EverQuote (EVER) 首席执行官 Seth Birnbaum 在 2019年 第二季度业绩 - 收益电话会议记录

读者寄语: 不管是您想投资美股, 还是想投资港股, 保持好自己的心态是最重要的。特别在美股、港股市场拥有一套成熟的金融市场,市场鼓励长期持有,而不是短期的投机炒作。选择一个好的公司, 耐心的等待, 做时间的朋友。如果您想咨询美股开户、港股开户相关的问题, 或者您对美股、港股感兴趣可以添加微信交流: xiaobei060537

EverQuote, Inc. (NASDAQ:EVER) Q2 2019 Earnings Conference Call August 5, 2019 4:30 PM ET

EverQuote,Inc。(纳斯达克股票代码:[EVER])2019年第二季度收益电话会议2019年8月5日美国东部时间下午4:30

公司参与者

Brinlea Johnson – The Blueshirt Group
Seth Birnbaum – Chief Executive Officer and Co-Founder
John Wagner – Chief Financial Officer

  • Brinlea Johnson - Blueshirt集团
  • Seth Birnbaum - 首席执行官兼联合创始人
  • John Wagner - 首席财务官

电话会议参与者

Michael Graham – Canaccord
Ron Josey – JMP Securities
Kyle Peterson – Needham and Company
Dae Lee – JPMorgan
Ralph Schackart – William Blair
Jed Kelly – Oppenheimer
Aaron Kessler – Raymond James

  • Michael Graham - Canaccord
  • Ron Josey - JMP证券
  • Kyle Peterson - Needham and Company
  • Dae Lee - 摩根大通
  • Ralph Schackart - William Blair
  • 杰德凯利 - 奥本海默
  • 亚伦凯斯勒 - 雷蒙德詹姆斯

会议主持员

Good afternoon. My name is Mariama, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the EverQuote Second Quarter 2019 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there’ll be a question-and-answer session. [Operator Instructions] Thank you.
I would now like to turn the call over to Brinlea Johnson of The Blueshirt Group, you may begin your conference.

下午好。 我的名字是Mariama,今天我将成为你的会议运营商。 在这个时候,我想欢迎大家参加EverQuote 2019年第二季度的收益电话会议。 所有线路都已静音以防止任何背景噪音。 在发言者的发言之后,会有一个问答环节。 [操作员说明]谢谢。

我现在想把这个电话转到Blueshirt集团的Brinlea Johnson,你可以开始你的会议了。

Brinlea Johnson

Thank you. Good afternoon, and welcome to EverQuote’s second quarter 2019 earnings call. We’ll be discussing the results announced in our press release issued today after the market closed. With me on this call this afternoon is Seth Birnbaum, EverQuote’s Chief Executive Officer and Co-Founder; and John Wagner, Chief Financial Officer of EverQuote.
During the call, we will make statements related to our business that may be considered forward-looking statements under the federal securities laws, including statements concerning our financial guidance for the third quarter and full-year 2019, our growth strategy and our plans to execute on our growth strategy, key initiatives, the growth levers we expect to drive our business, our ability to maintain existing and acquire new customers, our interests or ability to acquire other companies, our planned expansion into international markets and other statements regarding our plans and prospects.
Forward-looking statements may be identified with words and phrases such as, we expect, we believe, we intend, we anticipate, we plan, may, upcoming and similar words and phrases. These statements reflect our views only as of today and should not be considered our views as of any subsequent date. We specifically disclaim any obligation to update or revise these forward-looking statements except as required by law. Forward-looking statements are not promises or guarantees of future performance and are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from our expectations. For a discussion of material risks and other important factors that could affect our actual results, please refer to those contained under the heading Risk Factors in our most recent Quarterly Report on Form 10-Q which is on file with the Securities and Exchange Commission and available on the Investor Relations section of our website at investors.everquote.com. and on the SEC’s website at sec.gov.
Finally, during the course of today’s call, we will refer to certain non-GAAP financial measures which we believe are helpful to investors. A reconciliation of GAAP to non-GAAP measures was included in our press release issued after the close of market today which is available on the Investor Relations section of our website at investors.everquote.com.
With that, I’ll turn the call over to Seth.

谢谢。下午好,欢迎来到EverQuote 2019年第二季度的财报电话会议。我们将在市场收盘后讨论今天发布的新闻稿中公布的结果。今天下午,我在这个电话会议上是EverQuote的首席执行官兼联合创始人Seth Birnbaum;和EverQuote的首席财务官John Wagner。

在电话会议期间,我们将根据联邦证券法制定与我们业务相关的陈述,这些陈述可能被视为前瞻性陈述,包括有关我们对第三季度和2019年全年财务指导的陈述,我们的增长战略以及我们的执行计划我们的增长战略,关键举措,我们期望推动业务发展的增长杠杆,维持现有和获得新客户的能力,我们收购其他公司的利益或能力,我们计划扩展到国际市场以及有关我们计划的其他声明和前景。

前瞻性陈述可以用单词和短语来识别,例如,我们期望,我们相信,我们打算,我们预期,我们计划,可能,即将发生的和类似的单词和短语。这些陈述仅反映了我们今天的观点,不应被视为我们在任何后续日期的观点。除法律要求外,我们特别声明不承担更新或修订这些前瞻性陈述的义务。前瞻性陈述不是对未来业绩的承诺或保证,并且受到各种风险和不确定因素的影响,这些风险和不确定性可能导致实际结果与我们的预期产生重大差异。有关可能影响我们实际结果的重大风险和其他重要因素的讨论,请参阅我们最新的10-Q表季度报告中的风险因素标题中的内容,该表已提交给美国证券交易委员会并提供在我们的网站投资者关系部分投资者.everquote.com。并在美国证券交易委员会的网站sec.gov上。

最后,在今天的电话会议期间,我们将参考我们认为对投资者有帮助的某些非GAAP财务指标。我们在今天市场收盘后发布的新闻稿中包含了公认会计原则与非公认会计准则衡量标准的对账,该新闻稿可在我们网站的投资者关系部分投资者处获得。投资者.everquote.com。

有了这个,我会把电话转到赛斯。

赛斯比伦鲍姆

Thank you, Brinlea. Good afternoon, and thank you everyone, for joining us today. We are pleased to report a strong second quarter across all our key financial metrics, revenue, Variable Marketing Margin and adjusted EBITDA. We delivered revenue growth of 35% year-over-year and strong Variable Marketing Margin growth of 38%. Our success continues to derive from the strength of our data driven marketplace and commitments to serving a balanced consumer and inclusive provider approach.
We continue to focus on strong organic growth as we scale, while simultaneously making steady progress towards profitability. In the second quarter and first half of 2019, we delivered positive adjusted EBITDA, while executing our key growth levers, expanding consumer demand, growing provider budgets, increasing consumer provider engagement and adding new verticals, including the successful launch of renters and health insurance in the quarter.
We expect to continue to expand the adjusted EBITDA, while aggressively investing in the business to capitalize on a large and growing market opportunity. Based on our strong second quarter results, the momentum, we are increasing our guidance for the full year 2019, which John will detail in a moment, after I cover progress in our growth levers and key initiatives.
We saw a very strong Variable Marketing Margin growth in the quarter. This was a result of successful execution of priorities we set last quarter for our consumer traffic teams. Excessive consumer traffic drove not only increased variable marketing dollars, but also an increase in unit economics as reflected by expansion of Variable Marketing Margin. In addition to growing insurance shopping consumer volume, we expanded our insurance provider network while deepening consumer provider engagement with additional, partial provider integration. Growth in consumer demand and insurance provider spend in our marketplace was broad based in the quarter, and also benefited from favorable market conditions in insurance broadly and the auto
vertical specifically. We expanded our non-autos verticals with an emphasis on Variable Marketing Margin dollar growth to achieve near Variable Marketing Margin parity across our vertical offerings as a percentage of revenue.
We are laser focused on our growth levers, key initiatives and our mission to make EverQuote the destination for insurance shopping. We continue to make progress on our goal to be the largest source of insurance policies online by expanding the value we deliver to consumers and providers via new and improved product experiences. We're excited and energized by our vision to use technology and data to help consumers protect themselves, their families and their life's most important assets.
Now, turning to a deeper discussion on our growth levers and key initiatives. Attracting more consumers to our marketplace. This quarter, we increased investment in our marketing teams and expanded marketing channels and verticals to reach more consumers. We also saw success from tech investments in automation and machine learning to further leverage our growing data and human capital advantages. Leveraging data and technology to grow existing sources and add new sources delivered a 50% increase in consumer quote request volume year-over-year, while cost to quote request declined 8%, demonstrating strong consumer demand for insurance online, as well as leverage in our consumer traffic and advertising operations.

