EVERQUOTE, INC., 10-Q filed on 8/4/2026
Quarterly Report
v3.26.1
Cover Page
 6 Months Ended
Jun. 30, 2026
shares
Document Information [Line Items]  
Document Type 10-Q
Amendment Flag false
Document Period End Date Jun. 30, 2026
Document Fiscal Year Focus 2026
Document Fiscal Period Focus Q2
Trading Symbol EVER
Entity Registrant Name EverQuote, Inc.
Entity Central Index Key 0001640428
Current Fiscal Year End Date --12-31
Entity Current Reporting Status Yes
Entity Shell Company false
Document Quarterly Report true
Entity Filer Category Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Title of 12(b) Security Class A Common Stock, $0.001 Par Value Per Share
Entity Address, State or Province MA
Security Exchange Name NASDAQ
Entity Interactive Data Current Yes
Document Transition Report false
Entity File Number 001-38549
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 26-3101161
Entity Address, Address Line One 141 Portland Street
Entity Address, City or Town Cambridge
Entity Address, Postal Zip Code 02139
City Area Code 855
Local Phone Number 522-3444
Common Class A [Member]  
Document Information [Line Items]  
Entity Common Stock, Shares Outstanding 31,682,105
Common Class B [Member]  
Document Information [Line Items]  
Entity Common Stock, Shares Outstanding 3,557,646
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 192,318 $ 171,379
Accounts receivable, net 76,024 75,149
Prepaid expenses and other current assets 9,350 9,761
Total current assets 277,692 256,289
Property and equipment, net 9,201 7,878
Goodwill 21,501 21,501
Operating lease right-of-use assets 1,747 2,358
Deferred tax assets 30,682 38,704
Other assets 183 183
Total assets 341,006 326,913
Current liabilities:    
Accounts payable 70,288 76,851
Accrued expenses and other current liabilities 9,901 7,512
Deferred revenue 1,825 1,662
Operating lease liabilities 1,378 1,197
Total current liabilities 83,392 87,222
Deferred tax liabilities 271 281
Operating lease liabilities, net of current portion 565 1,370
Total liabilities 84,228 88,873
Commitments and contingencies (Note 8)
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding
Additional paid-in capital 300,677 319,745
Accumulated other comprehensive income 74 126
Accumulated deficit (44,009) (81,868)
Total stockholders' equity 256,778 238,040
Total liabilities and stockholders' equity 341,006 326,913
Class A Common Stock [Member]    
Stockholders' equity:    
Common stock 32 33
Class B Common Stock [Member]    
Stockholders' equity:    
Common stock $ 4 $ 4
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2026
Dec. 31, 2025
Preferred stock, par value $ 0.001 $ 0.001
Preferred stock, shares authorized 10,000,000 10,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Class A Common Stock [Member]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 220,000,000 220,000,000
Common stock, shares issued 31,682,105 32,642,124
Common stock, shares outstanding 31,682,105 32,642,124
Class B Common Stock [Member]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 30,000,000 30,000,000
Common stock, shares issued 3,557,646 3,604,278
Common stock, shares outstanding 3,557,646 3,604,278
v3.26.1
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenue $ 195,086 $ 156,629 $ 385,938 $ 323,261
Cost and operating expenses:        
Cost of revenue 4,359 4,842 8,624 10,222
Sales and marketing 147,613 121,055 293,025 250,485
Research and development 9,429 7,772 17,977 15,257
General and administrative 10,200 8,460 19,411 16,900
Legal settlement   332   8,232
Total cost and operating expenses 171,601 142,461 339,037 301,096
Income from operations 23,485 14,168 46,901 22,165
Other income (expense):        
Interest income 1,050 918 2,011 1,626
Other income (expense), net (25) (22) (38) (53)
Total other income, net 1,025 896 1,973 1,573
Income before income taxes 24,510 15,064 48,874 23,738
Income tax expense (5,324) (363) (11,015) (1,047)
Net income $ 19,186 $ 14,701 $ 37,859 $ 22,691
Net income per share:        
Basic $ 0.55 $ 0.4 $ 1.06 $ 0.63
Diluted $ 0.53 $ 0.39 $ 1.04 $ 0.6
Weighted average common shares outstanding:        
Basic 35,178 36,327 35,560 36,104
Diluted 36,159 38,014 36,548 37,841
Net Income (Loss) $ 19,186 $ 14,701 $ 37,859 $ 22,691
Other comprehensive income (loss):        
Foreign currency translation adjustment   119 (52) 172
Comprehensive income $ 19,186 $ 14,820 $ 37,807 $ 22,863
v3.26.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Class A Common Stock [Member]
Common Stock [Member]
Class B Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Deficit [Member]
Beginning balance at Dec. 31, 2024 $ 135,368 $ 32 $ 4 $ 316,511 $ 0 $ (181,179)
Beginning balance, shares at Dec. 31, 2024   32,037,421 3,604,278      
Issuance of common stock upon exercise of stock options 1,962     1,962    
Issuance of common stock upon exercise of stock options, shares   237,043        
Net issuance of common stock upon vesting of restricted stock units (1,293)     (1,293)    
Net issuance of common stock upon vesting of restricted stock units, shares   216,723        
Stock-based compensation expense 5,420     5,420    
Foreign currency translation adjustment 53       53  
Net income 7,990         7,990
Ending balance at Mar. 31, 2025 149,500 $ 32 $ 4 322,600 53 (173,189)
Ending balance, shares at Mar. 31, 2025   32,491,187 3,604,278      
Beginning balance at Dec. 31, 2024 135,368 $ 32 $ 4 316,511 0 (181,179)
Beginning balance, shares at Dec. 31, 2024   32,037,421 3,604,278      
Foreign currency translation adjustment 172          
Net income 22,691          
Ending balance at Jun. 30, 2025 170,267 $ 33 $ 4 328,546 172 (158,488)
Ending balance, shares at Jun. 30, 2025   32,908,579 3,604,278      
Beginning balance at Mar. 31, 2025 149,500 $ 32 $ 4 322,600 53 (173,189)
Beginning balance, shares at Mar. 31, 2025   32,491,187 3,604,278      
Issuance of common stock upon exercise of stock options 373     373    
Issuance of common stock upon exercise of stock options, shares   49,825        
Net issuance of common stock upon vesting of restricted stock units (986) $ 1   (987)    
Net issuance of common stock upon vesting of restricted stock units, shares   367,567        
Stock-based compensation expense 6,560     6,560    
Foreign currency translation adjustment 119       119  
Net income 14,701         14,701
Ending balance at Jun. 30, 2025 170,267 $ 33 $ 4 328,546 172 (158,488)
Ending balance, shares at Jun. 30, 2025   32,908,579 3,604,278      
Beginning balance at Dec. 31, 2025 238,040 $ 33 $ 4 319,745 126 (81,868)
Beginning balance, shares at Dec. 31, 2025   32,642,124 3,604,278      
Issuance of common stock upon exercise of stock options 63     63    
Issuance of common stock upon exercise of stock options, shares   7,164        
Net issuance of common stock upon vesting of restricted stock units (1,147)     (1,147)    
Net issuance of common stock upon vesting of restricted stock units, shares   212,642        
Repurchase and retirement of common stock (19,851) $ (1)   (19,850)    
Repurchase and retirement of common stock, shares   (1,068,016)        
Stock-based compensation expense 5,141     5,141    
Foreign currency translation adjustment (52)       (52)  
Net income 18,673         18,673
Ending balance at Mar. 31, 2026 240,867 $ 32 $ 4 303,952 74 (63,195)
Ending balance, shares at Mar. 31, 2026   31,793,914 3,604,278      
Beginning balance at Dec. 31, 2025 238,040 $ 33 $ 4 319,745 126 (81,868)
Beginning balance, shares at Dec. 31, 2025   32,642,124 3,604,278      
Foreign currency translation adjustment (52)          
Net income 37,859          
Ending balance at Jun. 30, 2026 256,778 $ 32 $ 4 300,677 74 (44,009)
Ending balance, shares at Jun. 30, 2026   31,682,105 3,557,646      
Beginning balance at Mar. 31, 2026 240,867 $ 32 $ 4 303,952 74 (63,195)
Beginning balance, shares at Mar. 31, 2026   31,793,914 3,604,278      
Issuance of common stock upon exercise of stock options 922     922    
Issuance of common stock upon exercise of stock options, shares   126,602        
Net issuance of common stock upon vesting of restricted stock units (720)     (720)    
Net issuance of common stock upon vesting of restricted stock units, shares   293,279        
Repurchase and retirement of common stock (9,149)     (9,149)    
Repurchase and retirement of common stock, shares   (578,322)        
Stock-based compensation expense 5,672     5,672    
Transfer of Class B common stock to Class A common stock, shares   46,632 (46,632)      
Net income 19,186         19,186
Ending balance at Jun. 30, 2026 $ 256,778 $ 32 $ 4 $ 300,677 $ 74 $ (44,009)
Ending balance, shares at Jun. 30, 2026   31,682,105 3,557,646      
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 37,859 $ 22,691
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,756 2,139
Stock-based compensation expense 10,813 11,980
Deferred taxes 8,018  
Unrealized foreign currency transaction (gains) losses (37) 110
Litigation accrual settled with sale of assets   7,841
Changes in operating assets and liabilities:    
Accounts receivable (875) 6,386
Prepaid expenses and other current assets 410 (995)
Commissions receivable, current and non-current   1,873
Operating lease right-of-use assets 604 548
Accounts payable (6,580) (1,018)
Accrued expenses and other current liabilities 2,409 (2,288)
Deferred revenue 163 (119)
Operating lease liabilities (618) (545)
Net cash provided by operating activities 53,922 48,603
Cash flows from investing activities:    
Acquisition of property and equipment, including costs capitalized for development of internal-use software (3,102) (2,594)
Net cash used in investing activities (3,102) (2,594)
Cash flows from financing activities:    
Proceeds from exercise of stock options 985 2,335
Repurchase of common stock (29,000)  
Tax withholding payments related to net share settlement (1,867) (2,279)
Net cash provided by (used in) financing activities (29,882) 56
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1 7
Net increase in cash, cash equivalents and restricted cash 20,939 46,072
Cash, cash equivalents and restricted cash at beginning of period 171,379 102,116
Cash, cash equivalents and restricted cash at end of period 192,318 148,188
Supplemental disclosure of non-cash investing information:    
Acquisition of property and equipment included in accounts payable $ 141 164
Assets sold in settlement of litigation accrual   $ 8,141
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Pay vs Performance Disclosure            
Net Income (Loss) $ 19,186 $ 18,673 $ 14,701 $ 7,990 $ 37,859 $ 22,691
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

