Business
EverCommerce Announces Third Quarter 2022 Financial Results
DENVER, Nov. 10, 2022 (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, Nov. 10, 2022 (GLOBE NEWSWIRE) -- EverCommerce Inc. (\"EverCommerce\" or the \"Company\") (NASDAQ: EVCM), a leading service commerce platform, today announced financial results for the quarter ended September 30, 2022. Third Quarter 2022 Financial Highlights Revenue of $158.1 million, an increase of 23.0% compared to $128.5 million for the quarter ended September 30, 2021.YoY Pro forma revenue growth rate of approximately 13% for the quarter ended September 30, 2022.Net loss was $15.9 million, or ($0.08) per basic and diluted share, for the quarter ended September 30, 2022. This compares to a net loss of $36.9 million, or ($0.20) per basic and diluted share, for the quarter ended September 30, 2021.Adjusted EBITDA was $30.2 million, an increase of 3.8% compared to $29.0 million for the quarter ended September 30, 2021.Increased share repurchase authorization by $50.0 million to $100.0 million and extended program through December 31, 2023. “EverCommerce remains on pace to deliver mid double-digit growth combined with solid profitability for the full year despite increased macroeconomic headwinds, particularly affecting our marketing services solutions, that resulted in us falling short of our expectations for the third quarter,” said Eric Remer, EverCommerce’s Founder and CEO. “As we look ahead to the fourth quarter, we expect our core SaaS and payments businesses to continue to perform well despite these persistent pressures in isolated pockets of our business. We continue to believe that the massive opportunity to drive the digitization of the service economy will fuel our growth for many years to come.” 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, 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 1,801,062 shares of common stock for $19.2 million during the three months ended September 30, 2022. Repurchases under the p...