谢谢你,Brinlea。今天下午好,谢谢大家,今天加入我们。我们很高兴在第二季度报告所有主要财务指标,收入,可变营销保证金和调整后的EBITDA。我们的收入同比增长35%,可变营销利润率增长38%。我们的成功继续源于我们的数据驱动市场的力量以及为均衡的消费者和包容性提供商方法提供服务的承诺。

随着我们的规模扩大,我们继续关注强劲的有机增长,同时在盈利能力方面取得稳步进展。在2019年第二季度和上半年,我们实施了正调整后的EBITDA,同时执行了我们的关键增长杠杆,扩大了消费者需求,增加了供应商预算,增加了消费者提供商的参与度,并增加了新的垂直行业,包括成功推出租房者和健康保险。本季度。

我们预计将继续扩大调整后的EBITDA,同时积极投资该业务,以利用庞大且不断增长的市场机会。基于我们强劲的第二季度业绩,我们正在增加对2019年全年的指导,在我介绍增长杠杆和关键举措的进展后,约翰将在稍后详细介绍。

我们看到本季度可变营销利润率增长非常强劲。这是我们上个季度为消费者流量团队成功执行优先事项的结果。过多的消费者流量不仅推动了可变营销资金的增加,而且推动了可变营销利润扩张所反映的单位经济增长。除了增加保险购物消费量之外,我们还扩大了我们的保险提供商网络,同时通过额外的部分提供商集成深化了消费者提供商的参与。消费者需求和保险提供商在我们的市场上的支出增长在本季度基础广泛,并且还受益于广泛的保险和汽车的有利市场条件

特别垂直。我们扩展了我们的非汽车行业,强调可变营销保证金的美元增长,以实现我们垂直产品的可变营销保证金平均值占收入的百分比。

我们专注于我们的增长杠杆,关键举措以及使EverQuote成为保险购物目的地的使命。我们通过新的和改进的产品体验扩大我们为消费者和提供商提供的价值,继续在我们的目标上取得进展,成为最大的在线保险政策来源。我们的愿景是使用技术和数据帮助消费者保护自己,家人和生活中最重要的资产,我们感到非常兴奋和充满活力。

现在,转而深入讨论我们的增长杠杆和关键举措。吸引更多消费者进入我们的市场。本季度,我们增加了对营销团队的投资,扩大了营销渠道和垂直市场,以吸引更多消费者。我们还看到了自动化和机器学习领域的技术投资取得的成功,进一步利用了我们不断增长的数据和人力资利用数据和技术发展现有资源并增加新资源,消费者报价请求数量同比增长50%,而报价请求成本下降8%,表明消费者对在线保险的需求强劲,以及我们的消费者流量和广告业务。

Data and technology is core to our platform advantage. We accumulate millions of data points per day, which leverages our ability to optimize and automate consumer acquisition. Notably, we've seen multiple wins with the application of our proprietary data and machine learning algorithms contributing to the expansion of sources in the quarter. Our new inbound call service to help provide quotes for consumers who prefer to contact us by phone rather than online expanded in Q2. While still modest, this has been a very popular product offering with provider partners and we're confident this program gives us significant upside in consumer volume in 2019 and beyond.
During the quarter, we launched renters and healthcare. We're excited about the addition of these new verticals and expect to make steady investments to increasingly diversify and grow our consumer traffic, revenue and business, by providing consumers more great insurance options in our marketplace.
Increasing provider coverage. We continue to add more providers and expand budgets with current providers to grow overall revenue and revenue for quote request. Two priority growth initiatives for providers that we covered in our last call include our accelerated growth program for larger insurance agents and our verified partner program to enable third-party partners to participate with providers in our marketplace. Both are succeeding, scaling and have been very well received by our insurance provider partners. The accelerated growth program is growing and now accounts for more than 30% of our agency revenue. As traffic growth outpaced provider coverage growth in Q2, we saw some natural compression in revenues per quote request, but price or bid for referrals increased both year-on-year and sequentially, demonstrating strength in provider side demand, solid performance of our traffic for our provider partners, as well as matching and referral personalization capability for consumers in our marketplace.
Additionally, we're pleased that the accelerated growth program for agents increases both coverage and coverage elasticity. So while we saw a much higher consumer volume to our marketplace, we believe accelerated growth program helps keep coverage compression model, playing a role in driving, increasing Variable Marketing Margin dollars, both sequentially and year-on-year with higher Variable Marketing Margin level than the prior quarter. We remain focused on continually ramping provider coverage, which is a steady long-term march as the industry continues to shift spend online.
As a highlight, the Pablo [ph] agencies out of Texas are a testament to the potential impact of the accelerated growth program. They own six agencies in the Dallas metro area, and have been accelerated growth program partners since 2018. Large sophisticated agencies like their need a business partner that will provide deep dive analytics and insights to drive their business. According to these owners, EverQuote service is second to none. And they add that their AGP, dedicated business consultant understands the marketplace and understands their goals. Since joining, the accelerated growth program, the Pablo agencies have shifted their entire online spend to EverQuote, and they've seen rapid growth as a result.

数据和技术是我们平台优势的核心。我们每天积累数百万个数据点,利用我们优化和自动化消费者获取的能力。值得注意的是,我们已经看到了应用我们的专有数据和机器学习算法的多次胜利,这有助于本季度的资源扩展。我们新的呼入电话服务有助于为希望通过电话而非在线联系我们的消费者提供报价。虽然仍然适度,但这是与供应商合作伙伴非常受欢迎的产品,我们相信这个计划在2019年及以后的消费者数量方面给我们带来了显着的上升空间。

在本季度,我们推出了租房者和医疗保健。我们对增加这些新的垂直市场感到兴奋,并希望通过为我们的市场提供更多优质保险选择,为日益多元化和增加消费者流量,收入和业务做出稳定的投资。

提高提供商覆盖率我们继续增加更多提供商并扩大与当前提供商的预算,以增加报价请求的总体收入和收入。我们在上次电话会议中提到的两个优先增长计划包括我们针对大型保险代理商的加速增长计划以及我们经过验证的合作伙伴计划,以使第三方合作伙伴能够与我们的市场中的提供商一起参与。两者都取得了成功,扩展并得到了我们的保险提供商合作伙伴的好评。加速增长计划正在增长,现在占我们机构收入的30%以上。由于流量增长超过了第二季度的提供商覆盖增长,我们看到每个报价请求的收入有一些自然压缩,但转介的价格或报价同比增加,并显示出提供商方需求的强劲,我们的流量的稳定表现我们的供应商合作伙伴,以及我们市场中消费者的匹配和推荐个性化功能。

此外,我们很高兴代理商的加速增长计划可以提高覆盖范围和覆盖范围弹性。因此,虽然我们看到市场上消费者的消费量大大增加,但我们认为加速增长计划有助于保持覆盖压缩模型,在推动中发挥作用,增加可变营销保证金,按顺序和同比增加可变营销保证金水平比上一季度。我们仍然专注于不断提升服务提供商的覆盖率,这是一个稳定的长期游行,因为该行业继续在线转移支出。

作为一个亮点,德克萨斯州的Pablo [ph]代理商证明了加速增长计划的潜在影响。他们在达拉斯都市区拥有六家代理商,自2018年以来一直是加速增长计划的合作伙伴。像他们这样的大型复杂机构需要一个能够提供深度分析和洞察力来推动业务发展的商业合作伙伴。据这些业主称,EverQuote服务是首屈一指的。他们补充说,他们的AGP,专门的商业顾问了解市场并了解他们的目标。自加入加速增长计划以来,Pablo代理商已将其整个在线支出转移到EverQuote,结果他们看到了快速增长。

