Q2 results beat estimates
- US insurance ad platform's Q2 revenue rose 26% yr/yr, beating analyst expectations
- Adjusted EBITDA for Q2 beat analyst expectations
- Company repurchased $20 mln of stock in Q2, $41 mln in first half
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| Q2 Revenue | Beat | $316.88 mln | $301 mln (7 Analysts) |
| Q2 Net Income | | $41.78 mln | |
| Q2 Adjusted EBITDA | Beat | $29.3 mln | $28.99 mln (6 Analysts) |
| Q2 Gross Margin | | 14.3% | |
| Q2 Operating Income | | $19.96 mln | |
| Q2 Pretax Profit | | $55.09 mln | |
Drivers behind the quarter
- Carrier advertising spend - Co said more carrier partners increased advertising spend and engagement in its marketplace, per CEO Steve Yi
- Digital ad shift - Co cited continued shift to digital advertising and migration of commission dollars to advertising spend as supporting growth
- Property & casualty strength - Co said Q3 outlook reflects continued strength in its Property & Casualty insurance vertical driven by carrier growth investment and share gains
Outlook for Q3 and full year
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