Business
EverCommerce Announces Second Quarter 2024 Financial Results
DENVER, Aug. 06, 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, Aug. 06, 2024 (GLOBE NEWSWIRE) -- EverCommerce Inc. (\"EverCommerce\" or the \"Company\") (NASDAQ: EVCM), a leading service commerce platform, today announced financial results for the quarter ended June 30, 2024. Second Quarter 2024 Financial Highlights Revenue of $177.4 million, an increase of 4.3% compared to $170.1 million for the quarter ended June 30, 2023. Reported revenue includes $2.7 million from the international fitness assets, which were fully divested on July 1, 2024.Subscription and transaction fee revenue of $137.0 million, an increase of 5.2% compared to $130.3 million for the quarter ended June 30, 2023.Net loss was $3.4 million, or $(0.02) per basic and diluted share, for the quarter ended June 30, 2024, compared to net loss of $0.9 million, or $(0.00) per basic and diluted share, for the quarter ended June 30, 2023.Adjusted EBITDA was $41.2 million for the quarter ended June 30, 2024, compared to $38.8 million for the quarter ended June 30, 2023. “EverCommerce reported revenue that exceeded the top end of our guidance range and Adjusted EBITDA that exceeded the midpoint of our guidance range, underscoring strong results in the quarter,” said Eric Remer, EverCommerce’s Founder and CEO. “2024 remains a transition year, in which we will continue to balance growth with profitability while investing in our transformation initiatives to benefit 2025 and beyond.” 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 May 21, 2024, our Board of Directors approved a $50.0 million increase in the previously announced stock repurchase authorization and extended the authorization through December 31, 2025. The total authorization since the repurchase program began allows for the purchase up to $200.0 million in shares of the Company’s common stock. The Company repurchased and retired 2.5 million shares of common stock for approximately $24.1 million during the three months ended June 30, 2024. As of June 30, 2024, $54.0 million remained 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 transac...