Rule 10b5-1 Trading Plans

During the three months ended June 30, 2026, the following directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K:

 

Name (Title)

Action Taken
(Date of Action)

Type of Trading Arrangement

Nature of Trading
Arrangement

Duration of Trading
Arrangement

Aggregate Number
of Securities

George Neble
(Board Member)

Adoption
(May 20, 2026)

Rule 10b5-1 trading arrangement

Sale

Until April 15, 2027, or such earlier date upon which all transactions are completed or expire without execution

Indeterminable (1)

John Shields
(Board Member)

Adoption
(May 26, 2026)

Rule 10b5-1 trading arrangement

Sale

Until May 15, 2027, or such earlier date upon which all transactions are completed or expire without execution

Indeterminable (2)

Jayme Mendal
(Chief Executive Officer and President)

Adoption
(June 16, 2026)

Rule 10b5-1 trading arrangement

Sale

Until February 28, 2027, or such earlier date upon which all transactions are completed or expire without execution

Up to 125,880 shares

 

(1) Mr. Neble’s Rule 10b5-1 Trading Plan provides for the sale of an indeterminable number of shares of common stock from the settlement of restricted stock units (“RSUs”). The number of shares of common stock is unknown as the number will vary based on the extent to which vesting conditions of the RSUs are satisfied, the market price of the Company’s common stock at the time of settlement and the amount of shares that would otherwise be issuable on each settlement date of a covered RSU that are sold or withheld in an amount sufficient to satisfy applicable tax withholding obligations.

(2) Mr. Shields’ Rule 10b5-1 Trading Plan provides for the sale of an indeterminable number of shares of common stock from the settlement of restricted stock units (“RSUs”). The number of shares of common stock is unknown as the number will vary based on the extent to which vesting conditions of the RSUs are satisfied, the market price of the Company’s common stock at the time of settlement and the amount of shares that would otherwise be issuable on each settlement date of a covered RSU that are sold or withheld in an amount sufficient to satisfy applicable tax withholding obligations.
Rule 10b5-1 Trading Arrangement Adoption [Member] | George Neble [Member]  
Trading Arrangements, by Individual  
Name George Neble
Title Board Member
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 20, 2026
Expiration Date April 15, 2027
Arrangement Duration 331 days
Rule 10b5-1 Trading Arrangement Adoption [Member] | John Shields [Member]  
Trading Arrangements, by Individual  
Name John Shields
Title Board Member
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 26, 2026
Expiration Date May 15, 2027
Arrangement Duration 355 days
Rule 10b5-1 Trading Arrangement Adoption [Member] | Jayme Mendal [Member]  
Trading Arrangements, by Individual  
Name Jayme Mendal
Title Chief Executive Officer and President
Rule 10b5-1 Arrangement Adopted true
Adoption Date (June 16
Expiration Date February 28, 2027
Arrangement Duration 258 days
Aggregate Available 125,880
v3.26.1
Nature of the Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of the Business and Basis of Presentation

1. Nature of the Business and Basis of Presentation

EverQuote, Inc. (the “Company”) was incorporated in the state of Delaware in 2008. Through its internet websites, the Company operates an online marketplace for consumers shopping for property and casualty insurance. The Company generates revenue primarily by selling consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States.

The Company is subject to a number of risks and uncertainties common to companies in similar industries and stages of development including, but not limited to, rapid technological changes, competition from substitute products and services from larger companies, protection of proprietary technology, customer concentration, patent litigation, the need to obtain additional financing to support growth and dependence on third parties and key individuals.

The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company expects that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of the condensed consolidated financial statements, without considering borrowing availability under the Company’s credit facility.

The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
v3.26.1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Unaudited Interim Financial Information

The condensed consolidated balance sheet at December 31, 2025 was derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 on file with the SEC. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2026 and results of operations for the three and six months ended June 30, 2026 and 2025 and cash flows for the six months ended June 30, 2026 and 2025 have been made. The Company’s results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026 or any other period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition and the valuation of accounts receivable, the expensing and capitalization of website and software development costs, stock-based compensation expense and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in periods in which they become known. These estimates may change as new events occur and additional information is obtained, and actual results could differ materially from these estimates.

Concentrations of Credit Risk and of Significant Customers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents at accredited financial institutions. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company sells its consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States, primarily in the automotive industry. For the three months ended June 30, 2026, three customers represented 31%, 12% and 11% of total revenue, respectively. For the three months ended June 30, 2025, two customers represented 35% and 11% of total revenue, respectively. For the six months ended June 30, 2026, two customers represented 35% and 11% of total revenue, respectively. For the six months ended June 30, 2025, two customers represented 39% and 12% of total revenue, respectively. As of June 30, 2026, four customers accounted for 27%, 16%, 12% and 11% of accounts receivable, respectively. As of December 31, 2025, two customers accounted for 36% and 11% of accounts receivable, respectively.

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•
Level 1—Quoted prices in active markets for identical assets or liabilities.
•
Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above. The Company’s cash equivalents included money market funds of $15.5 million and $15.3 million as of June 30, 2026 and December 31, 2025, respectively, which were valued based on quoted market prices, representing a Level 1 measurement within the fair value hierarchy. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities. There were no transfers into or out of Level 3 during the three and six months ended June 30, 2026 and 2025.

Accounts Receivable

The Company provides credit to customers in the ordinary course of business and believes its credit policies are prudent and reflect industry practices and business risk. The Company monitors economic conditions to identify facts or circumstances that may indicate that its receivables are at risk of collection. The Company provides an allowance against accounts receivable for estimated losses, if any, that may result from a customer’s inability to pay based on the composition of its accounts receivable, current economic conditions and historical credit loss activity. Amounts determined to be uncollectible are charged or written-off against the allowance. As of June 30, 2026 and December 31, 2025, the Company’s allowance for credit losses was $0.1 million. During each of the three and six months ended June 30, 2026 and 2025, the Company wrote off insignificant amounts of uncollectible accounts.

Revenue Recognition

The Company derives its revenue primarily by selling consumer referrals to its insurance provider customers, including insurance carriers, agents and indirect distributors. Prior to the sale of certain carrier contracts in May 2025, the Company also generated revenue from commission fees for the sale of policies, primarily in its automotive insurance vertical as part of its direct-to-consumer agency. In May 2025, the Company sold the right to receive commissions under its remaining property and casualty carrier contracts related to its direct-to-consumer agency to settle a litigation matter (see Note 3).

