & similar sources. The Company presents Adjusted EBITDA as a non-GAAP measure, which is not a substitute for or superior to, other measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure is included in the Appendix to these slides. 2

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Our vision Become the largest online source of insurance policies by using data, technology and knowledgeable advisors to make insurance simpler, more affordable and personalized, ultimately reducing cost and risk. 3

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![](g451826ex99_2p4g1.jpg)

Key Investment Highlights Leading multi-vertical online insurance marketplace providing compelling Insurance Marketplace Leader benefits for consumers and insurance providers $171b in annual insurance distribution spend in the early phases of shifting Massive Market Opportunity 1 online provides multi-year tailwind Proprietary platforms built on highly integrated machine learning assets Proprietary Tech and Data support rapid growth and drive network effects rd Extensive distribution channels with Enterprise Marketplace (carriers), 3 Extensive Distribution 2 st Party Agency (local agents) and DTC Agency (1 Party) offerings Multi-vertical insurance market with diversified distribution channels Diversified Business Model creates resilience in business model Targeting 20+% average annual revenue growth over the long-term with Compelling Financial Model 3 expanding Adjusted EBITDA margin 1. Source: S&P Global Market Intelligence, Insider Intelligence and Company estimates as of 2021. 2. "DTC Agency" refers to Direct-to-Consumer Agency. 4 3. Based on the compound annual growth rate (CAGR) from 2017 – 2022 of Revenue of 26% and Adjusted EBITDA percentage point growth of 2.7%,

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![](g451826ex99_2p5g1.jpg)

Company Snapshot ▪ One of the insurance industry's largest online customer 26% acquisition and distribution platforms 26% 29% 2 Revenue CAGR VMM ▪ Hybrid Marketplace" with extensive distribution: 1 1 (5yr) CAGR (5yr) rd Enterprise Marketplace (100+ carriers), 3 Party Agency st (~8,000 local agents), and DTC Agency (~200 1 party agents) 63 26% % 26% 63% 20% ▪ Diversified business serving consumers and providers 3 Non-Auto CAGR Of Revenue was across multiple insurance markets 1 3 (5yr) Non-Auto in 2022 ▪ Highly scalable, proprietary platform leveraging 2.5b+ 4 consumer data points amassed over a decade Insurance Verticals Served ▪ Founded by MIT alumni in 2011 with headquarters in Home & Renters Auto Cambridge, MA; IPO in summer 2018 Health Life 1. Based on the compound annual growth rate (CAGR) from 2017 – 2022. 2. "VMM" refers to Variable Marketing Margin. 5 3. "Non-Auto" refers to non-auto insurance verticals which consist of home & renters, life and health. 4. Source: estimated using Company data through 2022.

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![](g451826ex99_2p6g1.jpg)

Large & Expanding TAM U.S. Insurance Market: Highlights Growth Drivers 1 Distribution Spend $171b <1% Continued shift of Total Market Estimated share of Total consumer time spent online Distribution Spend Market ~4% Continued shift of Estimated share of Digital acquisition spend online Advertising Spend Market $10.5b Total Digital Continued shift to Advertising ~13% digitization of insurance Spend Estimated Digital Advertising products and workflows 3 spend growth $428m 2 EverQuote's projected 2023 revenue 1. Distribution Spend includes commissions and advertising spend as of 2021.. 2. EverQuote is not reaffirming this guidance as of the date of this presentation & makes no statement with respect to this guidance other than that such guidance was provided by EverQuote as 6 of February 27, 2023. 3. Estimated compound annual growth rate for 2021 to 2024. Source: Insider Intelligence.

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EverQuote Benefits Both Consumers & Providers Our platforms address challenges inherent in the highly-fragmented insurance market Consumers save time and money Providers efficiently acquire consumers ▪ Single destination for insurance needs ▪ Large volume of high intent consumers ▪ Personalized shopping experience ▪ Higher ROI from target-based consumer attributes ▪ Provide multiple quotes, fitting the consumer's needs ▪ Opportunity to acquire consumer referrals (within Marketplace) and bound policies (within DTC Agency) 7

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![](g451826ex99_2p8g1.jpg)

The Customer Journey Marketplace Distribution Customer Acquisition Consumer Routing Provider Traffic Consumer Provider EverQuote Engagement Channels Arrival Matching Monetization Enterprise Marketplace SEM Per Referral Bidding Alignment Performance Media Carriers rd 3 Party Agency Calls Per Referral Clicks Local agents Performance Partnerships DTC Agency Per Policy 1 Other Sold st 1 party agents 1. Other includes organic search, direct-to-site, partner exchange & other traffic sources. 8