Deepening consumer provider engagement and reducing the friction of getting quotes by expanding provider integration. In Q2, we continued to optimize conversion rate in our consumer shopping funnel, which our internal metrics indicates an increase in the rate at which consumers line the policy. We also continued to expand provider integrations with the majority of referrals going through a partial integration experience today as we work towards the goal of getting each consumer one quote or one call away from a bindable quote.
For consumers, all this work translates into real savings. In our most recent survey, consumer shopping for auto insurance through EverQuote saves an average of $610 a year, which we're thrilled with. That's a significant savings. We expect and are excited to deliver benefits to consumers across all our verticals by leveraging the breadth of our provider network, and we continue to focus on reducing friction, making the right personalized recommendations and increasing consumer choice through the insurance shopping journey.
Further, as we secure deeper integrations, we believe we can also help our providers maximize their results through the use of our real time and machine learning capabilities. These capabilities allow insurance providers in our marketplace to optimize their campaign bidding based on their find rates in near real time. During the quarter, we continued expanding the portfolio of carriers, using our machine learning and real time bidding campaigns to more efficiently reach prospective policyholders.
The early results have been promising, with our carrier partners seeing a much higher LTV efficiency and stronger performance across their KPI. Our largest partner using these niche products is seeing a 52% increase in referrals from our marketplace at their desired ROI target. These carriers are continuing to fund and grow their budget in our marketplace. We are confident continued expansion of our machine learning and real time bidding capabilities will allow our partners to efficiently grow their advertising spend with EverQuote, while achieving even better ROI for campaigns in our marketplace.
Our EverDrive program has continued to expand its insurance offer coverage with our current partner, up from 12 states to 24 since our last call. We've succeeded in our efforts to expand the EverDrive team, most recently adding a Senior Product Manager with extensive experience in consumer facing mobile applications, and assigning additional resources to drive acquisition activities and audience growth. Work is also underway on additional features that will facilitate in-app quoting and binding, while also enabling new user engagement features in the coming quarters and beyond. We're excited by the continued expansion of telematics-based insurance programs in the industry in EverDrive's a unique position in helping users become safer drivers and connected free insurance products and discounts.
Finally, adding new verticals. We launched two new insurance verticals in our marketplace and are bullish on the long-term prospects for both, increasing our overall marketplace, diversity and TAM. As we are clearly seeing the benefits in our results, we plan to continue investing in both EverQuote and EverDrive consumer experiences in 2019. And we are focused on a greater consumer satisfaction, loyalty and lifetime value. We are also pleased with our ability to expand our team with talented and experienced hires during the quarter. These team members had a near-term impact on the business and we are looking forward to recruiting additional power to manage key initiatives in the quarters to come.

通过扩展提供商集成,深化消费者提供商参与并减少获取报价的摩擦。在第二季度,我们继续优化消费者购物渠道的转化率,我们的内部指标显示消费者对政策的排列率有所提高。我们还继续扩展提供商集成,其中大部分推荐都是通过部分集成体验进行的,因为我们努力实现每个消费者一个引用或一个呼叫远离可绑定报价的目标。

对于消费者而言,所有这些工作都转化为真正的节省。在我们最近的一项调查中,通过EverQuote购买汽车保险的消费者每年平均节省610美元,我们很高兴。这是一笔可观的节省。我们期望并且很高兴通过利用我们供应商网络的广度为所有垂直行业的消费者带来利益,并且我们将继续专注于减少摩擦,提出正确的个性化建议,并通过保险购物之旅增加消费者的选择。

此外,随着我​​们确保更深入的集成,我们相信我们还可以通过使用我们的实时和机器学习功能帮助我们的供应商最大化其结果。这些功能使我们市场中的保险提供商能够基于近乎实时的查找率来优化其广告系列出价。在本季度,我们继续扩大运营商组合,使用我们的机器学习和实时竞标活动,以更有效地接触潜在的保单持有人。

早期的结果很有希望,我们的运营商合作伙伴在其KPI中看到了更高的LTV效率和更强的性能。我们使用这些利基产品的最大合作伙伴是,我们的市场推荐的投资回报率达到了52%。这些运营商正在继续为我们的市场提供资金和增加预算。我们有信心继续扩展我们的机器学习和实时出价功能,这将使我们的合作伙伴能够有效地利用EverQuote增加广告支出,同时为我们的市场中的活动实现更高的投资回报率。

我们的EverDrive计划继续扩大其目前的合作伙伴保险范围,自上次电话会议以来,从12个州增加到24个。我们成功地扩展了EverDrive团队,最近增加了一名高级产品经理,他在面向消费者的移动应用程序方面拥有丰富的经验,并分配额外的资源来推动收购活动和受众增长。关于其他功能的工作也在进行中,这些功能将促进应用内报价和绑定,同时还可以在未来几个季度内实现新的用户参与功能。我们对EverDrive业内基于远程信息处理的保险计划的持续扩展感到非常兴奋,因为EverDrive在帮助用户成为更安全的司机和连接免费保险产品和折扣方面具有独特的地位。

最后,添加新的垂直。我们在市场上推出了两个新的保险垂直市场,并看好两者的长期前景,增加了我们的整体市场,多样性和TAM。由于我们清楚地看到了我们的结果带来的好处,我们计划在2019年继续投资EverQuote和EverDrive的消费者体验。我们专注于提高消费者满意度,忠诚度和终身价值。我们也很高兴能够在本季度通过才华横溢且经验丰富的员工扩展我们的团队。这些团队成员对业务产生了近期影响,我们期待着在未来几个季度中招募额外的权力来管理关键计划。

In summary, we had a strong Q2 with solid execution, combined with positive insurance market trends and strong momentum into Q3, reaffirming our views as a business, TAM and EverQuote's future. We're executing well on our growth levers, key initiatives and mission. We delivered positive adjusted EBITDA, balanced with strong growth in the quarter and year-to-date. We're confident in our long-term model and continued progress towards profitability as the business scale. We're pleased with the progress we've made thus far in 2019 and we look forward to finishing this year strong, and setting the stage for continued growth in 2020.
Now, let's turn the call over to John.

总而言之,我们有强劲的第二季度,执行力强,加上积极的保险市场趋势和第三季度的强劲势头,再次肯定了我们对业务,TAM和EverQuote未来的看法。 我们在增长杠杆,关键举措和使命方面表现良好。 我们提供了正的调整后EBITDA,与本季度和今年迄今为止的强劲增长相平衡。 我们对我们的长期模式充满信心,并在业务规模方面继续取得盈利。 我们对2019年迄今取得的进展感到高兴,我们期待今年能够实现强劲增长,并为2020年的持续增长奠定基础。

现在,让我们把电话转给约翰。

John Wagner

Thank you, Seth, and good afternoon everyone. I’ll start by discussing our financial results for the second quarter of 2019 and then provide third quarter 2019 guidance and our increased guidance for the full year 2019. We’re very pleased to report second quarter revenue of $55.7 million up 35% year-over-year and above our revenue guidance provided last quarter.
Revenue in our auto insurance vertical increased to $49.8 million reflecting an accelerated growth rate of 40% year-over-year. Revenue from our other verticals, which now includes health and renters in addition to home and life increased to $5.9 million.
In Q2, our auto insurance vertical benefited from strong demand from our carriers and from our success in delivering significantly more consumer traffic to our marketplace. Our traffic growth in autos reinforced the continued opportunity for growth across all insurance verticals, using our technology and data centric approach to consumer advertising.
In our other verticals, which was comprised nearly entirely of home and life, we focused on Variable Marketing Margin growth over revenue growth. As a result, we grew VMM in our other verticals faster than our overall 38% VMM growth rate, and the change a VMM as a percentage of revenue that was nearly equal to that of the autos vertical.
This reflected improved unit economics attributed to reduced costs and improved revenue per quote request as compared to the prior year’s quarter. Having the improved Variable Marketing Margin, we began again to focus on revenue growth in our other verticals going into Q3. So far in Q3, revenue from our other verticals has grown at a rate more consistent with the growth rate of those verticals in Q1 2019, but also add an improved Variable Marketing Margin.
Overall, our strong revenue growth in Q2 was driven by progress in attracting consumers to our insurance marketplace, coupled with stable to improved unit economics. Consumer quote requests increased an impressive 50% over the prior year period to $4.5 million, while the average cost per quote request declined 10%, reflecting efficiencies in consumer advertising. Throughout the quarter, carrier demand remains strong, as reflected in an increase in the average price per referral has helped to mitigate the overall reduction in revenue per quote request. Our 50% increase in quote request volume resulted in only a modest decrease in revenue per quote request of 10% year-over-year to $12.32.
With respect to our auctions in general, as we increase consumer traffic, we can sometimes see reductions in the number of referrals per quote request, since the supply of quote request can outpace provider coverage in our auctions. In addition, we also try to balance consumer traffic with provider demand to align pricing and optimize Variable Marketing Margin dollars. Overall, our gains in consumer volume this quarter significantly outpace the reduction in monetization and resulted in a much higher Variable Marketing Margin. We are pleased with the resiliency of our marketplace and that we significantly increase consumer volume, while maintaining strong unit economics and a lower cost per quote request.