To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606 Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction

price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.

The Company only applies the five-step model to contracts when collectibility of the consideration to which the Company is entitled in exchange for the goods or services it transfers to the customer is determined to be probable. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less.

The Company recognizes referral revenue when it satisfies its performance obligations by delivering the referrals to its customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those referrals.

Disaggregated Revenue

The Company presents disaggregated revenue from contracts with customers by distribution channel, as the distribution channel impacts the nature and amount of the Company’s revenue, and by vertical market segment. The Company’s direct distribution channel consists of insurance carriers and third-party agents. The Company’s indirect distribution channel consists of insurance aggregators and media networks who purchase referrals with the intent to resell. Revenue generated via the Company’s direct distribution channel is generally higher per referral than revenue generated by the Company’s indirect distribution channels and provides the Company with additional insights and data regarding insurance provider demand and referral performance.

Total revenue is comprised of revenue from the following distribution channels:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Direct channels

 

 

92

%

 

 

86

%

 

 

91

%

 

 

89

%

Indirect channels

 

 

8

%

 

 

14

%

 

 

9

%

 

 

11

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

Total revenue is comprised of revenue from the following insurance verticals (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Automotive

 

$

172,051

 

 

$

139,584

 

 

$

344,437

 

 

$

292,299

 

Home and renters

 

 

23,035

 

 

 

17,034

 

 

 

41,501

 

 

 

30,938

 

Other

 

 

—

 

 

 

11

 

 

 

—

 

 

 

24

 

Total revenue

 

$

195,086

 

 

$

156,629

 

 

$

385,938

 

 

$

323,261

 

The Company has elected to apply the practical expedient in ASC 606 to expense incremental direct costs of obtaining a contract, consisting of sales commissions, as incurred as the expected period of benefit of the sales commissions is one year or less. At June 30, 2026 and December 31, 2025, the Company had not capitalized any costs to obtain any of its contracts.

Deferred Revenue

Amounts received for referrals prior to satisfying the revenue recognition criteria are recorded as deferred revenue on the accompanying condensed consolidated balance sheets. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue. Deferred revenue was $1.7 million as of December 31, 2025. During the six months ended June 30, 2026, the Company recognized revenue of $1.4 million that was included in the contract liability balance (deferred revenue) at December 31, 2025. The Company recognizes revenue from deferred revenue by first allocating from the beginning deferred revenue balance to the extent that the beginning deferred revenue balance exceeds the revenue to be recognized. Amounts collected during the period are added to the deferred revenue balance.

Advertising Expense

Advertising expense consists of variable costs that are related to attracting consumers to the Company’s marketplace and generating consumer quote requests, including through its verified partner network, and promoting its marketplace to insurance carriers and agents. The Company expenses advertising costs as incurred and such costs are included in sales and marketing expense in the accompanying condensed consolidated statements of operations and comprehensive income. During the three months ended June 30, 2026 and 2025, advertising expense totaled $138.2 million and $111.1 million, respectively. During the six months ended June 30, 2026 and 2025, advertising expense totaled $273.1 million and $230.9 million, respectively.

Net Income (Loss) per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one-to-one basis when computing net income (loss) per share. As a result, basic and diluted net income (loss) per share of Class A common stock and Class B common stock are equivalent.

Recently Adopted Accounting Pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326) to introduce a practical expedient to calculating current expected credit loss by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. This expedient can only be applied to current accounts receivable and current contract assets. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025 and interim periods within those annual periods, and this update is applied prospectively. The Company adopted this standard effective January 1, 2026 and applied the practical expedient to assets within its scope. The adoption did not have a material impact on the consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 allows for adoption using either a prospective or retrospective method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted as of the beginning of a fiscal year. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.
v3.26.1
Goodwill and Acquired Intangible Assets
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Acquired Intangible Assets

3. Goodwill and Acquired Intangible Assets

Goodwill is not amortized, but instead is reviewed for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. The Company considers its business to be one reporting unit for purposes of performing its goodwill impairment analysis. To date, the Company has had no impairments to goodwill. There were no changes to goodwill for the three and six months ended June 30, 2026.

Acquired intangible assets consisted of customer relationships and developed technology related to the Company’s acquisition of Policy Fuel, LLC and its affiliated entities, Kanopy Insurance Center, LLC, One Eight Software, Inc., and Parachute Insurance Services Corp., collectively referred to as “PolicyFuel,” which assets were sold as part of the settlement of litigation with the former owners of PolicyFuel on May 1, 2025. Amortization expense for intangible assets (prior to their sale) was $0.1 million and $0.4 million for the three and six months ended June 30, 2025, respectively.

The Company recorded legal settlement expense of $0.3 million and $8.2 million for the three and six months ended June 30, 2025, respectively, related to the settlement of litigation. The litigation accrual was settled on May 1, 2025 by the derecognition of the assets sold, consisting of commissions receivables and intangible assets, including customer relationships and developed technology, net of cash received of $0.5 million.
v3.26.1
Accrued Expenses and Other Current Liabilities
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities

4. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Accrued employee compensation and benefits

 

$

6,653

 

 

$

4,568

 

Accrued advertising expenses

 

 

1,685

 

 

 

1,710

 

Other current liabilities

 

 

1,563

 

 

1,234

 

 

$

9,901

 

$

7,512

 
v3.26.1
Loan and Security Agreement
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Loan and Security Agreement

5. Loan and Security Agreement

On August 1, 2025, the Company entered into a credit agreement (the “Credit Agreement”) providing for a senior secured revolving credit facility (the “Revolving Facility”) among the Company, as borrower, Western Alliance Bank, as administrative agent and collateral agent for the lenders (the “Agent”) and as a lender itself, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement provides for a $60.0 million senior secured revolving line of credit. Subject to customary terms and conditions (including the absence of any default or event of default under the Credit Agreement), the Company shall have the right, from time to time, to request one or more increases to the revolving commitments in an aggregate amount not to exceed up to $25.0 million during the term of the Credit Agreement. Availability under the Credit Agreement will terminate on August 1, 2028 (the “Revolving Commitment Period”), and all outstanding revolving loans must be paid on or before such date. The Company will pay a commitment fee of 0.075% per annum on the average daily unused portion of commitments under the Credit Agreement during the Revolving Commitment Period.

Pursuant to the Credit Agreement, borrowings under the Revolving Facility cannot exceed 85% of eligible accounts receivable balances. Outstanding borrowings under the Revolving Facility bear interest, at the Company’s election, at a per annum rate equal to (i) an adjusted term secured overnight financing rate for a one-month tenor (“Term SOFR”) plus 2.10% or (ii) the higher of the “prime rate” quoted in The Wall Street Journal, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System plus 0.50%, or Term SOFR plus 1.00% (“ABR”), plus 1.10%. The Company may elect, from time to time, to convert all or any part of its Term SOFR loans to ABR loans or to convert all or any part of the ABR loans to Term SOFR loans. In an event of default, as defined in the Credit Agreement, and until such event is no longer continuing, the annual interest rate to be charged will be the annual rate otherwise applicable to borrowings at such time plus 2.00%.

Borrowings are collateralized by substantially all of the Company’s assets and property. Under the Credit Agreement, the Company has agreed to certain affirmative and negative covenants, reporting requirements and other customary requirements to which it will remain subject until maturity. The covenants include limitations on its ability to incur additional indebtedness, pay cash dividends, and engage in certain fundamental business transactions, such as mergers or acquisitions of other businesses. In addition, under the Credit Agreement and through the maturity date, for any period the Company does not maintain a minimum Adjusted Quick Ratio of 1.30 to 1.00, defined as the ratio of (1) the sum of (x) unrestricted cash and cash equivalents held at the Lenders plus (y) net accounts receivable reflected on the Company’s balance sheet (excluding accounts receivable that are more than 90 days past due, intercompany receivables, and receivables subject to dispute) to (2) current liabilities, including all borrowings outstanding under the Credit Agreement, but excluding the current portion of deferred revenue (in each case determined substantially in accordance with GAAP), the Agent shall have the ability to use the Company’s cash receipts to repay outstanding obligations until such time as the Adjusted Quick Ratio is equal to or greater than 1.30 to 1.00 for two consecutive months.

As of June 30, 2026, the Company was in compliance with its covenants and had no amounts outstanding under the Credit Agreement.
v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity

6. Equity

Share Repurchase Program

On July 22, 2025, the Company’s board of directors authorized a share repurchase program for up to $50.0 million of the Company’s Class A common stock for one year from the board approval date. Share repurchases under the $50.0 million program were authorized to be made from time to time on the open market, pursuant to Rule 10b5-1 trading plans, or by other legally permissible means. The share repurchase program did not obligate the Company to acquire a specific number of shares, and could have been suspended, modified, or terminated at any time, without prior notice. Repurchased shares were immediately retired and resumed the status of authorized but unissued shares of common stock.

