8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 2, 2020

EverQuote, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware	001-38549	26-3101161
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

210 Broadway 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 Symbol(s)	Name of each exchange 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 November 2, 2020, EverQuote, Inc. (the “Company”) issued a press release reporting financial results for the fiscal quarter ended September 30, 2020. 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 November 2, 2020, 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.

(d) Exhibits

EXHIBIT INDEX

Exhibit     No.	Description
99.1	Press release dated November 2, 2020
99.2	Investor Presentation dated November 2020
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.
Date: November 2, 2020	By:	/s/ David Mason
		David Mason
		Secretary and General Counsel

EX-99.1

Exhibit 99.1

EverQuote Announces Third Quarter 2020 Financial Results

• Revenue Increased 34% Year-Over-Year to $90.0 Million

• Non-Auto Insurance Revenue Increased 55% Year-Over-Year to $15.2 Million

• Variable Market Margin Expanded to a Record 33% of Total Revenue

• Company Raises Full Year 2020 Guidance

CAMBRIDGE, Mass., November 2, 2020 — EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the third quarter ended September 30, 2020.

“Our strategy continues to yield excellent results and we reported a strong quarter across all of our key financial metrics – delivering 34% year-over-year revenue growth and 41% year-over-year VMM growth,“ said Seth Birnbaum, CEO and Co-Founder of EverQuote. “During the quarter, revenue from our non-auto insurance verticals, which includes home and renters, life, health and commercial insurance, grew 55% year-over-year. Our marketplace flywheel is demonstrating progress and resilience benefiting from increased diversity across our team, traffic, verticals, distribution and customer experiences including direct-to-consumer agency initiatives in Life and Health insurance. We continue to have strong momentum in the business, benefitting from the massive industry shift of nearly $150B of insurance distribution spend moving online, allowing us to end the year raising our full year 2020 guidance,” concluded Mr. Birnbaum.

Third Quarter 2020 Financial Highlights:

(All comparisons are relative to the third quarter of 2019 unless otherwise stated):

• Total revenue of $90.0 million, an increase of 34%.

• Automotive insurance vertical revenue of $74.8 million, an increase of 30%.

• Revenue from our other insurance verticals, which includes home and renters, life, health and commercial insurance, increased 55% to $15.2 million.

• Variable Marketing Margin of $29.4 million, an increase of 41%.

• GAAP net loss of $3.2 million, compared to GAAP net income of $0.2 million.

• Adjusted EBITDA of $5.2 million, compared to Adjusted EBITDA of $3.9 million.

Third Quarter 2020 Business Highlights:

• The Company’s consumer traffic initiatives led to an 18% year-over-year increase in revenue per quote request and a 14% year-over-year increase in quote requests.

• More than 90% of revenue from carriers came from those who have been on our platform for more than a year.

• The Company obtained a deep level of integration with 72% of its carrier partners, improving the customer experience.

• On September 1, 2020, EverQuote completed the previously announced acquisition of Crosspointe Insurance & Financial Services, LLC, a leading health insurance agency headquartered in Evansville, Indiana.

Fourth Quarter and Increased Full-Year 2020 Guidance:

EverQuote anticipates Revenue, Variable Marketing Margin and Adjusted EBITDA to be in the following ranges:

Fourth quarter 2020:

• Revenue of $90.4 - $92.4 million.

• Variable Marketing Margin of $29.3 - $30.3 million.

• Adjusted EBITDA in the range of $4.0 - $5.0 million.

Full year 2020

• Revenue of $340.0 - $342.0 million, an increase from our previous range of $331.0 - $336.0 million.

• Variable Marketing Margin of $106.0 - $107.0 million, an increase from our previous range of $101.0 - $104.5 million.

• Adjusted EBITDA in the range of $17.0 - $18.0 million, an increase from our previous range of $15.0 - $17.5 million.

With respect to the Company’s expectations under “Fourth Quarter and Increased Full Year 2020 Guidance” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net loss in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, acquisition-related costs, interest income and expense, and the provision for (benefit from) 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 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 third quarter 2020 financial results at 4:30 p.m. Eastern Time today, November 2, 2020. To access the conference call, dial (877) 273-5005 for the U.S. or Canada, or (647) 689-5410 for international callers and provide conference ID 8090489. The webcast will be available live on the Investors section of the Company’s website at https://investors.everquote.com.

