EverCommerce Announces Second Quarter 2024 Financial Results
EverCommerce (NASDAQ: EVCM) reported strong Q2 2024 financial results, with revenue of $177.4 million, up 4.3% year-over-year. Subscription and transaction fee revenue increased 5.2% to $137.0 million. The company posted a net loss of $3.4 million, or $(0.02) per share. Adjusted EBITDA rose to $41.2 million.
EverCommerce repurchased 2.5 million shares for $24.1 million during Q2, with $54.0 million remaining in the repurchase program. The company provided guidance for Q3 2024, expecting revenue between $172-$176 million and Adjusted EBITDA of $39-$42 million. For full-year 2024, revenue is projected at $676-$696 million with Adjusted EBITDA of $167-$176 million.
EverCommerce (NASDAQ: EVCM) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un fatturato di 177,4 milioni di dollari, in crescita del 4,3% rispetto all'anno precedente. I ricavi da abbonamenti e commissioni di transazione sono aumentati del 5,2% raggiungendo 137,0 milioni di dollari. L'azienda ha registrato una perdita netta di 3,4 milioni di dollari, pari a $(0,02) per azione. L'EBITDA rettificato è salito a 41,2 milioni di dollari.
EverCommerce ha riacquistato 2,5 milioni di azioni per 24,1 milioni di dollari durante il secondo trimestre, con 54,0 milioni di dollari rimanenti nel programma di riacquisto. L'azienda ha fornito indicazioni per il terzo trimestre del 2024, prevedendo ricavi compresi tra 172-176 milioni di dollari e un EBITDA rettificato di 39-42 milioni di dollari. Per l'intero anno 2024, il fatturato è previsto tra 676-696 milioni di dollari con un EBITDA rettificato di 167-176 milioni di dollari.
EverCommerce (NASDAQ: EVCM) informó sobre sólidos resultados financieros para el segundo trimestre de 2024, con ingresos de 177,4 millones de dólares, un aumento del 4,3% interanual. Los ingresos por suscripción y comisiones de transacción crecieron un 5,2% alcanzando 137,0 millones de dólares. La compañía registró una pérdida neta de 3,4 millones de dólares, o $(0,02) por acción. El EBITDA ajustado aumentó a 41,2 millones de dólares.
EverCommerce recompró 2,5 millones de acciones por 24,1 millones de dólares durante el segundo trimestre, con 54,0 millones de dólares restantes en el programa de recompra. La compañía proporcionó proyecciones para el tercer trimestre de 2024, esperando ingresos entre 172-176 millones de dólares y un EBITDA ajustado de 39-42 millones de dólares. Para el año completo 2024, se proyectan ingresos entre 676-696 millones de dólares con un EBITDA ajustado de 167-176 millones de dólares.
EverCommerce (NASDAQ: EVCM)는 2024년 2분기 강력한 재무 결과를 보고하며, 수익은 1억 7,740만 달러로 지난해 대비 4.3% 증가했다고 발표했습니다. 구독 및 거래 수수료 수익은 5.2% 증가하여 1억 3,700만 달러에 달했습니다. 이 회사는 340만 달러의 순손실을 기록했으며, 주당 $(0.02) 손실이 발생했습니다. 조정 EBITDA는 4,120만 달러로 증가했습니다.
EverCommerce는 2분기에 2.5백만 주를 2,410만 달러에 재구매했으며, 재구매 프로그램에는 5,400만 달러가 남아 있습니다. 이 회사는 2024년 3분기에는 1억 7,200만 달러에서 1억 7,600만 달러 사이의 수익과 3,900만 달러에서 4,200만 달러 사이의 조정 EBITDA를 예상하고 있습니다. 2024년 전체 수익은 6억 7,600만 달러에서 6억 9,600만 달러 사이로 예상되며, 조정 EBITDA는 1억 6,700만 달러에서 1억 7,600만 달러 사이일 것으로 보입니다.
EverCommerce (NASDAQ: EVCM) a annoncé des résultats financiers solides pour le deuxième trimestre 2024, avec un chiffre d'affaires de 177,4 millions de dollars, en hausse de 4,3 % par rapport à l'année précédente. Les revenus des abonnements et des frais de transaction ont augmenté de 5,2 %, atteignant 137,0 millions de dollars. L'entreprise a enregistré une perte nette de 3,4 millions de dollars, soit $(0,02) par action. L'EBITDA ajusté a augmenté à 41,2 millions de dollars.