On August 11, 2025, the Company repurchased 900,000 shares of Class A common stock under the program in a negotiated transaction with a related party at a purchase price of $23.33 per share for an aggregate purchase price of $21.0 million (see Note 10).

During the first quarter of 2026, the Company repurchased 1,068,016 shares of Class A common stock under the program at an average purchase price of $18.59 per share for an aggregate purchase price of $19.9 million.

During the three months ended June 30, 2026, the Company repurchased an additional 578,322 shares of Class A common stock under the program at an average purchase price of $15.82 per share for an aggregate purchase price of $9.1 million.

As of June 30, 2026, the Company has completed the share repurchase program.

v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation

7. Stock-Based Compensation

2008 and 2018 Plans

The Company has outstanding awards under its 2008 Stock Incentive Plan, as amended (the “2008 Plan”), but is no longer granting awards under this plan. Shares of common stock issued upon exercise of stock options granted prior to September 8, 2017 will be issued as either Class A common stock or Class B common stock. Shares of common stock issued upon exercise of stock options granted after September 8, 2017 will be issued as Class A common stock.

The Company’s 2018 Equity Incentive Plan (the “2018 Plan” and, together with the 2008 Plan, the “Plans”) provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other stock-based awards. The number of shares initially reserved for issuance under the 2018 Plan is the sum of 2,149,480 shares of Class A common stock, plus the number of shares (up to 5,028,832 shares) equal to the sum of (i) the 583,056 shares of Class A common stock and Class B common stock that were available for grant under the 2008 Plan upon the effectiveness of the 2018 Plan and (ii) the number of shares of Class A common stock and Class B common stock subject to outstanding awards under the 2008 Plan that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right (subject, in the case of incentive stock options, to any limitations of the Internal Revenue Code). The number of shares of Class A common stock that may be issued under the 2018 Plan automatically increases on the first day of each fiscal year until, and including, the fiscal year ending December 31, 2028, by an amount equal to the lowest of (i) 2,500,000 shares of Class A common stock; (ii) 5% of the sum of the number of shares of Class A common stock and Class B common stock outstanding on the first day of such fiscal year; and (iii) an amount determined by the Company’s board of directors. The shares of common stock underlying any awards that are forfeited, canceled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, repurchased or are otherwise terminated by the Company under the 2018 Plan will be added back to the shares of common stock available for issuance under the 2018 Plan. The number of authorized shares reserved for issuance under the 2018 Plan was increased by 1,812,320 shares effective as of January 1, 2026 in accordance with the provisions of the 2018 Plan described above. As of June 30, 2026, 3,689,881 shares remained available for future grant under the 2018 Plan.

Option awards and restricted stock unit (“RSU”) awards granted under the Plans vest over periods determined by the board of directors. Options granted under the Plans expire no later than ten years from the date of the grant. The exercise price for stock options granted is not less than the fair value of common shares based on quoted market prices. Certain of the Company’s RSUs are net settled by withholding shares of the Company’s Class A common stock to cover statutory income taxes.

Stock Option Activity

The Company did not grant common stock options during either of the three and six months ended June 30, 2026 or 2025.

Restricted Stock Unit Activity

The Company has granted RSU awards with service-based vesting conditions and with both service-based and performance-based vesting conditions (“pRSU”). The fair value of these grants is estimated on the date of grant using the market price of the underlying shares on the grant date.

The following table summarizes the Company’s RSU with service-based vesting conditions activity since December 31, 2025:

 

 

 

 

 

Weighted Average

 

 

Number of Shares

 

 

Grant-Date Fair Value

 

Unvested balance December 31, 2025

 

 

1,902,648

 

 

$

18.82

 

Granted

 

 

1,114,392

 

 

 

15.42

 

Vested

 

 

(503,390

)

 

 

17.33

 

Forfeited

 

 

(171,941

)

 

 

17.45

 

Unvested balance June 30, 2026

 

 

2,341,709

 

 

$

17.62

 

The following table summarizes the Company’s pRSU activity since December 31, 2025:

 

 

 

 

 

Weighted Average

 

 

 

Number of Shares

 

 

Grant-Date Fair Value

 

Unvested balance December 31, 2025

 

 

968,201

 

 

$

20.47

 

Granted

 

 

211,165

 

 

 

17.08

 

Vested

 

 

(106,079

)

 

 

19.41

 

Forfeited

 

 

(169,496

)

 

 

21.02

 

Unvested balance June 30, 2026

 

 

903,791

 

 

$

19.70

 

Unvested pRSUs outstanding as of June 30, 2026 and December 31, 2025 are comprised of the following awards:

 

 

June 30, 2026

 

 

December 31, 2025

 

Performance conditions met

 

 

459,573

 

 

 

479,028

 

2027 performance conditions

 

 

444,218

 

 

 

489,173

 

Unvested balance June 30, 2026

 

 

903,791

 

 

 

968,201

 
•
Performance conditions met — vesting over a four-year period based on continued service as the performance condition was met.
•
2027 Performance conditions — vesting based on the level of achievement of a Company-specific performance target for a 12-month period ending between December 31, 2027 and December 31, 2029, from a maximum of 100% of the number of pRSUs granted to a minimum of 10% of the pRSUs granted with no vesting if a minimum threshold of target performance is not achieved during the period.

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive income (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Cost of revenue

 

$

33

 

 

$

39

 

 

$

63

 

 

$

48

 

Sales and marketing

 

 

1,064

 

 

 

2,006

 

 

 

2,344

 

 

 

3,571

 

Research and development

 

 

1,711

 

 

 

1,558

 

 

 

3,145

 

 

 

2,928

 

General and administrative

 

 

2,864

 

 

 

2,957

 

 

 

5,261

 

 

 

5,433

 

 

$

5,672

 

 

$

6,560

 

 

$

10,813

 

 

$

11,980

 

Stock-based compensation expense in the table above includes $1.3 million and $1.7 million for the three months ended June 30, 2026 and 2025, respectively, and $2.1 million and $2.8 million for the six months ended June 30, 2026 and 2025, respectively, related to pRSUs.

As of June 30, 2026, unrecognized compensation expense for stock-based awards expected to vest was $33.5 million, which is expected to be recognized over a weighted average period of 2.9 years.

The Company recognized income tax benefits related to stock-based compensation expense of $1.3 million and $2.4 million as a component in calculating its income taxes for the three and six months ended June 30, 2026, respectively. Income tax benefits related to stock-based compensation expense for the three and six months ended June 30, 2025 were fully offset by the full valuation allowance against deferred tax assets.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

8. Commitments and Contingencies

Leases

The Company leases office space under various non-cancelable operating leases. There have been no material changes to the Company’s leases during the three and six months ended June 30, 2026. For additional information, please read Note 10, Leases, to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Purchase Commitment

In June 2025, the Company entered into a five-year, $18.5 million purchase commitment, in the ordinary course of business, for advertising with specified annual minimum payment amounts through July 2029. The remaining purchase commitment as of June 30, 2026 was $15.5 million, of which $3.5 million relates to the next twelve months.

Legal Proceedings and Other Contingencies

The Company is from time to time subject to various legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of its business. While the outcome of these claims cannot be predicted with certainty, management does not believe, based on its current knowledge, that the outcome of any of these legal matters will have a material adverse effect on the Company’s consolidated results of operations or financial condition. Notwithstanding the foregoing, the ultimate outcome of any legal proceedings involves judgments, estimates and inherent uncertainties, and cannot be predicted with certainty. It is possible that an adverse outcome of any matter could be material to the Company’s business, financial position, results of operations or cash flows as a whole for any particular reporting period of occurrence. In addition, it is possible that a matter may prompt litigation or additional investigations or proceedings by government agencies or private litigants.
v3.26.1
Retirement Plan
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Retirement Plan

9. Retirement Plan

The Company has established a defined-contribution plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements, and allows participants to defer a portion of their annual compensation on a pre-tax basis. As currently established, the Company is not required to make any contributions to the 401(k) Plan. The Company contributed $0.4 million in each of the three months ended June 30, 2026 and 2025 and $0.8 million and $0.9 million during the six months ended June 30, 2026 and 2025, respectively.
v3.26.1
Related Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions

10. Related Party Transactions

The Company has, in the ordinary course of business, entered into arrangements with other companies who have shareholders in common with the Company. Pursuant to these arrangements, related-party affiliates receive payments for providing website visitor referrals. During the three months ended June 30, 2026 and 2025, the Company recorded expense of $12.0 million and $11.4 million, respectively, related to these arrangements. During the three months ended June 30, 2026 and 2025, the Company paid $15.3 million and $7.2 million, respectively, related to these arrangements. During the six months ended June 30, 2026 and 2025, the Company recorded expense of $24.8 million and $18.6 million, respectively, related to these arrangements. During the six months ended June 30, 2026 and 2025, the Company paid $23.5 million and $11.8 million, respectively, related to these arrangements. As of June 30, 2026 and December 31, 2025, amounts due to related-party affiliates totaled $5.0 million and $3.7 million, respectively, which are included in accounts payable on the accompanying condensed consolidated balance sheets.

