Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7) risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing margin, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; and (16) the future trading prices of our Class A common stock.
STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2024 2023 (in thousands) Cash flows from operating activities: Net income (loss) $1,907 $(2,529)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization expense 1,263 1,407 Stock-based compensation expense 4,518 6,509 Change in fair value of contingent consideration liabilities — (113)Provision for bad debt 18 245 Unrealized foreign currency transaction (gains) losses (4) 9 Changes in operating assets and liabilities: Accounts receivable (17,123) (9,827)Prepaid expenses and other current assets 972 1,709 Commissions receivable, current and non-current 1,323 595 Operating lease right-of-use assets 497 688 Other assets — 36 Accounts payable 15,868 4 Accrued expenses and other current liabilities 1,870 852 Deferred revenue (2) 80 Operating lease liabilities (667) (902)Net cash provided by (used in) operating activities 10,440 (1,237)Cash flows from investing activities: Acquisition of property and equipment, including costs capitalized for development of internal-use software (770) (1,007)Net cash used in investing activities (770) (1,007)Cash flows from financing activities: Proceeds from exercise of stock options 1,428 287 Tax withholding payments related to net share settlement (429) (130)Net cash provided by financing activities 999 157 Effect of exchange rate changes on cash, cash equivalents and restricted cash (5) 5 Net increase (decrease) in cash, cash equivalents and restricted cash 10,664 (2,082)Cash, cash equivalents and restricted cash at beginning of period 37,956 30,835 Cash, cash equivalents and restricted cash at end of period $48,620 $28,753 EVERQUOTE, INC.
First Quarter Revenue of $91.1 millionFirst Quarter Variable Marketing Margin of $30.8 millionFirst Quarter Record GAAP Net Income of $1.9 million and Adjusted EBITDA of $7.6 million CAMBRIDGE, Mass., May 06, 2024 (GLOBE NEWSWIRE) -- EverQuote, Inc.(Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the first quarter ended March 31, 2024.
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