EverCommerce a racheté 2,5 millions d'actions pour 24,1 millions de dollars au cours du deuxième trimestre, avec 54,0 millions de dollars restants dans le programme de rachat. L'entreprise a donné des prévisions pour le troisième trimestre 2024, s'attendant à des revenus entre 172-176 millions de dollars et un EBITDA ajusté de 39-42 millions de dollars. Pour l'année entière 2024, les revenus sont projetés entre 676-696 millions de dollars avec un EBITDA ajusté de 167-176 millions de dollars.
EverCommerce (NASDAQ: EVCM) berichtete über starke Finanzzahlen für das zweite Quartal 2024, mit Einnahmen von 177,4 Millionen US-Dollar, was einem Anstieg von 4,3% im Vergleich zum Vorjahr entspricht. Die Einnahmen aus Abonnements und Transaktionsgebühren stiegen um 5,2% auf 137,0 Millionen US-Dollar. Das Unternehmen verzeichnete einen Nettoverlust von 3,4 Millionen US-Dollar, oder $(0,02) pro Aktie. Das bereinigte EBITDA stieg auf 41,2 Millionen US-Dollar.
EverCommerce hat im zweiten Quartal 2,5 Millionen Aktien für 24,1 Millionen US-Dollar zurückgekauft, wobei noch 54,0 Millionen US-Dollar im Rückkaufprogramm verbleiben. Das Unternehmen gab eine Prognose für das dritte Quartal 2024 ab und erwartet Einnahmen zwischen 172-176 Millionen US-Dollar und ein bereinigtes EBITDA von 39-42 Millionen US-Dollar. Für das gesamte Jahr 2024 wird mit Einnahmen zwischen 676-696 Millionen US-Dollar und einem bereinigten EBITDA zwischen 167-176 Millionen US-Dollar gerechnet.
- Revenue increased 4.3% year-over-year to $177.4 million, exceeding guidance
- Subscription and transaction fee revenue grew 5.2% to $137.0 million
- Adjusted EBITDA improved to $41.2 million from $38.8 million in Q2 2023
- Share repurchase program increased by $50.0 million and extended through December 2025
- Full-year 2024 guidance projects revenue growth to $676-$696 million
- Net loss widened to $3.4 million compared to $0.9 million in Q2 2023
- Earnings per share decreased to $(0.02) from $(0.00) in the same quarter last year
- International fitness assets, contributing $2.7 million in revenue, were divested on July 1, 2024
Insights
EverCommerce's Q2 2024 results show modest growth but with some concerning trends. Revenue increased
The company's focus on balancing growth and profitability is evident, but the widening net loss is a red flag. The divestment of international fitness assets and ongoing share repurchases indicate strategic repositioning. With
The full-year guidance of
EverCommerce's Q2 results reflect the broader trends in the service commerce platform sector. The
The company's strategic moves, including divesting international fitness assets and increasing share repurchases, point to a focus on core operations and shareholder value. This aligns with industry trends of consolidation and streamlining in tech platforms. The extended repurchase authorization through 2025 signals long-term confidence from management.
Investors should monitor EverCommerce's ability to innovate and differentiate in a crowded market, as well as its progress in improving profitability while maintaining growth. The company's performance in the coming quarters will be important in determining its position in the evolving service commerce landscape.
DENVER, Aug. 06, 2024 (GLOBE NEWSWIRE) -- EverCommerce Inc. ("EverCommerce" or the "Company") (NASDAQ: EVCM), a leading service commerce platform, today announced financial results for the quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights
- Revenue of
$177.4 million , an increase of4.3% compared to$170.1 million for the quarter ended June 30, 2023. Reported revenue includes$2.7 million from the international fitness assets, which were fully divested on July 1, 2024. - Subscription and transaction fee revenue of
$137.0 million , an increase of5.2% compared to$130.3 million for the quarter ended June 30, 2023. - Net loss was
$3.4 million , or$(0.02) per basic and diluted share, for the quarter ended June 30, 2024, compared to net loss of$0.9 million , or$(0.00) per basic and diluted share, for the quarter ended June 30, 2023. - Adjusted EBITDA was
$41.2 million for the quarter ended June 30, 2024, compared to$38.8 million for the quarter ended June 30, 2023.