On August 11, 2025, the Company repurchased 900,000 shares of Class A common stock from Link Ventures, which is an entity affiliated with funds advised by David Blundin, the Company’s chairman of the board of directors and co-founder, and other affiliated entities of Mr. Blundin, at a purchase price of $23.33 per share for an aggregate purchase price of $21.0 million pursuant to the provisions of the Company’s share repurchase program. The purchase price represented an approximate 1.8% discount to the closing price of the Company’s common stock on August 8, 2025. The shares were immediately retired. In connection with the repurchase agreement, Mr. Blundin and Link Ventures entered into a 180-day lock-up agreement with the Company which restricted the sale or transfer of any of the Company’s shares of capital stock beneficially owned by Mr. Blundin, subject to customary exceptions.
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

The Company records income tax expense by applying its estimated annual effective tax rate to year-to-date income before income taxes, and adjusting for discrete items occurring in the quarter. The Company’s effective tax rate may vary from period to period, generally based on factors such as changes in forecasts and year-to-date results.

For the three and six months ended June 30, 2026, the Company recorded income tax expense of $5.3 million and $11.0 million related primarily to U.S. federal and state income taxes. The Company’s effective tax rate for the three and six months ended June 30, 2026 varied from the U.S. federal statutory income tax rate primarily due to state income taxes, partially offset by U.S. federal research and development tax credits.

For the three and six months ended June 30, 2025, the Company recorded income tax expense of $0.4 million and $1.0 million, respectively, consisting primarily of state income taxes. Until the fourth quarter of 2025, the Company maintained a full valuation allowance against its deferred tax assets.
v3.26.1
Net Income per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income per Share

12. Net Income per Share

A reconciliation of the numerators and the denominators of the basic and dilutive net income per common share computations are as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

19,186

 

 

$

14,701

 

 

$

37,859

 

 

$

22,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic common shares
  outstanding

 

 

35,178

 

 

 

36,327

 

 

 

35,560

 

 

 

36,104

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

Options to purchase common stock

 

 

375

 

 

 

636

 

 

 

403

 

 

 

670

 

Restricted stock units

 

 

606

 

 

 

1,051

 

 

 

585

 

 

 

1,067

 

Weighted average diluted common shares
  outstanding

 

 

36,159

 

 

 

38,014

 

 

 

36,548

 

 

 

37,841

 

The Company excluded the following potential common shares, presented based on weighted average shares outstanding during the periods, from the computation of diluted net income per share because including them would have had an anti-dilutive effect (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Options to purchase common stock

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Restricted stock units

 

 

226

 

 

 

11

 

 

 

240

 

 

 

12

 

 

 

226

 

 

 

14

 

 

 

240

 

 

 

15

 

The tables above do not include performance-based awards for which the performance conditions had not been met as of period end. As of June 30, 2026 and 2025, the Company had outstanding pRSUs for which the performance conditions had not been met as of period end of 444,218 and 922,016, respectively.
v3.26.1
Segments and Geographical Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments and Geographical Information

13. Segments and Geographical Information

The Company’s revenue is derived 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 single 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 Chief Executive Officer. The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations and comprehensive income 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):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

$

195,086

 

 

$

156,629

 

 

$

385,938

 

 

$

323,261

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising expense

 

 

 

138,189

 

 

 

111,109

 

 

 

273,143

 

 

 

230,881

 

Cash operating expense(1)

 

 

 

26,794

 

 

 

23,564

 

 

 

53,363

 

 

 

47,917

 

Other segment items, net(2)

 

 

 

10,917

 

 

 

7,255

 

 

 

21,573

 

 

 

21,772

 

Net income

 

 

$

19,186

 

 

$

14,701

 

 

$

37,859

 

 

$

22,691

 

 

(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 and does not include non-cash depreciation and amortization and stock-based compensation amounts that are included in cost and operating expenses and legal settlement expense that is also included in cost and operating expenses.

(2) Other segment items, net included within net income include depreciation and amortization and stock-based compensation amounts that are non-cash items included in cost and operating expenses, and legal settlement expense that is considered a non-recurring operating expense, as well as interest income and income taxes. These amounts are also reported within the consolidated statements of operations and comprehensive income 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.
v3.26.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Unaudited Interim Financial Information

Unaudited Interim Financial Information

The condensed consolidated balance sheet at December 31, 2025 was derived from audited consolidated financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 on file with the SEC. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2026 and results of operations for the three and six months ended June 30, 2026 and 2025 and cash flows for the six months ended June 30, 2026 and 2025 have been made. The Company’s results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2026 or any other period.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition and the valuation of accounts receivable, the expensing and capitalization of website and software development costs, stock-based compensation expense and income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in periods in which they become known. These estimates may change as new events occur and additional information is obtained, and actual results could differ materially from these estimates.
Concentrations of Credit Risk and of Significant Customers

Concentrations of Credit Risk and of Significant Customers

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents at accredited financial institutions. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

The Company sells its consumer referrals to insurance provider customers, consisting of carriers and agents, and indirect distributors in the United States, primarily in the automotive industry. For the three months ended June 30, 2026, three customers represented 31%, 12% and 11% of total revenue, respectively. For the three months ended June 30, 2025, two customers represented 35% and 11% of total revenue, respectively. For the six months ended June 30, 2026, two customers represented 35% and 11% of total revenue, respectively. For the six months ended June 30, 2025, two customers represented 39% and 12% of total revenue, respectively. As of June 30, 2026, four customers accounted for 27%, 16%, 12% and 11% of accounts receivable, respectively. As of December 31, 2025, two customers accounted for 36% and 11% of accounts receivable, respectively.

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•
Level 1—Quoted prices in active markets for identical assets or liabilities.
•
Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
•
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The Company’s cash equivalents are carried at fair value, determined according to the fair value hierarchy described above. The Company’s cash equivalents included money market funds of $15.5 million and $15.3 million as of June 30, 2026 and December 31, 2025, respectively, which were valued based on quoted market prices, representing a Level 1 measurement within the fair value hierarchy. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities. There were no transfers into or out of Level 3 during the three and six months ended June 30, 2026 and 2025.
Accounts Receivable

Accounts Receivable

The Company provides credit to customers in the ordinary course of business and believes its credit policies are prudent and reflect industry practices and business risk. The Company monitors economic conditions to identify facts or circumstances that may indicate that its receivables are at risk of collection. The Company provides an allowance against accounts receivable for estimated losses, if any, that may result from a customer’s inability to pay based on the composition of its accounts receivable, current economic conditions and historical credit loss activity. Amounts determined to be uncollectible are charged or written-off against the allowance. As of June 30, 2026 and December 31, 2025, the Company’s allowance for credit losses was $0.1 million. During each of the three and six months ended June 30, 2026 and 2025, the Company wrote off insignificant amounts of uncollectible accounts.
Revenue Recognition

Revenue Recognition

The Company derives its revenue primarily by selling consumer referrals to its insurance provider customers, including insurance carriers, agents and indirect distributors. Prior to the sale of certain carrier contracts in May 2025, the Company also generated revenue from commission fees for the sale of policies, primarily in its automotive insurance vertical as part of its direct-to-consumer agency. In May 2025, the Company sold the right to receive commissions under its remaining property and casualty carrier contracts related to its direct-to-consumer agency to settle a litigation matter (see Note 3).

To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606 Revenue from Contracts with Customers (“ASC 606”), the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction

price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.

The Company only applies the five-step model to contracts when collectibility of the consideration to which the Company is entitled in exchange for the goods or services it transfers to the customer is determined to be probable. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is that the period between payment by the customer and the transfer of the promised goods or services to the customer will be one year or less.

The Company recognizes referral revenue when it satisfies its performance obligations by delivering the referrals to its customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those referrals.