谢谢你,塞思,大家下午好。我将首先讨论2019年第二季度的财务业绩,然后提供2019年第三季度的指引以及2019年全年的指引。我们非常高兴地报告第二季度收入为5570万美元,同比增长35% - 超过我们上个季度提供的收入指导。

我们的汽车保险业务收入增长至4980万美元,反映了同比增长40%的加速增长。来自我们其他垂直行业的收入,现在除了家庭和生活之外还包括健康和租房者,增加到590万美元。

在第二季度,我们的汽车保险垂直受益于我们的运营商的强劲需求以及我们成功地为我们的市场提供更多的消费者流量。通过我们的技术和以数据为中心的消费者广告方法,我们的汽车流量增长加强了所有保险业务的持续增长机会。

在我们的其他垂直行业,几乎完全由家庭和生活组成,我们专注于可变营销保证金增长而不是收入增长。因此,我们在其他行业的VMM增长速度超过我们整体38%的VMM增长率,并且VMM占收入的百分比几乎等于汽车垂直增长率。

这反映出单位经济效益的提高归因于与上一季度相比,降低了成本并提高了每次报价请求的收入。通过改进的可变营销利润率,我们再次开始关注进入第三季度的其他垂直行业的收入增长。到目前为止,在第三季度,我们其他垂直行业的收入增长速度与2019年第一季度的垂直增长率更加一致,但也增加了可变营销利润率。

总体而言,我们在第二季度的强劲收入增长主要得益于吸引消费者进入保险市场的进展,以及稳定提升的单位经济效益。消费者报价请求比去年同期增加了50%,达到450万美元,而每个报价请求的平均成本下降了10%,这反映了消费者广告的效率。在整个季度中,运营商的需求依然强劲,这反映在每个推荐的平均价格上涨有助于减少每个报价请求的总收入减少。我们的报价请求量增加了50%,导致每个报价请求的收入仅同比减少10%至12.32美元。

就我们的拍卖而言,随着我们增加消费者流量,我们有时可以看到每个报价请求的推荐数量减少,因为报价请求的供应可能超过我们拍卖中的提供商覆盖范围。此外,我们还尝试平衡消费者流量与提供商需求,以调整定价并优化可变营销保证金。总体而言,本季度我们的消费者数量增长明显超过了货币化的减少,并导致可变营销利润率大幅上升。我们对市场的弹性感到满意,并且我们显着增加了消费者数量,同时保持了强大的单位经济效益和更低的每报价要求。

In all verticals, we continue to target maximum VMM through a combination of traffic growth balanced with unit economics. Effectively, we seek to grow consumer traffic provided such growth does not drive up costs or drive down modernization and our auction to the point of incrementally lower Variable Marketing Margin. VMM was $16.7 million for the quarter, an increase of 38% year-over-year from $12.1 million. As a percentage of revenue, VMM was 30%, up 3.5 points sequentially from Q1 2019, and an increase from 29.6% in Q2 2018.
Turning to our profitability. As Seth mentioned, we’re very excited to report positive adjusted EBITDA for both the second quarter and first half of 2019. Adjusted EBITDA for the second quarter was $1.6 million, favorable to our guidance range due to our better than expected VMM performance and disciplined operating expense management. To achieve faster than anticipated in that greater scale, our positive adjusted EBITDA is consistent with our stated goal of growing the business through investments in operations, while also improving profitability over the long-term.
Second quarter GAAP net loss was $2 million or a net loss of $0.08 per share based on approximately $25.6 million weighted-average shares outstanding. Stock-based compensation excluded from adjusted EBITDA was $3.2 million, trending toward the high end of our previously stated expectation for full year 2019 stock-based compensation in the range of $11.5 million to $12.5 million.
We ended the quarter with $37.1 million in cash and cash equivalents, down slightly from Q1, 2019. Due in part to our improved profitability profile, operating cash flow for the quarter was nearly break even at a negative $0.4 million, and our ending working capital balance improved $1.5 million over Q1 2019.
Overall, second quarter results exceeded our guidance on revenue, VMM and adjusted EBITDA. Our performance gives us confidence in our updated guidance, which reflects our belief that while we anticipate Q4 as a seasonally slower quarter compared to Q3, we will continue our strong performance for the balance of 2019. Additionally, we are now targeting positive adjusted EBITDA for the full year 2019 and in future years.
We expect our momentum from Q2 to carry over into Q3, which is typically a slightly stronger seasonal quarter. Reflecting our momentum in these seasonal trends, our Q3 2019 guidance is as follows. We expect revenue to be between $57 million and $59 million. We expect Variable Marketing Margin to be between $17 million and $18 million. And we expect positive adjusted EBITDA to be between $1 million and $2 million.
Similarly, we anticipate a stronger full year 2019 and we are raising our guidance as follows. We expect revenue to be between $215 million and $219 million, an increase from our previous full year guidance of between $197 million and $203 million. We expect Variable Marketing Margin to be between $62.5 million and $64.5 million, an increase from our previous full year guidance of between $55.5 million and $58.5 million. And we expect positive adjusted EBITDA up between $1 million and $2.5 million, an improvement from our previous range of a loss of between $3 million and $1 million.

在所有垂直行业中,我们通过流量增长与单位经济性的平衡,继续瞄准最大VMM。实际上,我们寻求增加消费者流量,前提是这种增长不会推高成本或推动现代化和我们的拍卖,以逐步降低可变营销利润率。 VMM本季度为1670万美元,比去年同期的1210万美元增长38%。占收入的百分比,VMM为30%,比2019年第一季度增加3.5个百分点,比2018年第二季度的29.6%增加。

转向我们的盈利能力。正如Seth所说,我们非常高兴能够报告2019年第二季度和上半年的正调整EBITDA。第二季度的调整后EBITDA为160万美元,这有利于我们的指导范围,因为我们的VMM业绩好于预期且纪律严明经营费用管理。为了在更大规模上实现比预期更快的速度,我们的正调整EBITDA符合我们通过投资运营来增加业务的既定目标,同时也提高了长期盈利能力。

根据约2560万美元的加权平均流通股,第二季度GAAP净亏损为200万美元或每股净亏损0.08美元。不包括在调整后的EBITDA中的股票薪酬为320万美元,趋向于我们先前预期的2019年全年股票薪酬预期的高端,在1150万美元至1250万美元之间。

我们在本季度结束时的现金和现金等价物为3710万美元,与2019年第一季度相比略有下降。部分由于我们的盈利状况有所改善,本季度的经营现金流几乎达到收支平衡,即负40万美元,以及我们的终止营运资金在2019年第一季度,余额增加了150万美元。

总体而言,第二季度业绩超出了我们对收入,VMM和调整后EBITDA的指引。我们的表现让我们对我们的最新指引充满信心,这反映了我们的信念,即虽然我们预计第四季度与第三季度相比季节性较慢,但我们将继续保持2019年余额的强劲表现。此外,我们现在的目标是调整EBITDA 2019年全年和未来几年。

我们预计第二季度的势头将延续至第三季度,这通常是一个稍微强劲的季节性季度。反映我们在这些季节性趋势中的动力,我们的2019年第3季度指引如下。我们预计收入将在5700万美元至5900万美元之间。我们预计可变营销保证金将在1700万美元至1800万美元之间。我们预计正面调整后的EBITDA将介于100万美元至200万美元之间。

同样,我们预计2019年全年会更强劲,我们正在按如下方式提高指导。我们预计收入将在2.15亿美元至2.19亿美元之间,比我们之前的1.97亿美元至2.03亿美元的全年指引增长。我们预计可变营销保证金将在6250万美元至6450万美元之间,比我们之前的全年预测金额增加5550万美元至5850万美元。我们预计正面调整后的EBITDA将在100万美元至250万美元之间,比之前的300万美元至100万美元的损失有所改善。

In summary, we had an outstanding second quarter and we look forward to continuing our performance in the balance of 2019. We’re excited about our growth in revenue and Variable Marketing Margin, fueled by strong increases in consumer traffic. We’re pleased to reflect these operating improvements in our increased full year guidance.
And with that, Seth and I look forward to answering your questions.