“EverCommerce reported revenue that exceeded the top end of our guidance range and Adjusted EBITDA that exceeded the midpoint of our guidance range, underscoring strong results in the quarter,” said Eric Remer, EverCommerce’s Founder and CEO. “2024 remains a transition year, in which we will continue to balance growth with profitability while investing in our transformation initiatives to benefit 2025 and beyond.”
A reconciliation of GAAP to Non-GAAP measures has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Share Repurchases
On May 21, 2024, our Board of Directors approved a
The Company repurchased and retired 2.5 million shares of common stock for approximately
Repurchases under the program may be made from time to time in the open market at prevailing market prices or in negotiated transactions off the market. Open market repurchases will be structured to occur within the pricing and volume requirements of Rule 10b-18. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate the Company to acquire any particular amount of common stock and the program may be extended, modified, suspended or discontinued at any time at the Company’s discretion. The Company expects to fund repurchases with cash on hand.
Business Outlook
Based on information as of today, August 6, 2024, the Company is issuing the following financial guidance for the third quarter and full year 2024. Note that the revenue guidance excludes now-divested fitness assets.
Third Quarter 2024:
- Revenue is expected to be in the range of
$172 million to$176 million . - Adjusted EBITDA is expected to be in the range of
$39 million to$42 million .
Full Year 2024:
- Revenue is expected to be in the range of
$676 million to$696 million . - Adjusted EBITDA is expected to be in the range of
$167 million to$176 million .
A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to certain charges excluded from this non-GAAP measure; in particular, the measures and efforts of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. It is important to note that these charges could be material to EverCommerce's results computed in accordance with GAAP.
Conference Call Information
EverCommerce’s management team will hold a conference call to discuss our second quarter 2024 results and outlook today, August 6, 2024, at 5:00 p.m. ET. Please visit the "Investor Relations" page of the Company's website (https://investors.evercomerce.com) for both telephonic and webcast access to this call as well as a copy of the presentation materials used on the call. An archive replay will be available following the conclusion of the call.
Investor Contact
Brad Korch
SVP and Head of Investor Relations
720-796-7664
IR@evercommerce.com
Media Contact
Jeanne Trogan
VP of Communications
737-465-2897
Press@evercommerce.com
About EverCommerce
EverCommerce (Nasdaq: EVCM) is a leading service commerce platform, providing vertically-tailored, integrated SaaS solutions that help more than 690,000 global service-based businesses accelerate growth, streamline operations, and increase retention. Its modern digital and mobile applications create predictable, informed, and convenient experiences between customers and their service professionals. With its EverPro, EverHealth, and EverWell brands specializing in Home, Health, and Wellness service industries, EverCommerce provides end-to-end business management software, embedded payment acceptance, marketing technology, and customer experience applications. Learn more at EverCommerce.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding our future operations and financial results, our focus on execution and transformation and optimization initiatives, our market opportunity, our potential for growth and our strategy. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, our limited operating history and evolving business; our recent growth rates may not be sustainable or indicative of future growth; we have experienced net losses in the past and we may not achieve profitability in the future; we may continue to experience significant quarterly and annual fluctuations in our operating results due to a number of factors, which makes our future operating results difficult to predict; in order to support the growth of our business and our acquisition strategy, we may need to incur additional indebtedness or seek capital through new equity or debt financings; we may not be able to continue to expand our share of our existing vertical markets or expand into new vertical markets; we face intense competition in each of the industries in which we operate; the industries in which we operate are rapidly evolving and the market for technology-enabled services that empower SMBs is relatively immature and unproven; we are subject to economic and political risk, the business cycles of our clients and changes in the overall level of consumer and commercial spending, which could negatively impact our business, financial condition and results of operations; we are dependent on payment card networks, such as Visa and MasterCard, and payment processors, such as Worldpay and PayPal, and if we fail to comply with the applicable requirements of our payment networks or our payment processors, they can seek to fine us, suspend us or terminate our agreements and/or terminate our registrations through our bank sponsors; the inability to keep pace with rapid developments and changes in the electronic payments market or are unable to introduce, develop and market new and enhanced versions of our software solutions; real or perceived errors, failures or bugs in our solutions; unauthorized