Disaggregated Revenue

The Company presents disaggregated revenue from contracts with customers by distribution channel, as the distribution channel impacts the nature and amount of the Company’s revenue, and by vertical market segment. The Company’s direct distribution channel consists of insurance carriers and third-party agents. The Company’s indirect distribution channel consists of insurance aggregators and media networks who purchase referrals with the intent to resell. Revenue generated via the Company’s direct distribution channel is generally higher per referral than revenue generated by the Company’s indirect distribution channels and provides the Company with additional insights and data regarding insurance provider demand and referral performance.

Total revenue is comprised of revenue from the following distribution channels:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Direct channels

 

 

92

%

 

 

86

%

 

 

91

%

 

 

89

%

Indirect channels

 

 

8

%

 

 

14

%

 

 

9

%

 

 

11

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

Total revenue is comprised of revenue from the following insurance verticals (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Automotive

 

$

172,051

 

 

$

139,584

 

 

$

344,437

 

 

$

292,299

 

Home and renters

 

 

23,035

 

 

 

17,034

 

 

 

41,501

 

 

 

30,938

 

Other

 

 

—

 

 

 

11

 

 

 

—

 

 

 

24

 

Total revenue

 

$

195,086

 

 

$

156,629

 

 

$

385,938

 

 

$

323,261

 

The Company has elected to apply the practical expedient in ASC 606 to expense incremental direct costs of obtaining a contract, consisting of sales commissions, as incurred as the expected period of benefit of the sales commissions is one year or less. At June 30, 2026 and December 31, 2025, the Company had not capitalized any costs to obtain any of its contracts.

Deferred Revenue

Amounts received for referrals prior to satisfying the revenue recognition criteria are recorded as deferred revenue on the accompanying condensed consolidated balance sheets. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue. Deferred revenue was $1.7 million as of December 31, 2025. During the six months ended June 30, 2026, the Company recognized revenue of $1.4 million that was included in the contract liability balance (deferred revenue) at December 31, 2025. The Company recognizes revenue from deferred revenue by first allocating from the beginning deferred revenue balance to the extent that the beginning deferred revenue balance exceeds the revenue to be recognized. Amounts collected during the period are added to the deferred revenue balance.
Advertising Expense

Advertising Expense

Advertising expense consists of variable costs that are related to attracting consumers to the Company’s marketplace and generating consumer quote requests, including through its verified partner network, and promoting its marketplace to insurance carriers and agents. The Company expenses advertising costs as incurred and such costs are included in sales and marketing expense in the accompanying condensed consolidated statements of operations and comprehensive income. During the three months ended June 30, 2026 and 2025, advertising expense totaled $138.2 million and $111.1 million, respectively. During the six months ended June 30, 2026 and 2025, advertising expense totaled $273.1 million and $230.9 million, respectively.
Net Income (Loss) per Share

Net Income (Loss) per Share

Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted stock units. For periods in which the Company reported a net loss, diluted net loss per common share is the same as basic net loss per common share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The Company has two classes of common stock outstanding: Class A common stock and Class B common stock. The rights of the holders of Class A and Class B common stock are identical, except with respect to voting and conversion. Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time. The Company allocates undistributed earnings attributable to common stock between the common stock classes on a one-to-one basis when computing net income (loss) per share. As a result, basic and diluted net income (loss) per share of Class A common stock and Class B common stock are equivalent.

Recently Adopted and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326) to introduce a practical expedient to calculating current expected credit loss by assuming that the current conditions as of the balance sheet date will not change for the remaining life of the asset. This expedient can only be applied to current accounts receivable and current contract assets. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025 and interim periods within those annual periods, and this update is applied prospectively. The Company adopted this standard effective January 1, 2026 and applied the practical expedient to assets within its scope. The adoption did not have a material impact on the consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 allows for adoption using either a prospective or retrospective method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted as of the beginning of a fiscal year. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently assessing the impact of the adoption of this guidance on its consolidated financial statements.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Disaggregation of Revenue

Total revenue is comprised of revenue from the following distribution channels:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Direct channels

 

 

92

%

 

 

86

%

 

 

91

%

 

 

89

%

Indirect channels

 

 

8

%

 

 

14

%

 

 

9

%

 

 

11

%

 

 

100

%

 

 

100

%

 

 

100

%

 

 

100

%

 

Total revenue is comprised of revenue from the following insurance verticals (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Automotive

 

$

172,051

 

 

$

139,584

 

 

$

344,437

 

 

$

292,299

 

Home and renters

 

 

23,035

 

 

 

17,034

 

 

 

41,501

 

 

 

30,938

 

Other

 

 

—

 

 

 

11

 

 

 

—

 

 

 

24

 

Total revenue

 

$

195,086

 

 

$

156,629

 

 

$

385,938

 

 

$

323,261

 
v3.26.1
Accrued Expenses and Other Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Payables and Accruals [Abstract]  
Summary of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Accrued employee compensation and benefits

 

$

6,653

 

 

$

4,568

 

Accrued advertising expenses

 

 

1,685

 

 

 

1,710

 

Other current liabilities

 

 

1,563

 

 

1,234

 

 

$

9,901

 

$

7,512

 
v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Unvested pRSUs Outstanding

Unvested pRSUs outstanding as of June 30, 2026 and December 31, 2025 are comprised of the following awards:

 

 

June 30, 2026

 

 

December 31, 2025

 

Performance conditions met

 

 

459,573

 

 

 

479,028

 

2027 performance conditions

 

 

444,218

 

 

 

489,173

 

Unvested balance June 30, 2026

 

 

903,791

 

 

 

968,201

 
Summary of Stock-Based Compensation Expense of Statements of Operations and Comprehensive Income

The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive income (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Cost of revenue

 

$

33

 

 

$

39

 

 

$

63

 

 

$

48

 

Sales and marketing

 

 

1,064

 

 

 

2,006

 

 

 

2,344

 

 

 

3,571

 

Research and development

 

 

1,711

 

 

 

1,558

 

 

 

3,145

 

 

 

2,928

 

General and administrative

 

 

2,864

 

 

 

2,957

 

 

 

5,261

 

 

 

5,433

 

 

$

5,672

 

 

$

6,560

 

 

$

10,813

 

 

$

11,980

 
Service-Based RSUs [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Unvested Restricted Stock Units

The following table summarizes the Company’s RSU with service-based vesting conditions activity since December 31, 2025:

 

 

 

 

 

Weighted Average

 

 

Number of Shares

 

 

Grant-Date Fair Value

 

Unvested balance December 31, 2025

 

 

1,902,648

 

 

$

18.82

 

Granted

 

 

1,114,392

 

 

 

15.42

 

Vested

 

 

(503,390

)

 

 

17.33

 

Forfeited

 

 

(171,941

)

 

 

17.45

 

Unvested balance June 30, 2026

 

 

2,341,709

 

 

$

17.62

 
Performance and Service-Based RSUs [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Schedule of Unvested Restricted Stock Units

The following table summarizes the Company’s pRSU activity since December 31, 2025:

 

 

 

 

 

Weighted Average

 

 

 

Number of Shares

 

 

Grant-Date Fair Value

 

Unvested balance December 31, 2025

 

 

968,201

 

 

$

20.47

 

Granted

 

 

211,165

 

 

 

17.08

 

Vested

 

 

(106,079

)

 

 

19.41

 

Forfeited

 

 

(169,496

)

 

 

21.02

 

Unvested balance June 30, 2026

 

 

903,791

 

 

$

19.70

 
Unvested
v3.26.1
Net Income per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Summary Reconciliation of Numerators and Denominators of Basic and Dilutive Net Income Per Common Share

A reconciliation of the numerators and the denominators of the basic and dilutive net income per common share computations are as follows (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

19,186

 

 

$

14,701

 

 

$

37,859

 

 

$

22,691

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic common shares
  outstanding

 

 

35,178

 

 

 

36,327

 

 

 

35,560

 

 

 

36,104

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

Options to purchase common stock

 

 

375

 

 

 

636

 

 

 

403

 

 

 

670

 

Restricted stock units

 

 

606

 

 

 

1,051

 

 

 

585

 

 

 

1,067

 

Weighted average diluted common shares
  outstanding

 

 

36,159

 

 

 

38,014

 

 

 

36,548

 

 

 

37,841

 
Summary of Potential Common Shares Excluded From Computation of Diluted Net Income Per Share

The Company excluded the following potential common shares, presented based on weighted average shares outstanding during the periods, from the computation of diluted net income per share because including them would have had an anti-dilutive effect (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Options to purchase common stock

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Restricted stock units

 

 

226

 

 

 

11

 

 

 

240

 

 

 

12

 

 

 

226

 

 

 

14

 

 

 

240

 

 

 

15

 
v3.26.1
Segments and Geographical Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Summary of Significant Segment Expenses

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):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

$

195,086

 

 

$

156,629

 

 

$

385,938

 

 

$

323,261

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

Advertising expense

 

 

 

138,189

 

 

 

111,109

 

 

 

273,143

 

 

 

230,881

 

Cash operating expense(1)

 

 

 

26,794

 

 

 

23,564

 

 

 

53,363

 

 

 

47,917

 

Other segment items, net(2)

 

 

 

10,917

 

 

 

7,255

 

 

 

21,573

 

 

 

21,772

 

Net income

 

 

$

19,186

 

 

$

14,701

 

 

$

37,859

 

 

$

22,691

 

 

(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 and does not include non-cash depreciation and amortization and stock-based compensation amounts that are included in cost and operating expenses and legal settlement expense that is also included in cost and operating expenses.

