EverQuote, Inc.

Good day and thank you for standing by. Welcome to the Evercoat second quarter 2021 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1 on your telephone keypad. Please be advised that today's conference is being recorded. And if you require any further assistance, just press star 0. I will now turn the call over to your first speaker, Brynlee Johnson of the Blue Shirt Group. You may begin your conference.

Thank you. Good afternoon, and welcome to EverQuote's second quarter 2021 earnings call. We'll be discussing the results announced in our press release issued today after the market closed. With me on the call this afternoon is Jamie Mendel, EverQuote's Chief Executive Officer, 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 federal securities laws, including statements concerning our financial guidance for the third quarter and full year 2021, our growth strategy and our plans to execute on our growth strategy, key initiatives, including our direct-to-consumer agency, our investments in the business, the growth levers we expect to drive our business, our ability to maintain existing and acquire new customers, our recent and planned acquisitions and interest or ability to acquire other companies, our goals for integration, and other statements regarding our plans and prospects. Board-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 disdain any obligation to update or revise these board-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 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 and our annual report on Form 10-K, which is on file with the Securities and Exchange Commission and available on the Investor Relations section of our website at investor.everquote.com. and on the SEC's website at sec.gov. Finally, during the course of today's call, we've referred to certain non-GAAP financial measures which we believe are helpful to investors. A reconciliation of GAAP to non-GAAP measures was included in the press release we issued after the market closed today, which is available on the Investor Relations section of our website at investors.everclose.com. With that, I'll turn it over to Jamie.

Thank you, Brinley, and thank you, everyone, for joining us today. We delivered a strong second quarter with growth across all of our key metrics. Year over year, revenue increased 34% and variable marketing margin, or VMM, grew 40%. We generated increased adjusted EBITDA and our strongest adjusted EBITDA margin since going public, while continuing to make significant strategic investments in our growth levers. With over 30% revenue growth in the first half of the year, We continue building towards our vision of becoming the largest online source of insurance policies by using data and technology to make insurance simpler, more affordable, and personalized. At the beginning of the year, I outlined four growth levers in our strategy, including number one, attracting more shoppers. Number two, growing insurance provider coverage and budget. Number three, optimizing and deepening consumer provider engagement. And number four, expanding non-auto verticals. I'd like to provide an update on progress against our strategy in the context of these growth levers. Before discussing Q2, I'll share the strategic rationale for our recently announced acquisition of PolicyFuel. PolicyFuel operates in property and casualty, or P&C, insurance verticals, providing policy sales as a service offering to enable carriers to complement their own call center operations with access to dedicated advisor teams that focus exclusively on selling that provider's offerings to its target customers. PolicyFuel earns revenue based on policy sold and broadens EverQuote's ability to access the $135 billion commission component of our total addressable market. We are excited to welcome PolicyFuel's founders and team to EverQuote and expect the transaction to close by the end of Q3. To put this in the context of our strategy, last year we kicked off a series of strategic initiatives that began to evolve our business to capture a larger portion of the economic value chain of each insurance transaction, while at the same time bringing us closer to our customers. We launched our DTC agency initiative in the health vertical with our acquisition of CrossPoint and in the life vertical with a homegrown agency. With the planned acquisition of PolicyFuel and PNC, we will complete the foundation for a multivertical tech and data-enabled BTC agency platform. We believe this platform will enable EverQuote to deliver better buying experiences for consumers, improve performance for providers, and higher monetization and margin for our business over time, thus advancing progress against all of our growth levers simultaneously. In addition to PolicyFuel, we continued making operational investments in our existing DPCA platform in Q2, as we build the team, process, and technology to support a steep ramp in health and Medicare agent capacity in advance of this year's open enrollment period, or OEP, in Q4. As part of this effort, we recently hired Garrett Kitsch, formerly VP of Medicare Sales at eHealth, to lead our health and life DPCA sales operations. Garrett's track record of rapidly scaling teams of health insurance agents to drive significant growth has already proved invaluable as we prepare for this year's OEP, in which we expect to have approximately 3x the number of agents compared to last year. We decided to step up investments in OEP readiness compared to our original operating plan, which we believe will help us more rapidly build a long-term profitable growth engine in our health DTC agency. In addition, based on feedback from carrier partners, we continue enabling more granular and targeted bidding for providers as we shift focus away from volume of referrals we deliver and towards volume of consumer and provider outcomes. Furthermore, we continue investing in machine learning applications to improve the alignment and matching of the right consumer to the right provider with whom they are most likely to bind. These actions have led to improvement in monetization as carrier pricing now aligns more closely to buying performance, and along with investments in DTCA, marked progress in our evolution from being paid per referral to per policy. In the second half of this year, our growth will be more balanced between continued monetization expansion and consumer volume growth. However, as we continue to focus on capturing more of the economic value in each transaction, Metrics based on the volume of quote requests or referrals will increasingly be less relevant to analyzing and understanding the performance of our business. As we build EverQuote, we are guided by serving customers on both sides of our marketplace, consumers seeking a more streamlined shopping experience with personalized coverage options, and insurance providers seeking more profitable policies. Q2 marked another quarter of consistent forward progress in service of these customer needs. We are pleased with our Q2 performance, and we are excited by important steps we're taking to accelerate that progress through critical strategic initiatives, most notably our DTC agency platform. As we advance through this year of investment and additional foundations for growth, I firmly believe that we have the right strategy and team to emerge as an industry-defining company as the $2 trillion insurance industry moves into the digital age. Thank you all again for your time. Now I'll turn the call over to John to provide more details on our financial results.