An audio replay of the call will also be available to investors beginning at approximately 6:30 p.m. Eastern Time on November 2, 2020, until 11:59 p.m. Eastern Time on November 9, 2020, by dialing (800) 585-8367 for the U.S. or Canada, or (416) 621-4642 for international callers, and entering passcode 8090489. In addition, an archived webcast 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,” 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 Company’s expected use of proceeds from its initial public offering; (10) developments regarding the insurance industry and the transition to online marketing; and (11) 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, property, and future. Our vision is to use data and technology to make insurance simpler, more affordable and personalized ultimately reducing cost and risk.

For more information, visit EverQuote.com and follow on Twitter @EverQuoteInsure.

Investor Relations Contact:

Brinlea Johnson

The Blueshirt Group

212-331-8424

Brinlea@blueshirtgroup.com

EVERQUOTE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(in thousands except per share)
Revenue	$	89,977		$	67,112		$	249,643		$	175,012
Cost and operating expenses(1):
Cost of revenue		5,378			4,052			15,690			11,222
Sales and marketing		73,598			53,212			204,663			143,358
Research and development		8,149			5,596			21,574			14,685
General and administrative		6,141			4,334			15,614			12,641
Total cost and operating expenses		93,266			67,194			257,541			181,906
Loss from operations		(3,289	)		(82	)		(7,898	)		(6,894	)
Other income:
Interest income		18			168			176			536
Other income		87			87			288			175
Total other income		105			255			464			711
Net income (loss) and comprehensive income (loss)	$	(3,184	)	$	173		$	(7,434	)	$	(6,183	)
Net income (loss) per share:
Basic	$	(0.12	)	$	0.01		$	(0.27	)	$	(0.24	)
Diluted	$	(0.12	)	$	0.01		$	(0.27	)	$	(0.24	)
Weighted average common shares outstanding:
Basic		27,526			25,910			27,102			25,596
Diluted		27,526			28,607			27,102			25,596
(1)   Amounts include stock-based compensation expense, as follows:
	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(in thousands)
Cost of revenue	$	111		$	52		$	253		$	139
Sales and marketing		3,080			991			7,322			2,676
Research and development		2,228			1,061			5,366			2,914
General and administrative		1,781			1,165			5,049			3,528
	$	7,200		$	3,269		$	17,990		$	9,257

EVERQUOTE, INC.

CONSOLIDATED BALANCE SHEET DATA

	September 30,		December 31,
	2020		2019
	(in thousands)
Cash and cash equivalents	$	45,881	$	46,054
Working capital		47,876		46,944
Total assets		116,235		91,221
Total liabilities		49,012		39,451
Total stockholders’ equity		67,223		51,770

EVERQUOTE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(in thousands)
Cash flows from operating activities:
Net income (loss)	$	(3,184	)	$	173		$	(7,434	)	$	(6,183	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		731			588			2,174			1,593
Stock-based compensation expense		7,200			3,269			17,990			9,257
Provision for (recovery of) bad debt		(2	)		57			15			479
Changes in operating assets and liabilities, net of effects from acquisition:
Accounts receivable		(5,036	)		(5,818	)		(9,328	)		(12,927	)
Prepaid expenses and other current assets		(1,588	)		(1,781	)		2,048			(1,754	)
Other assets		(165	)		(2	)		(222	)		(2	)
Accounts payable		6,737			5,003			10,030			6,532
Accrued expenses and other current liabilities		925			3,061			(2,325	)		3,414
Deferred revenue		59			(194	)		191			127
Other long-term liabilities		318			(57	)		764			(79	)
Net cash provided by operating activities		5,995			4,299			13,903			457
Cash flows from investing activities:
Acquisition of property and equipment, including costs capitalized for development of internal-use software		(837	)		(646	)		(2,708	)		(2,198	)
Acquisition of business		(14,930	)		—			(14,930	)		—
Net cash used in investing activities		(15,767	)		(646	)		(17,638	)		(2,198	)
Cash flows from financing activities:
Proceeds from exercise of stock options		1,244			1,173			3,562			2,056
Net cash provided by financing activities		1,244			1,173			3,562			2,056
Net increase (decrease) in cash, cash equivalents and restricted cash		(8,528	)		4,826			(173	)		315
Cash, cash equivalents and restricted cash at beginning of period		54,659			37,373			46,304			41,884
Cash, cash equivalents and restricted cash at end of period	$	46,131		$	42,199		$	46,131		$	42,199

EVERQUOTE, INC.

