EverQuote, Inc.

To withdraw your question, please press star 1 again. I will now turn the call over to Brinley Johnson, Investor Relations. Please go ahead.

Thank you. Good afternoon, and welcome to EverQuote's third quarter 2023 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 Joseph Sanborn, Chief Financial Officer of EverQuote. During the call, we will make statements related to our business that may be considered for looking statements under federal securities laws, including statements concerning our financial guidance for the fourth quarter 2023, 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 expectations regarding recovery of the auto insurance industry, 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 obligations to update or revise these forward-looking statements except as required by law. Board-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 cause our actual results to differ materially from our expectations, please refer to those contained under the heading Risk Factors in our most recent quarterly report on Form 10-Q or annual report on Form 10-K that 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 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 the press release we issued after the close of market today, which is available on the Investor Relations section of our website at investors.everquote.com. And with that, I'll turn it over to Jamie.

Thank you, Brindley, and thank you all for joining us today. June 3 was a solid quarter. It followed our June restructuring, which streamlined our operation around its most capital efficient and high ROI parts. In doing so, we restored greater focus on our most differentiated assets so we can accelerate the rate at which we deliver deeper value to our customers. These assets include our P&C insurance shopping traffic scale and technology, our local agent network, and our proprietary data and associated data science and machine learning capabilities. The actions we took yielded strong performance this quarter relative to guidance. In the third quarter, EverQuote delivered revenue of $55 million, variable marketing margin, or VMM, of $19.4 million, and adjusted EBITDA of negative $1.9 million. In the auto insurance marketplace, most direct carrier budgets remain stable and are expected to remain so through the end of the year. However, Agent-based carriers continue drawing down marketing support for agents as part of their efforts to slow the rate at which agents are writing new business, particularly in profit challenge geographies. In fact, one major carrier has entirely removed subsidy support through at least the end of the year. As we work through this challenging market, our streamlined cost structure, strengthened balance sheet, and proven resilience as a team give us high confidence that we will be well positioned for the eventual recovery. With each new challenge, our team has found ways to respond. As carrier monetization declined, we rolled out new bidding technologies to more effectively and nimbly manage ad spend to boost VMM efficiency. As certain segments of agents have lost carrier subsidy support, we've offset the impact by growing demand from other agent segments. And as our auto vertical experience challenges, we drove growth in our home and renters vertical. EverQuote's vision remains unchanged. to become the largest online source of insurance policies using data, technology, and knowledgeable advisors to make insurance simpler, more affordable, and more personalized. To bring this vision to fruition requires continued adaptability and resilience, attributes the EverQuote team has demonstrated in space, most recently through progress made in Q3. Despite continued volatility in the auto insurance market, we plan to restore a pattern of consistent cash generation and driving towards profitability in 2024. I'm confident that our streamlined operation and the proven strength of our team and business model will enable us to emerge with incredible success when the market recovers. Now I'll turn the call over to Joseph to review our financial results.