总而言之,我们有一个出色的第二季度,我们期待在2019年的余额中继续我们的表现。我们对我们的收入和可变营销利润的增长感到兴奋,这得益于消费者流量的强劲增长。 我们很高兴在我们增加的全年指导中反映这些运营改进。

有了这个,赛斯和我期待着回答你的问题。

问答环节

[Operator Instructions] Your first question comes from Michael Graham with Canaccord. Your line is open.

[操作员说明]您的第一个问题来自Michael Graham和Canaccord。 你的线是开放的。

Michael Graham

Hey, guys. Thanks for the question and congrats on a solid quarter. I just wanted to ask one thing on EverDrive , which is do you see the opportunity to take sort of consumer based data like that where you can sort of drive better value for the consumer and spread that out across some of the other verticals? Is there a way to kind of take that concept and spread it out?
And then I just wanted to get a little more depth about how your new verticals are going, and sort of when you do think you’ll start to see some more meaningful revenue from some of the new verticals you’ve announced last quarter?

大家好。 感谢这个问题并祝贺一个坚实的季度。 我只是想在EverDrive上问一件事,你是否有机会采取一些基于消费者的数据,比如你可以为消费者提供更好的价值,并将其传播到其他一些垂直市场? 有没有办法采取这种概念并将其传播出去?

然后我想更深入地了解你的新垂直行业将如何发展,当你认为你会开始从上个季度公布的一些新行业中看到一些更有意义的收入时,你会想到什么?

赛斯比伦鲍姆

So maybe I’ll take those. This is Seth, Michael, thanks a lot. I’ll take those questions in reverse order. To your second question, we are very pleased that we launched the new verticals on time. The team did an excellent job executing that and we’re actually generating albeit very modest revenue in those verticals. Obviously, as we make progress in the new verticals, we look forward to updating you on future calls and we’ll do that
With regards to EverDrive, it’s precisely why we’re so excited about it, because we think it’s a class of products that EverQuote can participate in we’re providing sort of risk insight and safety or help making consumers safer, at the same time, connecting them with providers who give them incremental discounts for safe behaviors. We think it’s applicable to life insurance, to home insurance with things like smart devices. So again, over the long-term, we see it as a class of devices or applications that EverQuote can build, and doesn’t just provide consumers with discounts on insurance, but actually helps make them safer and plug into the sort of proliferating set of devices that are going into cars and homes and connected cars, and your smartwatch. So there’s a whole class of opportunity for us and EverDrive is obviously just the first case, really – used case of that. So we’re very bullish on the long-term opportunity for that.

所以也许我会接受那些。这是赛斯,迈克尔,非常感谢。我会以相反的顺序提出这些问题。对于您的第二个问题,我们很高兴我们按时推出了新的垂直行业。该团队在执行这项工作方面表现出色,我们实际上在这些垂直市场中产生了非常适度的收入。显然,随着我们在新的垂直行业取得进展,我们期待在未来的通话中更新您,我们会这样做

关于EverDrive,正是为什么我们对此感到非常兴奋,因为我们认为它是EverQuote可以参与的一类产品,我们提供各种风险洞察力和安全性,或者帮助消费者更安全,同时,将他们与提供安全行为增量折扣的提供商联系起来。我们认为它适用于人寿保险,家庭保险等智能设备。因此,从长远来看,我们将其视为EverQuote可以构建的一类设备或应用程序,并且不仅为消费者提供保险折扣,而且实际上有助于使它们更安全并插入那种增殖集中进入汽车,家庭和联网汽车的设备,以及智能手表。所以我们有一整套机会,EverDrive显然只是第一个案例,真正用过的案例。所以我们非常看好这个长期机会。

Michael Graham

Okay. Thanks for that.

好的。 感谢那。

会议主持员

Your next question comes from Ron Josey with JMP Securities. Your line is open.

你的下一个问题来自JMP Securities的Ron Josey。 你的线是开放的。

Ron Josey

Great. Thanks for taking the question. John, just want to see if I can get some additional insight. I think you talked about home and life in other verticals. In 2Q, growth decelerated quite a bit, but I think in your commentary you talked about growth coming back here to 1Q levels. Please help us to understand what happened 1Q – sorry in 2Q that, that saw that dip? I think that’d the helpful. And then on quote request, just more insights around the visibility and sustainability of what you saw in 2Q, clearly a great quarter in terms of quote request growth. Just thinking about like longer term how you see that? Thank you.

非常好。 谢谢你提出这个问题。 约翰,只想看看我是否能获得一些额外的见解。 我想你在其他垂直领域谈到了家庭和生活。 在第二季度,增长速度相当缓慢,但我认为在你的评论中你谈到增长将回到1Q水平。 请帮助我们了解1Q发生了什么 - 对不起在第2季那,看到那个下降? 我认为那是有帮助的。 然后根据报价请求,更多关于您在第二季看到的可见性和可持续性的见解,在报价请求增长方面显然是一个很好的季度。 从长远来看你怎么看? 谢谢。

John Wagner

Sure. Thanks, Ron. So with regard to our other verticals, primarily home and life in the quarter, what we – what the difference really there was in the quarter is that we were managing for variable marketing dollar growth within the quarter. This quarter we had the opportunity to see the margins within those other verticals get to the point where they were nearly at the same level as our autos vertical. So given the choice, we will always manage for variable marketing growth, and that’s really fairly consistent it just happened that this quarter it rarely came through in VMD with just very modest growth in revenue.
What we – what I said in the prepared remarks is that going into Q3 with that margin operating point operating at a very healthy level, we were able to trend toward growth and maximizing variable marketing dollars through growth. And what we have seen so far in this quarter is growth within those other verticals, very similar to what we saw in Q1. So we really think of Q2 as a time that we were able to make progress within variable marketing margin in those other verticals. And we’re still very excited and very bullish about the growth coming out of those verticals.
With regard to kind of overall traffic growth, obviously a really great quarter this year, this quarter for traffic growth. We had mentioned on the call last time that we felt in 2019 that the majority of our growth was going to come from quote request growth. We continue to see that going forward. So we are continuing to project most of our growth as we model the business coming through quote request volume right through the end of the year.

当然。谢谢,罗恩。因此,对于我们的其他垂直行业,主要是本季度的房屋和生活,我们 - 本季度真正的差异在于我们在本季度内管理可变营销美元的增长。本季度,我们有机会看到其他垂直行业的利润率达到了与我们的汽车纵向几乎相同的水平。因此,如果有选择,我们将始终管理可变营销增长,而且这种情况确实相当一致,本季度它很少在VMD中实现,收入增长非常温和。

我们 - 我在准备好的评论中所说的是,进入第三季度,保证金运营点运行在一个非常健康的水平,我们能够通过增长趋向于增长和最大化可变营销资金。到目前为止,我们在本季度看到的是其他垂直市场的增长,与我们在第一季度看到的非常相似。所以我们真的认为Q2是我们能够在其他垂直行业的可变营销边际内取得进展的时间。我们仍然非常兴奋,非常看好这些垂直行业的增长。

关于整体流量增长的类型,显然是今年非常大的季度,本季度流量增长。我们上次在电话会议上提到我们在2019年感觉到我们的大部分增长将来自报价请求的增长。我们继续看到未来。因此,我们将继续预测我们的大部分增长,因为我们通过报价请求量对业务进行建模,直到今年年底。

赛斯比伦鲍姆

And Ron, just – it’s Seth. Just to give a little additional color, we saw a really strong performance from the teams obviously, the leadership that we added to the teams as well. We saw really great execution across the traffic teams for the quarter and obviously are bullish on that through the year. And it was compounded by the fact that consumer demand and the marketplace dynamics are favorable as well. So really just a great result. A lot of that work obviously was start to sort of set in Q1 with our priorities and team building, and it flowed through Q2.

而罗恩,只是 - 这是赛斯。 为了给出一点额外的颜色,我们看到团队的表现非常强劲,我们加入团队的领导力也是如此。 我们看到本季度整个交通团队的执行情况非常好,而且显然看好这一年。 此外,消费者需求和市场动态也是有利的。 所以真的只是一个伟大的结果。 很多这项工作显然是在第一季度开始与我们的优先事项和团队建设,并且它贯穿第二季度。

Ron Josey

Thank you, Seth. Thank you, John.

