Business
EverCommerce Announces Fourth Quarter and Full Year 2023 Financial Results
DENVER, March 14, 2024 (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 14, 2024 (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, 2023. Fourth Quarter 2023 Financial Highlights Revenue of $169.4 million, an increase of 4.7% compared to $161.8 million for the quarter ended December 31, 2022.YoY Pro forma revenue growth rate of approximately 4.3% for the quarter ended December 31, 2023.Net loss was $23.3 million, or ($0.12) per basic and diluted share, for the quarter ended December 31, 2023, compared to net loss of $17.8 million, or ($0.09) per basic and diluted share, for the quarter ended December 31, 2022.Adjusted EBITDA was $43.1 million for the quarter ended December 31, 2023, compared to $35.2 million for the quarter ended December 31, 2022. “Despite experiencing some continuing headwinds to revenue growth in the fourth quarter, EverCommerce delivered Adjusted EBITDA results that were above the top end of guidance and represented 22% growth and 370 basis points of YoY margin expansion,” said Eric Remer, EverCommerce’s Founder and CEO. “Looking ahead, we are focused on driving balanced growth with profitability as well as delivering improved shareholder returns. The sale of our fitness assets announced yesterday is an initial step towards simplifying, transforming and optimizing our business.” 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 5, 2023, our Board of Directors approved a $50.0 million increase in the previously announced stock repurchase authorization and extended the authorization through December 31, 2024. The total authorization since the repurchase program began allows for the purchase up to $150.0 million in shares of the Company’s common stock. The Company repurchased and retired 2,692,747 shares of common stock for $26.0 million during the three months ended December 31, 2023. 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...