Business
EverCommerce Announces Financial Results for Third Quarter Fiscal Year 2021
DENVER, Nov. 08, 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, Nov. 08, 2021 (GLOBE NEWSWIRE) -- EverCommerce Inc. (NASDAQ: EVCM), a leading service commerce platform, today announced financial results for the third quarter ended September 30, 2021. “EverCommerce’s third quarter results were highlighted by 44% revenue growth and adjusted EBITDA margins that exceeded 20%. Our strong results are driven by the value we bring to our SMB services providers as they continue to digitize their businesses. Following our strong quarter, we also recently announced our acquisition of DrChrono, which expands our presence in the health services vertical with another robust system of action,\" said Eric Remer, EverCommerce’s Founder and CEO. Third Quarter 2021 Financial Highlights Revenue for the third quarter of 2021 was $128.5 million, an increase of 44% compared to $89.2 million for the third quarter of 2020.Pro forma revenue growth rate was 20% year-over-year in Q3 2021 and 21% year-over-year for the first nine months.Net loss was $36.9 million, or $(0.20) per diluted share, for the third quarter of 2021. This compares to a net loss of $5.4 million, or $(0.46) per diluted share, for the third quarter of 2020.Adjusted EBITDA was $29.0 million for the third quarter of 2021, compared to Adjusted EBITDA of $29.1 million for the third quarter of 2020.Cash flow provided by operations was $13.7 million for the nine months ended September 30, 2021 compared to cash flow provided by operations of $32.1 million for the nine months ended September 30, 2020.Cash, cash equivalents and restricted cash was $98.3 million as of September 30, 2021 compared to $98.3 million at December 31, 2020. Total debt was $385.1 million at September 30, 2021, implying net leverage of 2.2x using Credit Agreement Defined Adjusted EBITDA. 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.” Other Third Quarter and Recent Highlights Announced the acquisition of DrChrono, a leading provider of mobile-first, cloud-based electronic health record (EHR), practice management, medical billing, and revenue cycle management solutions. Based in Sunnyvale, California, DrChrono develops the essential platforms and services for modern medical practices...