FINANCIAL AND OPERATING METRICS

Revenue by vertical:

	Three Months Ended September 30,						Change
	2020			2019			%
	(in thousands)
Automotive	$	74,779		$	57,306			30.5	%
Other		15,198			9,806			55.0	%
Total Revenue	$	89,977		$	67,112			34.1	%
	Nine Months Ended September 30,						Change
	2020			2019			%
	(in thousands)
Automotive	$	207,014		$	152,108			36.1	%
Other		42,629			22,904			86.1	%
Total Revenue	$	249,643		$	175,012			42.6	%
Other financial and non-financial metrics:
	Three Months Ended September 30,						Change
	2020			2019			%
	(in thousands)
Loss from operations	$	(3,289	)	$	(82	)		NM
Net income (loss)	$	(3,184	)	$	173			NM
Quote requests		6,291			5,516			14.1	%
Variable Marketing Margin	$	29,428		$	20,912			40.7	%
Adjusted EBITDA(1)	$	5,209		$	3,862			34.9	%
	Nine Months Ended September 30,						Change
	2020			2019			%
	(in thousands)
Loss from operations	$	(7,898	)	$	(6,894	)		14.6	%
Net loss	$	(7,434	)	$	(6,183	)		20.2	%
Quote requests		20,460			14,148			44.6	%
Variable Marketing Margin	$	76,721		$	51,480			49.0	%
Adjusted EBITDA(1)	$	13,034		$	4,131			215.5	%

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

NM—Percentage is not meaningful.

EVERQUOTE, INC.

NON-GAAP FINANCIAL MEASURES

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; 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.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(in thousands)
Net income (loss)	$	(3,184	)	$	173		$	(7,434	)	$	(6,183	)
Stock-based compensation		7,200			3,269			17,990			9,257
Depreciation and amortization		731			588			2,174			1,593
Acquisition-related costs		480			—			480			—
Interest income		(18	)		(168	)		(176	)		(536	)
Adjusted EBITDA	$	5,209		$	3,862		$	13,034		$	4,131

EX-99.2

Exhibit 99.2 Investor Presentation November 2020 Proprietary Information Proprietary Information 1Exhibit 99.2 Investor Presentation November 2020 Proprietary Information Proprietary Information 1

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 effectiveness of the Company’s growth strategies and its ability to effectively manage growth; (4) the Company’s ability to maintain and build its brand; (5) the Company’s reliance on its third-party service providers; (6) 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; (7) the impact of competition in the Company’s industry and innovation by the Company’s competitors; (8) the Company’s expected use of proceeds from its initial public offering; and (9) developments regarding the insurance industry and the transition to online marketing; (10) the effects of the COVID-19 pandemic; and (11) as a result of 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. Proprietary Information 2Disclaimer 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 effectiveness of the Company’s growth strategies and its ability to effectively manage growth; (4) the Company’s ability to maintain and build its brand; (5) the Company’s reliance on its third-party service providers; (6) 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; (7) the impact of competition in the Company’s industry and innovation by the Company’s competitors; (8) the Company’s expected use of proceeds from its initial public offering; and (9) developments regarding the insurance industry and the transition to online marketing; (10) the effects of the COVID-19 pandemic; and (11) as a result of 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. Proprietary Information 2

Our mission Empower insurance shoppers to better protect life's most important assets—their family, property, and future. Proprietary Information 3Our mission Empower insurance shoppers to better protect life's most important assets—their family, property, and future. Proprietary Information 3

Key Investment Highlights Leading online insurance marketplace providing compelling benefits for Insurance Marketplace consumers & insurance providers $146bn in annual industry advertising & distribution spend, with spend Massive Market Opportunity shifting online Unique data assets & technology, combined with machine learning, are driving Competitive Advantage network effects & competitive moat Leveraged Model Scalable platform enabling rapid expansion into new verticals 1 Revenue CAGR of 33% , strong re-occurring revenue model & operating Strong Financial Profile discipline resulting in expanding adjusted EBITDA and path to profitability 1. Based on compound annual growth rate 2014 – 2020, based on mid-point of CY2020 guidance range Proprietary Information 4Key Investment Highlights Leading online insurance marketplace providing compelling benefits for Insurance Marketplace consumers & insurance providers $146bn in annual industry advertising & distribution spend, with spend Massive Market Opportunity shifting online Unique data assets & technology, combined with machine learning, are driving Competitive Advantage network effects & competitive moat Leveraged Model Scalable platform enabling rapid expansion into new verticals 1 Revenue CAGR of 33% , strong re-occurring revenue model & operating Strong Financial Profile discipline resulting in expanding adjusted EBITDA and path to profitability 1. Based on compound annual growth rate 2014 – 2020, based on mid-point of CY2020 guidance range Proprietary Information 4