(2) Other segment items, net included within net income include depreciation and amortization and stock-based compensation amounts that are non-cash items included in cost and operating expenses, and legal settlement expense that is considered a non-recurring operating expense, as well as interest income and income taxes. These amounts are also reported within the consolidated statements of operations and comprehensive income 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.
v3.26.1
Summary of Significant Accounting Policies - Additional Information (Detail)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Customers
Jun. 30, 2025
USD ($)
Customers
Jun. 30, 2026
USD ($)
Customers
Jun. 30, 2025
USD ($)
Customers
Dec. 31, 2025
USD ($)
Customers
Significant Accounting Policies [Line Items]          
Deferred revenue         $ 1,700,000
Contract with customer, liability, revenue recognized     $ 1,400,000    
Advertising expenses $ 138,189,000 $ 111,109,000 273,143,000 $ 230,881,000  
Allowance for doubtful accounts 100,000   $ 100,000   $ 100,000
Common stock, terms of conversion     Each share of Class B common stock is convertible into one share of Class A common stock at the option of the holder at any time.    
Expected period of benefit of sales commissions, description     one year or less   one year or less
Asset transfers 0 0 $ 0 0  
Liability transfers $ 0 $ 0 $ 0 $ 0  
ASU 2025-05 [Member]          
Significant Accounting Policies [Line Items]          
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true   true    
Change in Accounting Principle, Accounting Standards Update, Adoption Date Jan. 01, 2026   Jan. 01, 2026    
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true   true    
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]          
Significant Accounting Policies [Line Items]          
Money market funds $ 15,500,000   $ 15,500,000   $ 15,300,000
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]          
Significant Accounting Policies [Line Items]          
Number of major customers | Customers 3 2 2 2  
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer A [Member]          
Significant Accounting Policies [Line Items]          
Concentration risk percentage 31.00% 35.00% 35.00% 39.00%  
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer B [Member]          
Significant Accounting Policies [Line Items]          
Concentration risk percentage 12.00% 11.00% 11.00% 12.00%  
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer C [Member]          
Significant Accounting Policies [Line Items]          
Concentration risk percentage 11.00%        
Accounts Receivable [Member] | Credit Concentration Risk [Member]          
Significant Accounting Policies [Line Items]          
Number of major customers | Customers     4   2
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer A [Member]          
Significant Accounting Policies [Line Items]          
Concentration risk percentage     27.00%   36.00%
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer B [Member]          
Significant Accounting Policies [Line Items]          
Concentration risk percentage     16.00%   11.00%
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer C [Member]          
Significant Accounting Policies [Line Items]          
Concentration risk percentage     12.00%    
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer D [Member]          
Significant Accounting Policies [Line Items]          
Concentration risk percentage     11.00%    
v3.26.1
Summary of Significant Accounting Policies - Summary of Revenue by Distribution Chanel (Detail) - Sales Revenue, Net [Member]
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Product Information [Line Items]        
Revenue from Contract with Customer Percentage 100.00% 100.00% 100.00% 100.00%
Direct channels [Member]        
Product Information [Line Items]        
Revenue from Contract with Customer Percentage 92.00% 86.00% 91.00% 89.00%
Indirect channels [Member]        
Product Information [Line Items]        
Revenue from Contract with Customer Percentage 8.00% 14.00% 9.00% 11.00%
v3.26.1
Summary of Significant Accounting Policies - Disaggregation Of Revenue (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Total revenue $ 195,086 $ 156,629 $ 385,938 $ 323,261
Automotive [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue 172,051 139,584 344,437 292,299
Home and renters [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue $ 23,035 17,034 $ 41,501 30,938
Other [Member]        
Disaggregation of Revenue [Line Items]        
Total revenue   $ 11   $ 24
v3.26.1
Goodwill and Acquired Intangible Assets - Additional Information (Detail)
$ in Thousands
 3 Months Ended 6 Months Ended
May 01, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Units
Jun. 30, 2025
USD ($)
Intangible Asset, Goodwill and Other [Abstract]          
Impairment loss       $ 0  
Number of Reporting Units | Units       1  
Amortization expense for intangible asset     $ 100   $ 400
Changes to goodwill   $ 0   $ 0  
Legal settlement expense     $ 300   $ 8,200
Cash received from derecognition of assets sold $ 500        
v3.26.1
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Payables and Accruals [Abstract]    
Accrued employee compensation and benefits $ 6,653 $ 4,568
Accrued advertising expenses 1,685 1,710
Other current liabilities 1,563 1,234
Accrued expenses and other current liabilities $ 9,901 $ 7,512
v3.26.1
Loan and Security Agreement - Additional Information (Detail) - USD ($)
$ in Thousands
Aug. 01, 2025
Jun. 30, 2026
Debt Instrument [Line Items]    
Debt Instrument, Covenant Description Under the Credit Agreement, the Company has agreed to certain affirmative and negative covenants, reporting requirements and other customary requirements to which it will remain subject until maturity. The covenants include limitations on its ability to incur additional indebtedness, pay cash dividends, and engage in certain fundamental business transactions, such as mergers or acquisitions of other businesses. In addition, under the Credit Agreement and through the maturity date, for any period the Company does not maintain a minimum Adjusted Quick Ratio of 1.30 to 1.00, defined as the ratio of (1) the sum of (x) unrestricted cash and cash equivalents held at the Lenders plus (y) net accounts receivable reflected on the Company’s balance sheet (excluding accounts receivable that are more than 90 days past due, intercompany receivables, and receivables subject to dispute) to (2) current liabilities, including all borrowings outstanding under the Credit Agreement, but excluding the current portion of deferred revenue (in each case determined substantially in accordance with GAAP), the Agent shall have the ability to use the Company’s cash receipts to repay outstanding obligations until such time as the Adjusted Quick Ratio is equal to or greater than 1.30 to 1.00 for two consecutive months.  
Credit Agreement [Member]    
Debt Instrument [Line Items]    
Debt instrument, interest rate, in event of default 2.00%  
Revolving line of credit outstanding amount   $ 0
Revolving Credit Facility [Member] | Credit Agreement [Member]    
Debt Instrument [Line Items]    
Maximum incremental revolving commitments amount $ 25,000  
Commitment fee description The Company will pay a commitment fee of 0.075% per annum on the average daily unused portion of commitments under the Credit Agreement during the Revolving Commitment Period.  
Senior Secured Revolving Credit Facility [Member] | Credit Agreement [Member]    
Debt Instrument [Line Items]    
Credit facility borrowing capacity $ 60,000  
Percentage of commitment fee per annum 0.075%  
Maximum percentage borrowings of eligible accounts receivable 85.00%  
Senior Secured Revolving Credit Facility [Member] | Credit Agreement [Member] | SOFR One Month Interest Period [Member]    
Debt Instrument [Line Items]    
Interest rate 2.10%  
Senior Secured Revolving Credit Facility [Member] | Credit Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]    
Debt Instrument [Line Items]    
Interest rate 0.50%  
Senior Secured Revolving Credit Facility [Member] | Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]    
Debt Instrument [Line Items]    
Interest rate 1.00%  
Senior Secured Revolving Credit Facility [Member] | Credit Agreement [Member] | Additional Over Elected Variable Rate [Member]    
Debt Instrument [Line Items]    
Interest rate 1.10%  
v3.26.1
Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Aug. 11, 2025
Jul. 22, 2025
Jun. 30, 2026
Mar. 31, 2026
Common Stock [Member]        
Class of Stock [Line Items]        
Stock repurchase program period   1 year    
Common Stock [Member] | Maximum [Member]        
Class of Stock [Line Items]        
Stock repuchase program authorized amount   $ 50.0    
Class A Common Stock [Member]        
Class of Stock [Line Items]        
Repurchase of shares 900,000   578,322 1,068,016
Sale of stock, purchase price per share $ 23.33   $ 15.82 $ 18.59
Aggregate purchase price $ 21.0   $ 9.1 $ 19.9
v3.26.1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jan. 01, 2026
Jun. 27, 2018
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense     $ 5,672 $ 6,560 $ 10,813 $ 11,980
Unrecognized compensation expense related to RSUs and option awards     33,500   $ 33,500  
Compensation expense, expected recognition period         2 years 10 months 24 days  