谢谢你,塞思。 谢谢你,约翰。

John Wagner

Thanks.

谢谢。

会议主持员

Your next question comes from Mayank Tandon from Needham and Company. Your line is open.

你的下一个问题来自Needham and Company的Mayank Tandon。 你的线是开放的。

凯尔彼得森

Good evening. This is actually Kyle Peterson on for Mayank. Thanks for taking the question. Just want to start on kind of pricing, now you guys, the volume has obviously been very impressive, kind as stated, I mean, the revenue progress still a little below last year. Just want to see what would it take to get that kind of pop back maybe toward last year’s levels? Is it signing on more partners, whether it’d be carriers and agents? Or is it just gaining more wallet share with existing partners, just wanted to see if you guys get any color on that?

晚上好。 这实际上是Kyle Peterson对Mayank的看法。 谢谢你提出这个问题。 只是想从一种定价开始,现在你们,这个数量显然非常令人印象深刻,如我所说,我的意思是,收入进度仍然比去年略低。 只是想看看如何才能让这种流行音乐回到去年的水平? 它是否签约了更多的合作伙伴,无论是运营商还是代理商? 或者它只是与现有合作伙伴获得更多的钱包份额,只是想看看你们是否有任何颜色?

John Wagner

Sure, Kyle. Maybe I’ll step through the gate and then Wag will bring us – so John will bring us home on it. So at a very high level, remember, we operate the business through a Variable Marketing Margin dollar. So if we can generate incremental consumer demand that drives up variable marketing dollars, we ought to do so, our teams will make those investments and our options will support that. Now, obviously, with the pace of consumer demand growth, we cannot outpace our provider coverage. And that’s what we saw in Q2. And again, as long as we’re generating incremental VMD we’ll do that all day long. And that’s what we saw in the quarter.
And John, maybe want to dig in on some of the auction dynamics.

当然,凯尔。 也许我会走出大门然后Wag会把我们带来 - 所以John会把我们带回家。 因此,在非常高的层面,请记住,我们通过可变营销保证金来运营业务。 因此,如果我们能够产生增加的消费者需求以推动可变营销资金,我们应该这样做,我们的团队将进行这些投资,我们的选择将支持这一点。 现在,显然,随着消费者需求增长的步伐,我们无法超越我们的提供商覆盖范围。 这就是我们在第二季度所看到的。 而且,只要我们生成增量VMD,我们就会整天都这样做。 这就是我们在本季度看到的情况。

约翰,也许想要挖掘一些拍卖动态。

John Wagner

Sure. So we all can use revenue per quote request as kind of a proxy for pricing. But really, when you break down revenue per quote request, there are the two components that go into it. One is the price per referral. Since a quote request can have multiple referrals, each of those referrals is priced separately and that’s – is generally determined by the carriers and the price they bid in our auctions. The other component is the number of referrals per quote request. So of those two components, within the quarter, we did actually see the pricing component, the price per referral increased during the quarter. And that’s really indicative of a strong demand coming from our carriers, especially.
And then again – against the backdrop of 50% quote request volume, we were fairly pleased with the fact that revenue per quote request still stayed fairly stable in the phase of that kind of volume. Just to add, going back to kind of previous years where revenue per quote request was higher, again we will always manage to maximum variable marketing dollars to the degree that we can.
So we really provide things like quote request, cost per quote request, revenue per quote request as kind of a way to be able to speak about the business and give insight into the business. But we’re really not managing for those as a particular outcome. And I say – I would think that to get back to those levels, we probably would see a combination of our coverage side of our marketplace increasing and generally that’s what we managed the business in terms of supply and demand.
We grow both volume in terms of consumer traffic and then we also grow coverage in terms of our distribution, our carriers and our agents. And so we try to do those in tandem, but at times, one more outgrow the other. And if that happens, provided that we are maximizing variable marketing dollars, we welcome that.

当然。因此,我们都可以将每个报价请求的收入用作定价的代理。但实际上,当你打破每个报价请求的收入时,有两个组成部分。一个是每个推荐的价格。由于报价请求可以有多个推荐,因此每个推荐都是单独定价的 - 通常由运营商和他们在拍卖中出价的价格决定。另一个组件是每个引用请求的引用数。在这两个组成部分中,在本季度内,我们确实看到了定价部分,每个推荐的价格在本季度增加了。这确实表明我们的运营商需求强劲,特别是。

然后再次 - 在50%的报价请求量的背景下,我们对每个报价请求的收入在该类型的阶段仍然保持相当稳定的事实相当满意。只是补充一点,回到前几年每个报价请求的收入更高的情况,我们将始终能够达到最大可变营销资金的程度。

因此,我们确实提供诸如报价请求,每报价请求,每个报价请求的收入等内容,以便能够谈论业务并洞察业务。但我们真的没有把这些作为一个特定的结果来管理。而且我说 - 我认为要回到这些水平,我们可能会看到我们的市场覆盖面增加的组合,以及我们在供需方面管理业务的总体情况。

我们在消费者流量方面增加了数量,然后我们在分销,运营商和代理商方面也增加了覆盖范围。所以我们试着一起做这些,但有时候,另一个更长大。如果发生这种情况,只要我们最大化可变营销资金,我们欢迎这一点。

赛斯比伦鲍姆

We sure do. I mean, one of the ways I think about it, Kyle, is you think about it as not just share, but the gas in the tank. So we can build out provider coverage and provider budgets against that growth in consumer demand. So really a great leading indicator.

我们确实做到了。 我的意思是,我想到的其中一个方法,凯尔,你认为它不仅仅是分享,而是坦克中的气体。 因此,我们可以根据消费者需求的增长来构建提供商覆盖范围和提供商预算。 真的是一个伟大的领先指标。

凯尔彼得森

All right. That’s helpful color. And then just one follow up for me. I know, you guys have talked about the in-bound calls, launch of that. And it seems like it’s been positive so far. I just want to see if you guys could gives any more color, update in just kind of how it’s improving conversion rates or reaching a little bit different cohort to customers, or just any color you can provide be helpful.

行。 这是有用的颜色。 然后只有一个跟进我。 我知道,你们已经谈到了入境电话,启动了。 到目前为止似乎是积极的。 我只是想看看你们是否可以提供更多的颜色,更新一下如何提高转换率或者与客户达成一点点不同的颜色,或者只是提供任何有用的颜色。

赛斯比伦鲍姆

Yes. So I mean, I think two levels. One, all right, it definitely reaches a set of consumers who may not even originate online beyond they want to click a phone number on a mobile workflow or they want to get connected with an agent on a website. So we’re really sort of bullish on it, that it covers a broader swath of consumers or a different consumer demographic.
The conversion rates on inbound calls are very good, across the spectrum. But it is still modest. Now, while it’s modest, it did grow a significant amount in the quarter. But again, it’s still a very modest amount of our overall quote request volume. We do expect it to grow over 2019 and in the years out, and we see a ton of opportunity to grow that inbound calls program.

是。 所以我的意思是,我认为有两个层次。 一,好吧,它肯定会触及一群消费者,他们甚至可能不会在网上发起,只要他们想要在移动工作流程上点击电话号码,或者他们想要与网站上的代理商建立联系。 所以我们真的很看好它,它涵盖了更广泛的消费者群体或不同的消费者群体。

在整个频谱范围内,入站呼叫的转换率非常好。 但它仍然是适度的。 现在,虽然它是适度的,但在本季度确实增长了很多。 但同样,它仍然是我们整体报价请求量的一个非常适度的数量。 我们确实预计它将在2019年以及未来几年内增长,并且我们看到了大量增加入站呼叫计划的机会。

凯尔彼得森

All right. That’s helpful. Thanks guys. Nice quarter.

行。 这很有帮助。 多谢你们。 不错的季度。

John Wagner

Thank you, Kyle.

谢谢你,凯尔。

会议主持员

Your next question comes from Doug Anmuth with JPMorgan. Your line is open.

你的下一个问题来自于摩根大通的Doug Anmuth。 你的线是开放的。

Dae Lee

Hey, this is Dae Lee on for Doug. Thanks for taking our questions, and congrats on the quarter. So just want to talk about automotive vertical a real quick. So you saw a really strong acceleration there, and you talked about our favorable market conditions there. Could you talk about like what’s happening there versus expectations going into 2Q, and if those conditions are sustainable? And then as a follow up, you talked about the majority of your customers not flowing through partial integration, but could you talk about how user experience has changed prior from before, and how discussions are going in terms of getting a more full integration?