EverQuote Company Snapshot Founded* IPO 2011 June 28, 2018 * First year of revenue LTM Variable Marketing LTM LTM Quote Margin Growth Revenue Growth Request Growth 60% 51% 51% Headquarters Employees Cambridge, MA 425+ Insurance Verticals Commercial Auto Home & Renters Health Life Proprietary Information 5 Last Twelve Months (”LTM”) financial information as of September 30, 2020 with growth relative to the the twelve months ended September 30, 2019.EverQuote Company Snapshot Founded* IPO 2011 June 28, 2018 * First year of revenue LTM Variable Marketing LTM LTM Quote Margin Growth Revenue Growth Request Growth 60% 51% 51% Headquarters Employees Cambridge, MA 425+ Insurance Verticals Commercial Auto Home & Renters Health Life Proprietary Information 5 Last Twelve Months (”LTM”) financial information as of September 30, 2020 with growth relative to the the twelve months ended September 30, 2019.

Large & Expanding TAM U.S. Insurance Market: Projected Annual Growth Drivers Distribution & Ad Spend Growth to 2024 Continued shift of Total Market Growth: ~3% $146.1bn consumer time spent EVER Share: <1% Total Market online Continued shift of $15.6bn acquisition spend Total Advertising online Spend Total Digital Spending Growth: ~ 16% EVER Share: <10% Continued shift to $5.6bn Total Digital digitization of Spend 1 insurance products $341.0mm & workflows EverQuote 2020 revenue guidance midpoint Source: Stax Consulting, Inc., S&P Global Market Intelligence SNL Insurance Data, IIABA. 1. EverQuote is not reaffirming this guidance as of the date of this presentation & makes no statement with respect to this guidance other than such guidance was provided by EverQuote as of November 2, 2020. Proprietary Information 6Large & Expanding TAM U.S. Insurance Market: Projected Annual Growth Drivers Distribution & Ad Spend Growth to 2024 Continued shift of Total Market Growth: ~3% $146.1bn consumer time spent EVER Share: <1% Total Market online Continued shift of $15.6bn acquisition spend Total Advertising online Spend Total Digital Spending Growth: ~ 16% EVER Share: <10% Continued shift to $5.6bn Total Digital digitization of Spend 1 insurance products $341.0mm & workflows EverQuote 2020 revenue guidance midpoint Source: Stax Consulting, Inc., S&P Global Market Intelligence SNL Insurance Data, IIABA. 1. EverQuote is not reaffirming this guidance as of the date of this presentation & makes no statement with respect to this guidance other than such guidance was provided by EverQuote as of November 2, 2020. Proprietary Information 6

Increasing Carrier Digital Marketing Spend 2016 Digital Ad Spend by Industry (% of Total Advertising Spend) Carriers moving to match digital spend of other industries 45%: Non-insurance average 16+% Projected annual growth of carrier digital marketing budgets over the next 5 years 70% Percentage of carriers that expect to grow their digital marketing budgets more than 10% annually over the next five years Source: Stax, Inc. eMarketer, Web Survey & Analysis (December 2019), comScore survey. Proprietary Information 7Increasing Carrier Digital Marketing Spend 2016 Digital Ad Spend by Industry (% of Total Advertising Spend) Carriers moving to match digital spend of other industries 45%: Non-insurance average 16+% Projected annual growth of carrier digital marketing budgets over the next 5 years 70% Percentage of carriers that expect to grow their digital marketing budgets more than 10% annually over the next five years Source: Stax, Inc. eMarketer, Web Survey & Analysis (December 2019), comScore survey. Proprietary Information 7

Compelling Model Benefits Both Consumers & Providers Insurance Consumers Providers Consumers Save Time & Money More Efficient Acquisition for Providers Match & connect for multiple quotes Large volume of high intent consumers 1 Average Savings $610 per year Target based consumer attributes tied to ROI Addresses the alignment challenges inherent in the fragmented insurance market 1. Estimated average annual premium savings of $610 based on a countrywide survey between November 2018 & April 2019 of EverQuote users that reported old & new premiums. Proprietary Information 8Compelling Model Benefits Both Consumers & Providers Insurance Consumers Providers Consumers Save Time & Money More Efficient Acquisition for Providers Match & connect for multiple quotes Large volume of high intent consumers 1 Average Savings $610 per year Target based consumer attributes tied to ROI Addresses the alignment challenges inherent in the fragmented insurance market 1. Estimated average annual premium savings of $610 based on a countrywide survey between November 2018 & April 2019 of EverQuote users that reported old & new premiums. Proprietary Information 8