disclosure, destruction or modification of data, disruption of our software or services or cyber breaches; our estimated total addressable market is subject to inherent challenges and uncertainties; failure to effectively develop and expand our sales and marketing capabilities; our information technology systems and our third-party providers’ information technology systems, including Worldpay, PayPal and other payment processing partners, may fail or our third-party providers may discontinue providing their services or technology generally or to us specifically; our ability to improve our margin, in particular within Marketing Technology Solutions; the impact of a future pandemic, epidemic or outbreak of an infectious disease on our business, financial condition and results of operations, as well as the business or operations of third parties with whom we conduct business; our success in achieving our objectives through acquisitions, divestitures or other strategic transactions; our revenues and profits generated through acquisitions may be less than anticipated, and we may fail to uncover all liabilities of acquisition targets; risks related to the increasing focus on environmental sustainability and social initiatives; our ability to adequately protect or enforce our intellectual property and other proprietary rights; risk of patent, trademark and other intellectual property infringement claims; risks related to governmental regulation and other legal obligations, particularly related to privacy, data protection and information security, and our actual or perceived failure to comply with such obligations; risks related to our sponsor stockholders agreement and qualifying as a “controlled company” under the rules of The Nasdaq Stock Market; as well as the other factors described in our Annual Report on Form 10-K for the year ended December 31, 2023 and updated by our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Non-GAAP Financial Measures
EverCommerce has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). EverCommerce uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing EverCommerce’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with EverCommerce’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of EverCommerce’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
Adjusted Gross Profit. Adjusted Gross Profit is a key performance measure that our management uses to assess our operational performance, as it represents the results of revenues and direct costs, which are key components of our operations. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it reflects the gross profitability of our operations, and excludes the indirect costs associated with our sales and marketing, product development, general and administrative activities, and depreciation and amortization, and the impact of our financing methods and income taxes.
Gross profit is calculated as total revenue less cost of revenue (exclusive of depreciation and amortization), amortization of developed technology, amortization of capitalized software and depreciation expense (allocated to cost of revenues). We calculate Adjusted Gross Profit as gross profit adjusted to exclude depreciation and amortization allocated to cost of revenues. Adjusted Gross Profit should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other GAAP measures of income (loss) or profitability.
Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA and Adjusted EBITDA margin are key performance measures that our management uses to assess our financial performance and are also used for internal planning and forecasting purposes. We believe that these non-GAAP financial measures are useful to investors and other interested parties in analyzing our financial performance because it provides a comparable overview of our operations across historical periods. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of net income (loss) to Adjusted EBITDA, helps investors make comparisons between our company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation.
Adjusted EBITDA and Adjusted EBITDA margin are used by our management team as additional measures of our performance for purposes of business decision-making, including managing expenditures, and evaluating potential acquisitions. Period-to-period comparisons of Adjusted EBITDA and Adjusted EBITDA margin help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of net income (loss) or income (loss) from continuing operations. In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees. Our Management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies.
We calculate Adjusted EBITDA as net loss adjusted to exclude interest and other expense, net, income tax expense (benefit), depreciation and amortization, other amortization, stock-based compensation and transaction-related and other non-recurring costs. Other amortization includes amortization for capitalized contract acquisition costs. Transaction-related costs are specific deal-related costs such as legal fees, financial and tax due diligence, consulting and escrow fees. Other non-recurring costs are expenses such as impairment charges, (gains) losses from divestitures and assets held for sale, system implementation costs, severance expense related to planned restructuring activities, and costs associated with integration and transformation improvements. Transaction-related and other non-recurring costs are excluded as they are not representative of our underlying operating performance. Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other GAAP measures of income (loss).