嘿,这是Dae Lee对Doug来说。 感谢您提出我们的问题,并祝贺本季度。 所以,只想简单地谈谈汽车行业。 所以你在那里看到了非常强劲的加速,你谈到了那里有利的市场条件。 你能谈谈那里发生的事情和第二季度的预期,以及这些条件是否可持续? 然后作为后续工作,您谈到了大多数客户没有通过部分集成,但您能谈谈用户体验之前的变化,以及如何进行更全面的集成讨论?

赛斯比伦鲍姆

Sure. So with regards to the automotive vertical, market conditions, the carriers and providers in general the agents are having very good obviously underwriting profitability, or that’s our view of the marketplace. There’s demand for growth. I mean, from my perspective again or from our perspective, we’d expect that to continue, right. They’re well priced. They’re well positioned for growth and providers are using data and technology are really making a lot of progress in momentum, especially with EverQuote doing sourcing the personalized referrals. Consumers has given them a lot of obviously fuel for growth. And so we’re excited about that. And I’d expect that to continue that. That sort of market condition can persist in the auto insurance vertical for years and so. So obviously we’re bullish on that.
With regards to the partial integration, I think we reported, we did 11 sort of new partial and one deeper integration. And obviously today as we do those, we do see typically the conversion rate for consumers increase. When a consumer purchases a policy through the marketplace that typically results in higher customer satisfaction. And so it’s a virtuous cycle for the consumers, as we go deeper down these integrations, you’ll actually get more bound policies, higher consumer satisfaction. So that’s a powerful lever for consumers.
At the same time the performance rises for providers and for EverQuote. So it’s sort of a virtuous cycle all the way around. But that’s the steady progress we’ve made. The other obvious sort of extension or advancing consumer experience is adding the new verticals, right. So having more product options in the marketplace improves consumer experience when they visit everquote.com, so we’re excited about that as well.

当然。因此,就汽车行业垂直,市场状况,运营商和供应商而言,代理商具有非常好的明显承保盈利能力,或者这是我们对市场的看法。有增长的需求。我的意思是,从我的角度来看,或者从我们的角度来看,我们希望能够继续,正确。它们价格合理。他们处于成长的良好位置,提供商使用数据和技术确实在动力方面取得了很大进展,特别是EverQuote采购个性化推荐。消费者给了他们很多明显的增长动力。所以我们对此感到很兴奋。而且我希望能继续这样做。这种市场状况可以持续多年的汽车保险垂直等等。显然我们看好这一点。

关于部分集成,我认为我们报告说,我们做了11种新的部分集成和1种更深层次的集成。显然,在我们这样做的今天,我们通常会看到消费者的转化率增加。当消费者通过市场购买政策时,通常会带来更高的客户满意度。因此,对于消费者而言,这是一个良性循环,随着我们深入了解这些集成,您实际上将获得更多约束政策,更高的消费者满意度。这对消费者来说是一个强大的杠杆。

同时,提供商和EverQuote的性能也在提升。所以它一直是一种良性循环。但这是我们取得的稳步进展。另一个显而易见的扩展或推进消费者体验的是增加新的垂直行业。因此,在访问everquote.com时,在市场中拥有更多产品选项可以改善消费者体验,因此我们也对此感到兴奋。

John Wagner

And then, Dae, I would just add that going back to your kind of automotive question. We’re seeing a number of things that are very strong within the quarter and within the year, and they’ve generally been an increasing trend. We’ve seen strong carrier demand, we’ve seen really good traffic performance and we’ve really reflected all of these within our guidance. So Q3 is seasonally a stronger quarter, but if you look at what we’ve guided to, it is a – it is kind of a momentum guide in terms of both a stronger seasonal quarter, but some really nice trends in strength within auto coming through in the guide for both Q3 as well as for the full year.

然后,Dae,我想补充一点,回到你的汽车问题。 我们看到一些事情在本季度内和一年内都非常强劲,而且它们一般都呈增长趋势。 我们已经看到了强大的运营商需求,我们已经看到了非常好的流量性能,我们在我们的指导中真正反映了所有这些。 所以Q3在赛季季节是一个更强劲的季度,但是如果你看看我们引导的是什么,它是一个 - 它是一个强劲的季节性季度的动力指南,但一些非常好的趋势在汽车即将到来 通过Q3以及全年的指南。

Dae Lee

Great. Thank you.

非常好。 谢谢。

会议主持员

Your next question comes from Ralph Schackart with William Blair. Your line is open.

你的下一个问题来自Ralph Schackart和William Blair。 你的线是开放的。

Ralph Schackart

Good afternoon. Two questions if I could. First, just looking at the quarter and the guide, it looks like you beat the quarter at the midpoint by about $5 million, raised the outlook by roughly $17 million or so at the midpoint. Just curious what’s implied in the stronger outlook, and there’s any contribution from new verticals that are contemplated?
And then Seth, on the call you talked about improvements in consumer conversion rates, getting close to that one click buying to book quote and lowering friction. Just curious, what are the primary factors you’re seeing are achieving to drive those improvements and conversion rates? And was there anything significant in the quarter that you’d call out driving the conversion rate or just a combination of factors come together? Thank you.

下午好。 我有两个问题。 首先,只要看一下季度和指南,看起来你在中点击败了这个季度约500万美元,在中点将前景提高了大约1700万美元左右。 只是好奇在强大的前景中隐含着什么,并且新的垂直行业有什么贡献?

然后塞思,在电话会议上你谈到了消费者转换率的改善,接近点击购买预订报价和降低摩擦。 只是好奇,你所看到的主要因素是推动这些改进和转换率? 在本季度你有什么重要的事情可以说是推动转换率还是仅仅是因素的组合? 谢谢。

John Wagner

So, Ralph, I’ll comment first on the guidance. Again at the – with regard to both Q3 and the full year, the full year we’ve raised it to growth at 33%, revenue growth at the midpoint for the quarter 39% revenue growth at the midpoint. So what we are really reflecting is kind of this momentum that has been a building pattern through this – through the year.
In terms of the other verticals and specifically the new aspects of the other verticals there, their contribution that’s factored in as generally relatively modest. Remember, we’re very pleased to launch the verticals. We generally will test into the verticals. We’ll develop knowledge about the traffic pattern about distribution. So for the balance of the [technical difficulty] new verticals is relatively modest in what we’ve factored.

所以,拉尔夫,我会首先评论指导。 同样在 - 关于第三季度和全年,全年我们将其提升至33%的增长率,中间点的收入增长为中期39%的收入增长。 因此,我们真正反映的是这种势头,这种情况一直是这种情况 - 全年都是如此。

就其他垂直方向而言,特别是其他垂直方向的新方面,它们的贡献通常相对较小。 请记住,我们很高兴推出垂直行业。 我们通常会测试纵向。 我们将开发有关分发的流量模式的知识。 因此,对于[技术难度]的平衡,新的纵向在我们考虑的因素中是相对适度的。

赛斯比伦鲍姆

Ralph, in terms of your question that the conversion rate was a combination of multiple factors, and sort of two that are good to highlight. Obviously, progress with these partial integrations or these integrations in general, improve consumer conversion rate through the funnels, so that was a contributing factor. Another one is just the continuous A/B testing that we do to improve the funnel experience for consumers to increase conversion rate, not only on our website, but downstream with our provider partners also yielded some benefits in the quarter. So again, it’s just – it’s a combination of factors, from obviously traffic performance as well was strong.
The other sort of note I think is – valuable takeaway is, now over two thirds of our referrals are actually has some form of partial integration, so we have more than 10 smaller partners who are fully integrated to either a click to quote or a call to quote. So we’re making steady progress with our provider partners against that goal of getting one click or one call away from a quote for all consumers or for all referrals. So really good progress in the quarter on that, but it is a steady march.

拉尔夫,就你的问题而言,转换率是多种因素的组合,有两种是有待突出的。显然,这些部分集成或这些集成的进展一般,通过漏斗提高消费者转换率,因此这是一个促成因素。另一个是我们所做的连续A / B测试,以改善消费者的漏斗体验,提高转换率,不仅在我们的网站上,而且我们的供应商合作伙伴的下游也在本季度产生了一些好处。再说一次,它只是 - 它是一系列因素,显然交通性能也很强。

我认为另一种说法是 - 有价值的内容是,现在超过三分之二的推荐实际上具有某种形式的部分整合,因此我们有超过10个小型合作伙伴完全集成到点击引用或通话报价。因此,我们正在与我们的提供商合作伙伴取得稳步进展,以实现从所有消费者或所有推荐的报价中获得一次点击或一次通话的目标。因此,本季度的进展非常好,但这是一个稳定的进展。

Ralph Schackart

Great. Thanks, Seth. Thanks, John.