Marketplace Consumer Journey Traffic Arrives at the Requests Quote Request Gets Quotes / Channels Marketplace Insurance Matched with Buy Insurance Quotes Providers Display SEM Email Partnerships Profile Consumer: Profile Consumer: Social ~ 20% of Consumers Varied Shopping High intent shoppers that Complete a Intent 1 VPN / Other Quote Request buy Insurance 1. Other includes organic search, direct-to-site, inbound calls, & other traffic sources. Bind-rate based on surveys of auto insurance consumers who completed quote requests, conducted in August through October of 2020. Proprietary Information 9Marketplace Consumer Journey Traffic Arrives at the Requests Quote Request Gets Quotes / Channels Marketplace Insurance Matched with Buy Insurance Quotes Providers Display SEM Email Partnerships Profile Consumer: Profile Consumer: Social ~ 20% of Consumers Varied Shopping High intent shoppers that Complete a Intent 1 VPN / Other Quote Request buy Insurance 1. Other includes organic search, direct-to-site, inbound calls, & other traffic sources. Bind-rate based on surveys of auto insurance consumers who completed quote requests, conducted in August through October of 2020. Proprietary Information 9

Distribution Strength of our Marketplace 100+ carriers available via the marketplace 19 of 20 top auto insurance carriers 8,000+ agents 72% of carriers have “deep” technology integrations Based on Company data and representative of the insurance provider partners on the platform as of September 30, 2020. Proprietary Information 10Distribution Strength of our Marketplace 100+ carriers available via the marketplace 19 of 20 top auto insurance carriers 8,000+ agents 72% of carriers have “deep” technology integrations Based on Company data and representative of the insurance provider partners on the platform as of September 30, 2020. Proprietary Information 10

Data Assets Create Significant Competitive Moat 185bn 86mm Cumulative Cumulative Ad Impressions Served Quote Requests ~2 billion Consumer Submitted R.T.B Data Points . $834mm 300+ Leverage proprietary machine learning Cumulative Acquisition Channels Digital Ad Spend & automated infrastructure Note: Cumulative figures since launch through September 30,2020 Source: Company data, Facebook, Statista, comScore & OperaMedia. Proprietary Information 11Data Assets Create Significant Competitive Moat 185bn 86mm Cumulative Cumulative Ad Impressions Served Quote Requests ~2 billion Consumer Submitted R.T.B Data Points . $834mm 300+ Leverage proprietary machine learning Cumulative Acquisition Channels Digital Ad Spend & automated infrastructure Note: Cumulative figures since launch through September 30,2020 Source: Company data, Facebook, Statista, comScore & OperaMedia. Proprietary Information 11

Data Science & Machine Learning Support Growth Create Operating Drive Incremental VMM Enhance Agility Leverage Build generalizable & Design Machine Learning Able to quickly evolve to scalable solutions for data products to create changing market problem classes across performance lift with dynamics the organization equal or less operational toil Proprietary Information 12Data Science & Machine Learning Support Growth Create Operating Drive Incremental VMM Enhance Agility Leverage Build generalizable & Design Machine Learning Able to quickly evolve to scalable solutions for data products to create changing market problem classes across performance lift with dynamics the organization equal or less operational toil Proprietary Information 12

Data & Tech Stack Drives Growth & Leverage Optimize Conversion Rate Email Largest Multi-Provider Dataset Multi-Channel Consumer Bid Automation Alignment Algorithms Algorithms Partnerships Minimize Cost per Maximize Bind Rate Acquisition Growth of Consumer Volume, Provider Diversity & Product Verticals Proprietary Information 13Data & Tech Stack Drives Growth & Leverage Optimize Conversion Rate Email Largest Multi-Provider Dataset Multi-Channel Consumer Bid Automation Alignment Algorithms Algorithms Partnerships Minimize Cost per Maximize Bind Rate Acquisition Growth of Consumer Volume, Provider Diversity & Product Verticals Proprietary Information 13

Levers Driving Future Growth Launch New Verticals Expand Consumer & Carrier Engagement Increase Provider Attract Coverage More Leverage Consumers Secular Shift Online Proprietary Information 14Levers Driving Future Growth Launch New Verticals Expand Consumer & Carrier Engagement Increase Provider Attract Coverage More Leverage Consumers Secular Shift Online Proprietary Information 14

