EverQuote, Inc. Segments Disclosure
16. Segments and Geographical Information
The Company's revenue is from customers in the United States. Long-lived tangible assets held outside of the United States are not material.
The Company manages its operations as a segment for the purposes of assessing performance and making operating decisions. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker, or decision-making group (the “CODM”), in deciding how to allocate resources and assess performance. The CODM of the Company is the . The CODM assesses performance and allocates resources based on the Company’s statements of operations and comprehensive income (loss) and the Company’s operations are managed on a consolidated basis to decide where to allocate and invest additional resources within the business to continue growth. Segment asset information is not provided to the CODM to allocate resources.
As a single reportable segment entity, the Company’s segment performance measure is net income (loss), which is used to monitor budget versus actual results. Significant segment expenses, as provided to the CODM, are presented below (in thousands):
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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Revenue |
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$ |
692,521 |
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$ |
500,190 |
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$ |
287,921 |
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Less: |
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Advertising expense |
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|
500,666 |
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|
344,963 |
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|
187,639 |
|
Cash operating expense (1) |
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|
97,264 |
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|
|
97,012 |
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|
|
99,821 |
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Other segment items, net(2) |
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(4,720 |
) |
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26,046 |
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|
51,748 |
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Net income (loss) |
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|
$ |
99,311 |
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|
$ |
32,169 |
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|
$ |
(51,287 |
) |
(1) Cash operating expense is primarily comprised of personnel-related costs, technology service costs, professional fees and office-related costs included in cost and operating expense in the Company's consolidated statements of operations and comprehensive income (loss) and does not include non-cash depreciation and amortization and stock-based compensation amounts that are included in cost and operating expenses or non-recurring legal settlement expense, restructuring and other charges, and acquisition-related costs that are also included in cost and operating expenses.
(2) Other segment items, net included within net income (loss) include stock-based compensation and depreciation and amortization amounts that are non-cash items included in cost and operating expenses, legal settlement expense, restructuring and other charges, and acquisition-related costs that are considered non-recurring operating expenses, as well as interest income and income taxes, which are included in net income (loss). These amounts are also reported within the consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows. See the accompanying consolidated financial statements for financial information regarding other segment items, net and the Company’s operating segment.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.