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![](g451826ex99_2p9g1.jpg)

Proprietary Platforms Strengthen Competitive Moat Highly integrated machine learning and data assets to support growth of all verticals Marketing Consumer Distribution B2B Omni-channel Personalized User Consumer Alignment Enterprise & Agency Automated Bidding Experiences Algorithms Campaign Management Minimize Cost per Maximize Maximize Bind Maximize Value per Acquisition Conversion Rates Performance Acquisition 1 Over 2.5b Consumer Submitted Data Points Since Inception 9

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![](g451826ex99_2p10g1.jpg)

Distribution Strength of our Platform Representative Partners 100+ carriers available in the marketplace ~8,000 rd 3 party local agents ~200 st 1 party EverQuote agents Based on Company data & representative of the insurance provider partners on the platform as of December 31, 2022. 10

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![](g451826ex99_2p11g1.jpg)

Diversification by Distribution Channel We are continuing to build more diversified revenue streams Revenue ($m) 2017 2022 $404m $51 $28 DTC Agency $118 Enterprise Non-Auto 3P Agency $126m Enterprise Auto $6 $207 $37 $84 2017 2022 Non-Auto 5% 20% 1 Revenue 1. Non-Auto revenues as a percentage of overall revenue. Non-auto revenue includes home & renters, health, and life verticals. 11 26% Revenue CAGR

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![](g451826ex99_2p12g1.jpg)

The Current State of the Auto Insurance Market Late Summer 2021; Current Outlook Auto Insurance Downturn Begins Cost of claims rises rapidly due to Auto carriers continue raising rates to unexpected supply chain challenges, restore adequate profitability; higher used car prices and rising progress varies considerably by state accident severity Carriers are unable to adjust rates Cost of claims showing some signs of quickly due to lengthy regulatory stabilization, however, inflationary process loss pressures persist Carriers face elevated combined Anticipated improvements through ratios; pull back significantly on 2023 and into 2024; exact timing of consumer acquisition spend the auto recovery remains uncertain 12

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![](g451826ex99_2p13g1.jpg)

Multiple Levers Driving Future Growth Potential Acquisition Opportunities Grow Existing Verticals Deepen Consumer & Provider Engagement Increase Attract Provider Coverage More & Budget Consumers 13

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Financial Overview 14

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![](g451826ex99_2p15g1.jpg)

Financial Guidance Highlights Focused on restoring Revenue growth, increasing Adjusted EBITDA and generating positive cash flow in 2023 Full Year 2023 Guidance Levers $428m Gradual auto insurance market recovery; Revenue 2023 Revenue re-accelerate growth in Non-Auto verticals YoY Growth of 6% 31.8% Increasing efficiency in traffic operations VMM% 2023 VMM YoY point expansion of 0.1% 2.3% Adjusted Creating operating leverage through disciplined 2023 Adjusted EBITDA margin expense management EBITDA% YoY point expansion of 0.9% Note: Adjusted EBITDA is a non-GAAP metric, refer to financial reconciliation for additional detail. EverQuote is not reaffirming this guidance as of the date of this presentation & makes no statement with respect to this guidance other than that such guidance was provided by EverQuote as of February 27, 2023. With respect to the Company's expectations under "Full Year 2023 Guidance" above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, acquisition-related costs, one-time severance charges, interest income, and income taxes on a 15 consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.

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![](g451826ex99_2p16g1.jpg)

Focused on Driving Revenue Growth Track Record of Strong Growth Revenue ($m) Auto insurance downturn (begins late summer 2021) 26% ▪ Total revenue grew 26% compounded annually CAGR 2017-2022 $419 $404 2017 – 2022 $347 ▪ Non-Auto verticals grew 63% compounded annually 2017 – 2022 $249 ▪ Building revenue diversification by growing non- auto insurance verticals $163 $126 Home & Renters Life Health 2017 2018 2019 2020 2021 2022 Non-Auto Auto Note: Based on the compound annual growth rate (CAGR) from 2017 – 2022 of Revenue. 16

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![](g451826ex99_2p17g1.jpg)