EverQuote Acquired Leading Health Insurance Agency Our Acquisition Rationale • Accelerates the growth of EVER’s health • Crosspointe is a sales and decision Scales insurance vertical with additional carrier support contact center that connects Health Vertical distribution and monetization opportunities consumers to high quality health insurance in a customer-centric environment. • Founded in 2008; based in Evansville, • Provides Direct-to-Consumer (“DTC”) agency Provides Indiana. experience for our health vertical DTC Agency • Complements our internally-developed DTC Experience • Crosspointe has ~30 full-time employees, initiative in our life vertical the majority of whom are licensed agents • Transaction closed September 1, 2020 • Consistent with EverQuote strategy to use M&A to Accelerates support and accelerate our organic growth Organic Growth Proprietary Information 15EverQuote Acquired Leading Health Insurance Agency Our Acquisition Rationale • Accelerates the growth of EVER’s health • Crosspointe is a sales and decision Scales insurance vertical with additional carrier support contact center that connects Health Vertical distribution and monetization opportunities consumers to high quality health insurance in a customer-centric environment. • Founded in 2008; based in Evansville, • Provides Direct-to-Consumer (“DTC”) agency Provides Indiana. experience for our health vertical DTC Agency • Complements our internally-developed DTC Experience • Crosspointe has ~30 full-time employees, initiative in our life vertical the majority of whom are licensed agents • Transaction closed September 1, 2020 • Consistent with EverQuote strategy to use M&A to Accelerates support and accelerate our organic growth Organic Growth Proprietary Information 15

Our World-Class, Founder-Led Team Drawn from top universities… … & from tech & professional services powerhouses Seth Tomas Birnbaum Revesz CEO & CTO & Co-Founder Co-Founder Headquartered in ~ 200 employees working in Proven track record Cambridge, MA 1 engineering / applied math of innovation & team building 1. Analysts, Data Scientists, Engineers working in our Engineering, Analytics, and Product & Design divisions, as of September 30, 2020.. Proprietary Information 16Our World-Class, Founder-Led Team Drawn from top universities… … & from tech & professional services powerhouses Seth Tomas Birnbaum Revesz CEO & CTO & Co-Founder Co-Founder Headquartered in ~ 200 employees working in Proven track record Cambridge, MA 1 engineering / applied math of innovation & team building 1. Analysts, Data Scientists, Engineers working in our Engineering, Analytics, and Product & Design divisions, as of September 30, 2020.. Proprietary Information 16

Strong performance demonstrates resiliency of our model and the insurance market Carriers Consumers Agents Team Fewer auto claims as Acceleration in shift Greater adoption by agents Maintaining high productivity consumer stay-at-home to online shopping of digital channels throughout pandemic Carriers continue to invest Providing an opportunity to Increasing demand for Continuing to expand with a focus on high ROI, save on non-discretionary online consumer referrals workforce, leveraging online customer acquisition expenses like auto insurance favorable market dynamics COVID-19 is accelerating the long-term shift of insurance online Proprietary Information 17Strong performance demonstrates resiliency of our model and the insurance market Carriers Consumers Agents Team Fewer auto claims as Acceleration in shift Greater adoption by agents Maintaining high productivity consumer stay-at-home to online shopping of digital channels throughout pandemic Carriers continue to invest Providing an opportunity to Increasing demand for Continuing to expand with a focus on high ROI, save on non-discretionary online consumer referrals workforce, leveraging online customer acquisition expenses like auto insurance favorable market dynamics COVID-19 is accelerating the long-term shift of insurance online Proprietary Information 17

Financial Overview Proprietary Information 18Financial Overview Proprietary Information 18

Third Quarter 2020 Highlights Revenue VMM Achieved increased increased Adjusted 34% YoY to 41% YoY to EBITDA of 34% 41% $90.0mm $29.4mm $5.2mm Obtained VMM Quote “deep” expanded to Requests technology a record 33% increased integrations 33% 14% of revenues 14% YoY with 72% of carriers Company raised full year guidance Note: Adjusted EBITDA is a non-GAAP metric, refer to financial reconciliation for additional detail. Proprietary Information 19Third Quarter 2020 Highlights Revenue VMM Achieved increased increased Adjusted 34% YoY to 41% YoY to EBITDA of 34% 41% $90.0mm $29.4mm $5.2mm Obtained VMM Quote “deep” expanded to Requests technology a record 33% increased integrations 33% 14% of revenues 14% YoY with 72% of carriers Company raised full year guidance Note: Adjusted EBITDA is a non-GAAP metric, refer to financial reconciliation for additional detail. Proprietary Information 19