| EverCommerce Inc. Condensed Consolidated Balance Sheets (in thousands, except per share and share amounts) (unaudited) | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 86,697 | $ | 92,609 | |||
| Restricted cash | — | 3,570 | |||||
| Accounts receivable, net of allowance for expected credit losses of | 52,607 | 45,417 | |||||
| Contract assets | 16,351 | 16,117 | |||||
| Assets held for sale | 13,236 | — | |||||
| Prepaid expenses and other current assets | 26,846 | 22,434 | |||||
| Total current assets | 195,737 | 180,147 | |||||
| Property and equipment, net | 7,846 | 9,734 | |||||
| Capitalized software, net | 40,631 | 42,511 | |||||
| Other non-current assets | 40,282 | 42,722 | |||||
| Intangible assets, net | 263,927 | 315,519 | |||||
| Goodwill | 918,653 | 927,431 | |||||
| Total assets | 1,467,076 | 1,518,064 | |||||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 11,075 | $ | 8,638 | |||
| Accrued expenses and other | 55,902 | 66,265 | |||||
| Deferred revenue | 26,870 | 24,082 | |||||
| Customer deposits | 11,863 | 12,891 | |||||
| Current maturities of long-term debt | 5,500 | 5,500 | |||||
| Liabilities held for sale | 5,532 | — | |||||
| Total current liabilities | 116,742 | 117,376 | |||||
| Long-term debt, net of current maturities and deferred financing costs | 524,565 | 526,696 | |||||
| Other non-current liabilities | 41,677 | 47,956 | |||||
| Total liabilities | 682,984 | 692,028 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 2 | 2 | |||||
| Accumulated other comprehensive loss | (10,610 | ) | (8,017 | ) | |||
| Additional paid-in capital | 1,434,375 | 1,454,026 | |||||
| Accumulated deficit | (639,675 | ) | (619,975 | ) | |||
| Total stockholders’ equity | 784,092 | 826,036 | |||||
| Total liabilities and stockholders’ equity | $ | 1,467,076 | $ | 1,518,064 | |||
| EverCommerce Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except per share and share amounts) (unaudited) | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues: | |||||||||||||||
| Subscription and transaction fees | $ | 137,041 | $ | 130,305 | $ | 271,765 | $ | 254,125 | |||||||
| Marketing technology solutions | 35,007 | 34,455 | 65,299 | 66,243 | |||||||||||
| Other | 5,345 | 5,292 | 10,442 | 10,820 | |||||||||||
| Total revenues | 177,393 | 170,052 | 347,506 | 331,188 | |||||||||||
| Operating expenses: | |||||||||||||||
| Cost of revenues (exclusive of depreciation and amortization presented separately below) | 61,347 | 58,185 | 118,140 | 114,131 | |||||||||||
| Sales and marketing | 30,952 | 30,675 | 60,720 | 61,574 | |||||||||||
| Product development | 20,164 | 18,331 | 40,364 | 37,034 | |||||||||||
| General and administrative | 35,654 | 35,089 | 69,444 | 68,952 | |||||||||||
| Depreciation and amortization | 21,938 | 25,990 | 44,889 | 51,940 | |||||||||||
| Loss on held for sale and impairments | 459 | — | 11,680 | 1,063 | |||||||||||
| Total operating expenses | 170,514 | 168,270 | 345,237 | 334,694 | |||||||||||
| Operating income (loss) | 6,879 | 1,782 | 2,269 | (3,506 | ) | ||||||||||
| Interest and other expense, net | (9,552 | ) | (4,761 | ) | (15,343 | ) | (19,949 | ) | |||||||
| Net loss before income tax (expense) benefit | (2,673 | ) | (2,979 | ) | (13,074 | ) | (23,455 | ) | |||||||
| Income tax (expense) benefit | (703 | ) | 2,083 | (6,626 | ) | 1,784 | |||||||||
| Net loss | (3,376 | ) | (896 | ) | (19,700 | ) | (21,671 | ) | |||||||
| Other comprehensive loss: | |||||||||||||||
| Foreign currency translation gain (loss), net | 942 | (682 | ) | (2,593 | ) | (781 | ) | ||||||||
| Comprehensive loss | $ | (2,434 | ) | $ | (1,578 | ) | $ | (22,293 | ) | $ | (22,452 | ) | |||
| Basic and diluted net loss per share attributable to common stockholders | $ | (0.02 | ) | $ | — | $ | (0.11 | ) | $ | (0.11 | ) | ||||
| Basic and diluted weighted-average shares of common stock outstanding used in computing net loss per share | 185,182,906 | 188,277,209 | 185,907,621 | 189,157,212 | |||||||||||
| EverCommerce Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) | |||||||
