Business
EverCommerce Announces Fourth Quarter and Full Year 2022 Financial Results
DENVER, March 15, 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, March 15, 2023 (GLOBE NEWSWIRE) -- EverCommerce Inc. (\"EverCommerce\" or the \"Company\") (NASDAQ: EVCM), a leading service commerce platform, today announced financial results for the quarter and year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights Revenue of $161.8 million, an increase of 19.3% compared to $135.6 million for the quarter ended December 31, 2021.YoY Pro forma revenue growth rate of approximately 14.2% for the quarter ended December 31, 2022.Net loss was $17.8 million, or ($0.09) per basic and diluted share, for the quarter ended December 31, 2022, compared to net loss of $4.7 million, or ($0.02) per basic and diluted share, for the quarter ended December 31, 2021.Adjusted EBITDA was $35.2 million for the quarter ended December 31, 2022, compared to $29.3 million for the quarter ended December 31, 2021. “EverCommerce reported full year revenue growth above prior guidance despite increased macroeconomic headwinds that affected our marketing services solutions in the second half of the year,” said Eric Remer, EverCommerce’s Founder and CEO. “True to our goal of balancing growth with profitability, we tightly managed costs in the fourth quarter to drive margin expansion and we exceeded our guidance range for Adjusted EBITDA. Looking ahead to 2023, we continue to be focused on providing leading systems of action software to service SMBs across multiple vertical markets, embedding payments and other valuable add-on solutions to help them streamline their operations and drive growth.” 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 November 7th, 2022, our Board of Directors approved a $50.0 million increase in the previously announced stock repurchase authorization and extended the authorization through December 31, 2023. The total authorization now allows for the purchase up to $100.0 million in shares of the Company’s common stock The Company repurchased and retired 2,854,858 shares of common stock for $21.1 million during the three months ended December 31, 2022. Repurchases under the program may be made from time to time in the open market at prevailing market prices or in ...