Track Record of Strong Growth Track Record of Strong Growth Revenue ($mm) 34% 33% Q3’20 YoY Growth $341.0 CAGR 2014A-2020P $91.4 Q4 Guidance Mid-point $90.0 $81.4 $78.3 $249.6 $248.8 $73.8 Q1-Q3 $67.1 Actuals $163.4 $126.2 $122.8 $96.8 $61.9 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2014 2015 2016 2017 2018 2019 2020 Proprietary Information 20Track Record of Strong Growth Track Record of Strong Growth Revenue ($mm) 34% 33% Q3’20 YoY Growth $341.0 CAGR 2014A-2020P $91.4 Q4 Guidance Mid-point $90.0 $81.4 $78.3 $249.6 $248.8 $73.8 Q1-Q3 $67.1 Actuals $163.4 $126.2 $122.8 $96.8 $61.9 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2014 2015 2016 2017 2018 2019 2020 Proprietary Information 20

Delivering Incremental Variable Marketing Margin Variable Marketing Margin ($mm) 41% Q3’20 YoY Growth Variable Marketing Margin % 31.2% 29.5% $120 28.3% 28.2% 27.4% $29.4 $106.5 24.2% $100 $29.8 Q4 33% $23.8 Guidance $23.5 Mid-point 19.3% $21.8 $80 CAGR 2014A-2020P $20.9 $76.7 $73.3 Q1-Q3 $60 Actuals $40 $46.1 $35.7 $33.6 $20 $23.4 $11.9 $0 2014 2015 2016 2017 2018 2019 2020 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 1. Beginning in the first quarter of 2019, we revised our definition of variable marketing margin, or VMM. The VMM displayed above reflects our revised definition of VMM for all years presented. Refer to Key Metrics Definitions in the Appendix for a definition of VMM. Proprietary Information 21Delivering Incremental Variable Marketing Margin Variable Marketing Margin ($mm) 41% Q3’20 YoY Growth Variable Marketing Margin % 31.2% 29.5% $120 28.3% 28.2% 27.4% $29.4 $106.5 24.2% $100 $29.8 Q4 33% $23.8 Guidance $23.5 Mid-point 19.3% $21.8 $80 CAGR 2014A-2020P $20.9 $76.7 $73.3 Q1-Q3 $60 Actuals $40 $46.1 $35.7 $33.6 $20 $23.4 $11.9 $0 2014 2015 2016 2017 2018 2019 2020 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 1. 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. Proprietary Information 21

Rapid Expansion into New Verticals with Scalable Model Traffic leverage: Target advertising Sales leverage: Ability to cross-sell Non-Auto Verticals opportunities leveraging expertise traffic to existing customers & technology Home & Renters Revenue from Non-Auto Verticals ($mm) 127% 55% CAGR 2016-2019 YoY Growth Life $36.5 $15.2 $13.7 $13.7 $13.6 $22.2 Health $9.8 $3.1 $6.9 Commercial Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2016 2017 2018 2019 Non-auto verticals include our home and renters, life, heath and commercial insurance verticals. Proprietary Information 22Rapid Expansion into New Verticals with Scalable Model Traffic leverage: Target advertising Sales leverage: Ability to cross-sell Non-Auto Verticals opportunities leveraging expertise traffic to existing customers & technology Home & Renters Revenue from Non-Auto Verticals ($mm) 127% 55% CAGR 2016-2019 YoY Growth Life $36.5 $15.2 $13.7 $13.7 $13.6 $22.2 Health $9.8 $3.1 $6.9 Commercial Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 2016 2017 2018 2019 Non-auto verticals include our home and renters, life, heath and commercial insurance verticals. Proprietary Information 22

Driving Growth & Profitability Adjusted EBITDA ($mm) $17.5 $4.5 Q4 Guidance Mid-point $13.0 Q1-Q3 Actuals $8.3 2018 2018 2019 2020 $5.2 -$5.5 $4.2 $4.0 $3.9 $3.8 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Note: Adjusted EBITDA is a non-GAAP metrics, refer to financial reconciliation for additional detail. Proprietary Information 23Driving Growth & Profitability Adjusted EBITDA ($mm) $17.5 $4.5 Q4 Guidance Mid-point $13.0 Q1-Q3 Actuals $8.3 2018 2018 2019 2020 $5.2 -$5.5 $4.2 $4.0 $3.9 $3.8 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Note: Adjusted EBITDA is a non-GAAP metrics, refer to financial reconciliation for additional detail. Proprietary Information 23