Income tax expense (benefit)     5,324 $ 363 $ 11,015 $ 1,047
Deferred Compensation, Share-Based Payments [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Income tax expense (benefit)     $ (1,300)   $ (2,400)  
Employee Stock Option            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Common stock optios granted     0 0 0 0
Employee Stock Option | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options expiration period         10 years  
Performance and Service-Based RSUs [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense     $ 1,300 $ 1,700 $ 2,100 $ 2,800
Performance and Service-Based RSUs [Member] | Performance Goal Achieved [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period of RSU         4 years  
Performance and Service-Based RSUs [Member] | Performance Goal Achieved Year 2027 To 2029 [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of vesting of award under share-based payment arrangement         100.00%  
Performance and Service-Based RSUs [Member] | Performance Goal Achieved Year 2027 To 2029 [Member] | Minimum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of vesting of award under share-based payment arrangement         10.00%  
Performance and Service-Based RSUs [Member] | Performance Goal Not Achieved Year 2027 To 2029 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Percentage of vesting of award under share-based payment arrangement         0.00%  
2018 Equity Incentive Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of Shares Authorized   2,149,480        
Number of shares available for grant     3,689,881   3,689,881  
Share-based Compensation, number of additional shares available for issuance 1,812,320          
2018 Equity Incentive Plan [Member] | From 2008 Plan [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of Shares Authorized   5,028,832        
2018 Equity Incentive Plan [Member] | Class A Common Stock [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Annual increase in shares authorized   2,500,000        
2018 Equity Incentive Plan [Member] | Class A Common Stock and Class B Common Stock [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Annual percentage increase in shares authorized   5.00%        
2018 Equity Incentive Plan [Member] | Class A Common Stock and Class B Common Stock [Member] | From 2008 Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of Shares Authorized   583,056        
v3.26.1
Stock-Based Compensation - Schedule of Unvested Restricted Stock Units (Detail)
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Service-based RSUs [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unvested balance December 31, 2025, Number of Shares | shares 1,902,648
Granted, Number of Shares | shares 1,114,392
Vested, Number of Shares | shares (503,390)
Forfeited, Number of Shares | shares (171,941)
Unvested balance June 30, 2026, Number of Shares | shares 2,341,709
Unvested balance December 31, 2025, Weighted Average Grant-Date Fair Value | $ / shares $ 18.82
Granted, Weighted Average - Grant Date Fair Value | $ / shares 15.42
Vested, Weighted Average Grant-Date Fair Value | $ / shares 17.33
Forfeited, Weighted Average Grant-Date Fair Value | $ / shares 17.45
Unvested balance June 30, 2026, Weighted Average Grant-Date Fair Value | $ / shares $ 17.62
Performance and Service-Based RSUs [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unvested balance December 31, 2025, Number of Shares | shares 968,201
Granted, Number of Shares | shares 211,165
Vested, Number of Shares | shares (106,079)
Forfeited, Number of Shares | shares (169,496)
Unvested balance June 30, 2026, Number of Shares | shares 903,791
Unvested balance December 31, 2025, Weighted Average Grant-Date Fair Value | $ / shares $ 20.47
Granted, Weighted Average - Grant Date Fair Value | $ / shares 17.08
Vested, Weighted Average Grant-Date Fair Value | $ / shares 19.41
Forfeited, Weighted Average Grant-Date Fair Value | $ / shares 21.02
Unvested balance June 30, 2026, Weighted Average Grant-Date Fair Value | $ / shares $ 19.7
v3.26.1
Stock-Based Compensation - Schedule of Unvested pRSUs Outstanding (Detail) - Performance and Service-Based RSUs [Member] - shares
Jun. 30, 2026
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Outstanding shares 903,791 968,201
Performance Conditions Met [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Outstanding shares 459,573 479,028
2027 Performance Conditions [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Outstanding shares 444,218 489,173
v3.26.1
Stock-Based Compensation - Summary of Stock-Based Compensation Expense of Statements of Operations and Comprehensive Income (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense $ 5,672 $ 6,560 $ 10,813 $ 11,980
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 33 39 63 48
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 2,864 2,957 5,261 5,433
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense 1,711 1,558 3,145 2,928
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense        
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]        
Stock-based compensation expense $ 1,064 $ 2,006 $ 2,344 $ 3,571
v3.26.1
Commitments and Contingencies -Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended
Jun. 30, 2025
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]    
Purchase commitment period 5 years  
Purchase commitment $ 18.5  
Remaining purchase commitment   $ 15.5
Purchase commitment next twelve months   $ 3.5
v3.26.1
Retirement Plan - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Retirement Benefits [Abstract]        
Contribution to defined contribution savings plan $ 0.4 $ 0.4 $ 0.8 $ 0.9
v3.26.1
Related Party Transactions - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Aug. 11, 2025
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Related Party Transaction [Line Items]              
Payment to related party   $ 15,300   $ 7,200 $ 23,500 $ 11,800  
Due to affiliate   70,288     $ 70,288   $ 76,851
Locking period on sale and transfer of shares under repurchase agreement         180 days    
Related Party              
Related Party Transaction [Line Items]              
Expense from transactions with related party   12,000   $ 11,400 $ 24,800 $ 18,600  
Due to affiliate   $ 5,000     $ 5,000   $ 3,700
Common Class A [Member]              
Related Party Transaction [Line Items]              
Repurchase of shares 900,000 578,322 1,068,016        
Shares repurchased, price per share $ 23.33 $ 15.82 $ 18.59   $ 15.82    
Aggregate purchase price $ 21,000 $ 9,100 $ 19,900        
Purchase price discount (as a percent) 1.80%            
v3.26.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 5,324 $ 363 $ 11,015 $ 1,047
v3.26.1
Net Income per Share - Summary Reconciliation of Numerators and Denominators of Basic and Dilutive Net Income (Detail) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Numerator:            
Net income $ 19,186 $ 18,673 $ 14,701 $ 7,990 $ 37,859 $ 22,691
Denominator:            
Weighted average basic common shares outstanding (in shares) 35,178   36,327   35,560 36,104
Effect of dilutive securities:            
Weighted average diluted common shares outstanding 36,159   38,014   36,548 37,841
Employee Stock Option            
Effect of dilutive securities:            
Effect of dilutive securities (in shares) 375   636   403 670
Restricted Stock Units (RSUs) [Member]            
Effect of dilutive securities:            
Effect of dilutive securities (in shares) 606   1,051   585 1,067
v3.26.1
Net Income per Share - Summary of Potential Common Shares Excluded From Computation of Diluted Net Income Per Share (Detail) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 226 14 240 15
Options to Purchase Common Stock [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 0 3 0 3
Restricted Stock Units (RSUs) [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 226 11 240 12
v3.26.1
Net Income per Share - Additional Information (Detail) - shares
Jun. 30, 2026
Jun. 30, 2025
Performance and Service-Based RSUs [Member] | Performance Conditions Not Achieved [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Outstanding shares 444,218 922,016
v3.26.1
Segments and Geographical Information - Summary of Significant Segment Expenses (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting [Abstract]            
Revenue $ 195,086   $ 156,629   $ 385,938 $ 323,261
Less:            
Advertising expense 138,189   111,109   273,143 230,881
Cash operating expense 26,794   23,564   53,363 47,917
Other segment items, net 10,917   7,255   21,573 21,772
Net income $ 19,186 $ 18,673 $ 14,701 $ 7,990 $ 37,859 $ 22,691
v3.26.1
Segments and Geographical Information - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2026
Segment
Segment Reporting [Abstract]  
Number of operating segment 1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM assesses performance and allocates resources based on the Company’s consolidated statements of operations and comprehensive income 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.
Segment Reporting, Expense Information Used by CODM, Description 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.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] srt:ChiefExecutiveOfficerMember
Segment Reporting, Expense Information Used by CODM, Type [Extensible Enumeration] Net Income (Loss)