Business
EverCommerce Announces Financial Results for Second Quarter Fiscal Year 2021
DENVER, Aug. 09, 2021 (GLOBE NEWSWIRE) -- EverCommerce, Inc. (NASDAQ: EVCM), a leading service commerce platform, today announced financial results for the
About this update from Evercommerce Inc.
[{"type":"text","content":"DENVER, Aug. 09, 2021 (GLOBE NEWSWIRE) -- EverCommerce, Inc. (NASDAQ: EVCM), a leading service commerce platform, today announced financial results for the second quarter ended June 30, 2021. “EverCommerce’s second quarter results were highlighted by 53% revenue growth and adjusted EBITDA margins that exceeded 20%. We continue to see improvement in the underlying trends across our solutions,\" said Eric Remer, EverCommerce’s Founder and CEO. Remer continued, “EverCommerce is revolutionizing the service SMB market with vertically-tailored software solutions in the Home Services, Health Services and Fitness and Wellness sectors that increase our customers' revenue, enhance their efficiency, and improve their customers' user experience. This is a massive and underpenetrated market that is at the early stages of digitizing its workflows. We believe the success of our recent IPO will enable us to fully capitalize on our market opportunity and scale to a much larger, more profitable company that generates significant value for our customers and shareholders.\" Second Quarter 2021 Financial Highlights Revenue for the second quarter of 2021 was $121.1 million, an increase of 53% compared to $79.3 million for the second quarter of 2020.Pro forma revenue growth rate was 31% in Q2 2021 and 21% year-to-date.Net loss was $24.3 million, or ($0.56) per diluted share, for the second quarter of 2021. This compares to a net loss of $13.7 million, or ($0.65) per diluted share, for the second quarter of 2020.Adjusted EBITDA was $27.6 million for the second quarter of 2021, compared to Adjusted EBITDA of $19.4 million for the second quarter of 2020.Cash flow provided by operations was $3.8 million for the six months ended June 30, 2021 compared to cash flow provided by operations of $9.7 million for the six months ended June 30, 2020.Cash, cash equivalents and restricted cash was $202.6 million as of June 30, 2021 compared to $98.3 million at December 31, 2020. Total debt was $766.2 million at June 30, 2021, implying net leverage of 4.3x using Credit Agreement Defined Adjusted EBITDA. As adjusted to reflect the proceeds from our IPO, our private placement in July, the refinancing of our existing credit facility in connection with the IPO, exercise of the underwriter's over-allotment option and subsequent partial pay down of our revolver, cash, cash ...