Delivering Incremental Variable Marketing Margin Variable Marketing Margin ($m) Auto Insurance downturn (begins late summer 2021) 29% $140 33% $130 $128 CAGR 2017-2022 ▪ Variable Marketing Margin (VMM) grew 29% $12 0 compounded annually 2017 – 2022 $109 32% 31.7% $100 31.3% ▪ Proprietary traffic platforms have driven 31.0% 31% $80 increasing VMM as a percentage of revenue $73 (VMM %) since 2017 $60 30% 29.5% $46 ▪ Potential for incremental improvement in VMM % $40 $36 from traffic optimization and product expansion 29% $20 28.3% 28.2% $0 28% 2017 2018 2019 2020 2021 2022 Variable Marketing Margin% Note: Beginning in the first quarter of 2019, we revised our definition of variable marketing margin, or VMM. The VMM displayed above reflects our revised definition of VMM for all years presented. Refer to Key Metrics Definitions in the Appendix for a definition of VMM. 17

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![](g451826ex99_2p18g1.jpg)

Focused on Delivering Long-term Profitability Adjusted EBITDA ($m) Auto Insurance downturn (begins late summer 2021) 20 20% $18 ▪ Steadily grew Adjusted EBITDA margin until auto downturn occurred in late summer 2021 $15 15 15 % ▪ Adjusted EBITDA margin expected to "snapback" to 10 10 % $8 pre-downturn levels once auto insurance market $6 5.3% substantially recovers 5 5% 3.5% 3.4% 1.5% ▪ Post auto insurance market recovery, expect continued 0 0% -1.2% -3.3% margin expansion by improving the efficiency of -$1 marketing costs and leveraging operating expenses -5 -5 % -$5 -1 0 -1 % 0 ▪ Strategic investments in proprietary technology and 2017 2018 2019 2020 2021 2022 data platforms provide key driver for long-term growth Adjusted EBITDA Margin % Note: Adjusted EBITDA is a non-GAAP metric, refer to financial reconciliation for additional detail. 18

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![](g451826ex99_2p19g1.jpg)

NASDAQ: EVER 19

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Appendix 20

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![](g451826ex99_2p21g1.jpg)

Key Metrics Definitions We define variable marketing margin, or VMM, as revenue, as reported in our consolidated statements of operations and Variable comprehensive income (loss), less advertising costs (a component of sales and marketing expense, as reported in our statements of operations and comprehensive income (loss)). We use VMM to measure the efficiency of individual advertising and consumer Marketing acquisition sources and to make trade-off decisions to manage our return on advertising. We do not use VMM as a measure of Margin profitability. We define Adjusted EBITDA as net income (loss), adjusted to exclude: stock-based compensation expense, depreciation and amortization expense, acquisition-related costs, legal settlement expense, one-time severance charges, interest income and the Adjusted provision for (benefit from) income taxes. We monitor & present Adjusted EBITDA because it is a key measure used by our management & board of directors to understand & evaluate our operating performance, to establish budgets & to develop EBITDA operational goals for managing our business. 21

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![](g451826ex99_2p22g1.jpg)

Reconciliation of Adjusted EBITDA - 12 Months Ended 12 Months Ended December 31, December 31, December 31, December 31, December 31, December 31, ($ in Thousands) 2022 2021 2020 2019 2018 2017 Net loss ($24,416) ($19,434) ($11,202) ($7,117) ($13,791) ($5,070) Stock-based $28,986 $30,020 $12,721 $7,121 $1,860 compensation $24,179 Depreciation & $5,848 $5,072 $3,350 $2,186 $1,341 $1,360 amortization Legal settlement - - - $1,227 - - Acquisition-related ($4,135) $1,065 $2,258 - - - costs/ earnout - 440 - - - - Severance under a plan Interest (income) ($349) ($37) (189) ($669) (121) 381 expense, net Provision for (benefit - ($2,510) - - - - from) income taxes Adjusted EBITDA $5,934 $14,616 $18,396 $8,348 ($5,450) ($1,469) 22

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![](g451826ex99_2p23g1.jpg)

Reconciliation of Adjusted EBITDA - 3 Months Ended 3 Months Ended December 31, September 30, June 30, March 31, December 31, ($ in Thousands) 2022 2022 2022 2022 2021 Net loss ($8,494) ($6,451) ($3,756) ($5,715) ($8,480) Stock-based $6,623 $7,233 $7,600 $7,530 $7,063 compensation Depreciation & $1,522 $1,410 $1,405 $1,511 $1,464 amortization Legal settlement - - - - - Acquisition-related $632 ($96) ($3,779) ($892) $60 costs/ earnout Severance under a plan - - - - 440 Interest (income) ($191) ($113) ($37) ($8) ($4) expense, net Provision for (benefit - - - - - from) income taxes Adjusted EBITDA $92 $1,983 $1,433 $2,426 $543 23