| Six months ended June 30, | |||||||
| 2024 | 2023 | ||||||
| Cash flows provided by operating activities: | |||||||
| Net loss | $ | (19,700 | ) | $ | (21,671 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 44,889 | 51,940 | |||||
| Stock-based compensation expense | 12,030 | 13,755 | |||||
| Deferred taxes | 5,609 | (2,119 | ) | ||||
| Amortization of deferred financing costs and non-cash interest | 818 | 827 | |||||
| Loss on held for sale and impairments | 11,690 | 1,063 | |||||
| Bad debt expense | 2,283 | 3,830 | |||||
| Other non-cash items | (5,154 | ) | (1,442 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable, net | (10,040 | ) | (7,344 | ) | |||
| Prepaid expenses and other current assets | (2,731 | ) | (4,492 | ) | |||
| Other non-current assets | (46 | ) | 2,681 | ||||
| Accounts payable | 2,721 | 2,591 | |||||
| Accrued expenses and other | (7,360 | ) | 1,868 | ||||
| Deferred revenue | 3,372 | 1,978 | |||||
| Other non-current liabilities | (1,165 | ) | (2,319 | ) | |||
| Net cash provided by operating activities | 37,216 | 41,146 | |||||
| Cash flows used in investing activities: | |||||||
| Purchases of property and equipment | (1,036 | ) | (1,201 | ) | |||
| Capitalization of software costs | (8,718 | ) | (9,485 | ) | |||
| Proceeds from disposition of fitness solutions, net of transaction costs, cash and restricted cash | 1,228 | — | |||||
| Net cash used in investing activities | (8,526 | ) | (10,686 | ) | |||
| Cash flows used in financing activities: | |||||||
| Payments on long-term debt | (2,750 | ) | (2,750 | ) | |||
| Exercise of stock options | 2,839 | 909 | |||||
| Proceeds from common stock issuance for Employee Stock Purchase Plan | 1,755 | 1,765 | |||||
| Repurchase and retirement of common stock | (36,034 | ) | (39,693 | ) | |||
| Net cash used in financing activities | (34,190 | ) | (39,769 | ) | |||
| Effect of foreign currency exchange rate changes on cash | (638 | ) | 327 | ||||
| Net decrease in cash, cash equivalents and restricted cash, including cash and restricted cash classified as held for sale | (6,138 | ) | (8,982 | ) | |||
| Cash, cash equivalents and restricted cash, including cash and restricted cash classified as held for sale: | |||||||
| Beginning of period | 96,179 | 95,824 | |||||
| End of period | $ | 90,041 | $ | 86,842 | |||
| Supplemental disclosures of cash flow information: | |||||||
| Cash paid for interest | $ | 23,048 | $ | 22,166 | |||
| Cash paid for income taxes | $ | 3,199 | $ | 1,871 | |||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (in thousands) | |||||||||||||||
| Reconciliation from Gross Profit to Adjusted Gross Profit: | |||||||||||||||
| Gross profit | $ | 110,490 | $ | 105,772 | $ | 218,909 | $ | 205,053 | |||||||
| Depreciation and amortization | 5,556 | 6,095 | 10,457 | 12,004 | |||||||||||
| Adjusted gross profit | $ | 116,046 | $ | 111,867 | $ | 229,366 | $ | 217,057 | |||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (in thousands) | |||||||||||||||
| Reconciliation from Net loss to Adjusted EBITDA: | |||||||||||||||
| Net loss | $ | (3,376 | ) | $ | (896 | ) | $ | (19,700 | ) | $ | (21,671 | ) | |||
| Adjusted to exclude the following: | |||||||||||||||
| Interest and other expense, net | 9,552 | 4,761 | 15,343 | 19,949 | |||||||||||
| Income tax expense (benefit) | 703 | (2,083 | ) | 6,626 | (1,784 | ) | |||||||||
| Depreciation and amortization | 21,938 | 25,990 | 44,889 | 51,940 | |||||||||||
| Other amortization | 1,683 | 1,444 | 3,353 | 2,753 | |||||||||||
| Stock-based compensation expense | 6,454 | 6,241 | 12,030 | 13,755 | |||||||||||
| Transaction-related and other non-recurring costs | 4,261 | 3,341 | 19,564 | 5,795 | |||||||||||
| Adjusted EBITDA | $ | 41,215 | $ | 38,798 | $ | 82,105 | $ | 70,737 | |||||||
FAQ
What was EverCommerce's (EVCM) revenue for Q2 2024?
How much did EverCommerce (EVCM) spend on share repurchases in Q2 2024?
What is EverCommerce's (EVCM) revenue guidance for full-year 2024?
What was EverCommerce's (EVCM) Adjusted EBITDA for Q2 2024?