非常好。 谢谢,赛斯。 谢谢,约翰。

John Wagner

Thanks, Ralph.

谢谢,拉尔夫。

会议主持员

Your next question comes from Jed Kelly with Oppenheimer. Your line is open.

你的下一个问题来自Jed Kelly和Oppenheimer。 你的线是开放的。

杰德凯利

Great. Thanks for taking my question. A couple, if I may. Do you have any sense on how much VMM uplift you’re seeing from repeat customers? And then my second question is just around the accelerated agent opportunity. Can you give us a sense on how many agents are participating versus the total number of individual agents buying [indiscernible] platform?

非常好。 谢谢你提出我的问题。 一对夫妇,如果可以的话。 您对重复客户看到的VMM提升程度有何看法? 然后我的第二个问题就是加速代理机会。 您能告诉我们参与的代理商数量与购买[音频不清晰]平台的个人代理商总数的关系吗?

赛斯比伦鲍姆

So John, you want to take the second question, and I’ll take the first.

所以John,你想提出第二个问题,我将采取第一个问题。

John Wagner

Sure. So – I mean, in terms of how much VMM is from return visits, we don’t break out, obviously, through all the different visits. One of the things, Jed that I was most enthusiastic about in the quarter, I mentioned on the call a number of times beyond return visits is successes across many of our traffic sources with some of our machine learning algorithms and specifically the proprietary sort of data and technology that we’ve applied to consumer acquisition. So we’ve seen steady uplift, obviously from return visits historically. But some of the newer up lift and expansion in VMM has a contributing factor to some of these machine learning and data technology tools that we’ve applied to traffic that we’re seeing now consistently work.
So we’re going to continue to make investments, not only in consumer experience to increase return visits because obviously high margin arrivals, but also in data sciences to increase these machine learning tools, because we’re really seeing a steady uplift in contribution from them. So multiple factors contributing to expansion of Variable Marketing Margin in the quarter.

当然。所以 - 我的意思是,就回访的VMM数量来说,我们不会突然发现所有不同的访问。其中一件事,Jed,我在本季度最热衷的是,我在电话会议上多次提到超过回访,我们的许多流量来源都取得了成功,我们使用了一些机器学习算法,特别是专有的数据类型和我们应用于消费者获取的技术。所以我们看到稳定的提升,显然是历史上的回访。但VMM的一些新的提升和扩展对我们已经应用于流量的一些机器学习和数据技术工具有一个促成因素,我们现在看到它们始终如一。

因此,我们将继续进行投资,不仅在消费者体验方面增加回访,因为明显高利润率,而且数据科学也增加了这些机器学习工具,因为我们真的看到了来自他们。因此,有多个因素有助于本季度可变营销利润的扩展。

赛斯比伦鲍姆

And so, Jed, with regard to the accelerated growth program, the program that we launched a couple of quarters ago, that really focuses on our agents with kind of larger ability to contribute and take both quote requests, referrals, as well as expand coverage for us. So really the program is focused on the agents that have multiple producers that are able to take large swaths of geography. And for that, they get a higher level of service, they get certain discounts that are made available to them. And these are aimed at larger agents within our agent network. That program, we’re very pleased with the results so far. We have been expanding it fairly aggressively. It’s now making up a pretty good chunk of our agent revenue, because these are often some of our largest producers on the agent side of the business. So still fairly early days, but the number of agents participating is right up in the early triple digits there.

所以,杰德,关于加速增长计划,我们几个季度前推出的计划,真正关注我们的代理商,他们有更大的贡献能力,同时接受报价请求,推荐,以及扩大报道范围 为了我们。 因此,该计划的重点是拥有多个生产商的代理商,这些生产商能够占用大量的地理位置。 为此,他们获得更高水平的服务,他们获得了一些可用的折扣。 这些是针对我们代理网络中的大型代理商。 那个节目,我们对迄今为止的结果非常满意。 我们一直在积极地扩展它。 它现在占我们代理收入的很大一部分,因为这些通常是我们代理业务方面的一些最大的生产商。 所以仍然相当早,但参与的代理商数量在那里的早期三位数。

John Wagner

Yes. We see now over 30% of our agency revenue is coming from the accelerated growth program. So really very successful. It gives the agents more of a dynamic environment similar to what the carrier providers enter in through the enterprise side of the business. And so it gives them more flexibility.

是。 我们现在看到超过30%的代理收入来自加速增长计划。 所以非常成功。 它为代理商提供了更多的动态环境,类似于运营商通过企业的企业方面进入的环境。 因此它给了他们更多的灵活性。

杰德凯利

Thank you.

谢谢。

会议主持员

Your next question comes from Aaron Kessler with Raymond James. Your line is open.

你的下一个问题来自Aaron Kessler和Raymond James。 你的线是开放的。

Aaron Kessler

Great. Thanks, guys. A couple of questions. First just a couple of quarters ago, we talked about kind of changes maybe in traffic sources, as well as kind of a change in creative expansion to get an update there. Then on the healthcare side, if you can just talk about maybe some of the competition, you would expect to see in the market, as well as how we should expect timing over the next maybe one to two years as that product develops? Thank you.

非常好。 多谢你们。 几个问题。 首先,几个季度前,我们谈到了流量来源可能发生的一些变化,以及创新扩张的变化以获得更新。 然后在医疗保健方面,如果你可以谈论一些竞争,你会期望在市场上看到,以及我们应该如何预期在下一个可能一到两年的时间产品开发? 谢谢。

赛斯比伦鲍姆

Sure. Creative rotation process continues to succeed. Obviously, becoming sort of my view is even more robust. And again, you just can see the results in the execution by the traffic team and the resulting consumer volume growth with that sort of concomitant reduction in cost per quote request. So really great leverage coming to the marketplace, and that’s people, it’s technology, it’s the marketing process, it is that creative processes one of the elements that’s contributing to that success. So it’s just a great ask.
With regards to healthcare, obviously we’re extremely bullish on that over the next year or two. And we don’t break it out, but from my perspective, I think it can grow very successfully and we are – we will update you as we make progress through the vertical.

当然。 创意轮换过程继续成功。 显然,成为我的观点更加强大。 再次,您可以看到流量团队执行的结果以及由此产生的消费者数量增长,同时降低了每个报价请求的成本。 因此,真正有很大的杠杆作用进入市场,那就是人,技术,营销过程,创意处理是促成成功的元素之一。 所以这只是一个很好的问题。

关于医疗保健,显然我们在未来一两年内非常看好这一点。 我们不会将其分解,但从我的角度来看,我认为它可以非常成功地发展,我们会 - 在我们通过垂直方向取得进展时,我们会更新您。

Aaron Kessler

Great. Thank you.

非常好。 谢谢。

会议主持员

There are no further questions at this time. I will now turn the call back over to Seth for closing remarks.

目前没有其他问题。 我现在将把这个电话转回Seth,以便结束发言。

赛斯比伦鲍姆

I just wanted to thank everybody for joining us. Obviously, I’m very excited about the quarter and the year. And look forward to our next call. Thank you, everyone.

我只想感谢大家加入我们。 显然,我对季度和年度感到非常兴奋。 期待我们的下一次电话会议。 谢谢大家。

会议主持员

This concludes today’s conference call. You may now disconnect.

今天的电话会议结束了。 您现在可以断开连接。

相关问题

  • EverQuote, Inc. 电话会议
  • EverQuote, Inc. 财务报告

互联网券商的港股、美股开户教程

如果您对美股 或者 港股也感兴趣, 或者想要了解如何开户, 可以加我wechat: xiaobei060537 , 同时也可以拉您进美股交流群哦。
最后的最后 祝大家都有一个美好的投资生活哦。

大家也可以关注【美股指南】公众号, 即可获得《小白投资美股指南(雪球「岛」系列)》电子书

写在最后

友情提示 转载请注明出处: https://investguider.com/topics/11425
暂无回复。
需要 登录 后方可回复, 如果你还没有账号请点击这里 注册