Business
EverCommerce Announces First Quarter 2023 Financial Results
DENVER, May 09, 2023 (GLOBE NEWSWIRE) -- EverCommerce Inc. ("EverCommerce" or the "Company") (NASDAQ: EVCM), a leading service commerce platform, today
About this update from Evercommerce Inc.
[{"type":"text","content":"DENVER, May 09, 2023 (GLOBE NEWSWIRE) -- EverCommerce Inc. (\"EverCommerce\" or the \"Company\") (NASDAQ: EVCM), a leading service commerce platform, today announced financial results for the quarter ended March 31, 2023. First Quarter 2023 Financial Highlights Revenue of $161.1 million, an increase of 12.2% compared to $143.6 million for the quarter ended March 31, 2022.Net loss was $20.8 million, or ($0.11) per basic and diluted share, for the quarter ended March 31, 2023, compared to net loss of $13.3 million, or ($0.07) per basic and diluted share, for the quarter ended March 31, 2022.Adjusted EBITDA was $31.9 million for the quarter ended March 31, 2023, compared to $23.0 million for the quarter ended March 31, 2022. “EverCommerce reported strong financial metrics in the first quarter of 2023, with both Revenue and Adjusted EBITDA exceeding the top end of our guidance range,” said Eric Remer, EverCommerce’s Founder and CEO. “Revenue grew 12% year-over-year, with Software and Transaction Revenue growth of approximately 15%. This, combined with significant cost discipline, allowed us to deliver 39% year-over-year growth in Adjusted EBITDA and meaningful margin expansion as we continue to balance growth with profitability.” 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 The Company repurchased and retired 3,123,697 shares of common stock for $29.6 million during the three months ended March 31, 2023. As of March 31, 2023, $27.6 million remains available under the Repurchase Program. 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 w...