NASDAQ: EVER Proprietary Information 24NASDAQ: EVER Proprietary Information 24

Appendix Proprietary Information 25Appendix Proprietary Information 25

Key Metrics Definitions Quote requests are consumer-submitted website forms that contain the data required to provide an insurance quote, quote requests we receive through offline channels such as telephone calls, & quote requests submitted directly to third-party partners. As we Quote attract more consumers to our platform & they complete quote requests, we are able to refer them to our insurance provider Requests customers, selling more referrals while also collecting data, which we use to improve user experience, conversion rates & consumer satisfaction. Beginning in the first quarter of 2019, we revised our definition of variable marketing margin, or VMM, as revenue, as reported in our Variable statements of operations & comprehensive loss, less advertising costs (a component of sales & marketing expense, as reported in Marketing our statements of operations & comprehensive loss). We use VMM to measure the efficiency of individual advertising & consumer acquisition sources & to make trade-off decisions to manage our return on advertising. Margin We define adjusted EBITDA as net loss, adjusted to exclude: stock-based compensation expense, depreciation & amortization Adjusted expense, acquisition-related costs, legal settlement expense, and interest (income) expense, net. We monitor & present Adjusted EBITDA because it is a key measure used by our management & board of directors to understand & evaluate our operating EBITDA performance, to establish budgets & to develop operational goals for managing our business. Proprietary Information 26Key Metrics Definitions Quote requests are consumer-submitted website forms that contain the data required to provide an insurance quote, quote requests we receive through offline channels such as telephone calls, & quote requests submitted directly to third-party partners. As we Quote attract more consumers to our platform & they complete quote requests, we are able to refer them to our insurance provider Requests customers, selling more referrals while also collecting data, which we use to improve user experience, conversion rates & consumer satisfaction. Beginning in the first quarter of 2019, we revised our definition of variable marketing margin, or VMM, as revenue, as reported in our Variable statements of operations & comprehensive loss, less advertising costs (a component of sales & marketing expense, as reported in Marketing our statements of operations & comprehensive loss). We use VMM to measure the efficiency of individual advertising & consumer acquisition sources & to make trade-off decisions to manage our return on advertising. Margin We define adjusted EBITDA as net loss, adjusted to exclude: stock-based compensation expense, depreciation & amortization Adjusted expense, acquisition-related costs, legal settlement expense, and interest (income) expense, net. We monitor & present Adjusted EBITDA because it is a key measure used by our management & board of directors to understand & evaluate our operating EBITDA performance, to establish budgets & to develop operational goals for managing our business. Proprietary Information 26

Reconciliation of Adjusted EBITDA Three Months Ended 12 Months ($ in Thousands) September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 December 31, 2019 December 31, 2018 Net income (loss) ($3,184) ($2,808) ($1,442) ($934) $173 ($7,117) ($13,791) Stock-based $7,200 $6,250 $4,540 $3,464 $3,269 $12,721 $7,121 compensation Depreciation & $731 $594 $849 $593 $588 $2,186 $1,341 amortization Legal settlement - - - $1,227 - $1,227 - Acquisition-related $480 - - - - - - costs Interest (income) ($18) ($47) ($111) ($133) ($168) ($669) ($121) expense, net Adjusted EBITDA $5,209 $3,989 $3,836 $4,217 $3,862 $8,348 ($5,450) Proprietary Information 27Reconciliation of Adjusted EBITDA Three Months Ended 12 Months ($ in Thousands) September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 December 31, 2019 December 31, 2018 Net income (loss) ($3,184) ($2,808) ($1,442) ($934) $173 ($7,117) ($13,791) Stock-based $7,200 $6,250 $4,540 $3,464 $3,269 $12,721 $7,121 compensation Depreciation & $731 $594 $849 $593 $588 $2,186 $1,341 amortization Legal settlement - - - $1,227 - $1,227 - Acquisition-related $480 - - - - - - costs Interest (income) ($18) ($47) ($111) ($133) ($168) ($669) ($121) expense, net Adjusted EBITDA $5,209 $3,989 $3,836 $4,217 $3,862 $8,348 ($5,450) Proprietary Information 27

XML

Document and Entity Information	Nov. 02, 2020
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001640428
Document Type	8-K
Document Period End Date	Nov. 02, 2020
Entity Registrant Name	EverQuote, Inc.
Entity Incorporation State Country Code	DE
Entity File Number	001-38549
Entity Tax Identification Number	26-3101161
Entity Address, Address Line One	210 Broadway
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02139
City Area Code	(855)
Local Phone Number	522-3444
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Class A Common Stock, $0.001 par value per share
Trading Symbol	EVER
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	false