Business
EverCommerce Announces Third Quarter 2023 Financial Results
DENVER, Nov. 06, 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, Nov. 06, 2023 (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, 2023. Third Quarter 2023 Financial Highlights Revenue of $174.7 million, an increase of 10.5% compared to $158.1 million for the quarter ended September 30, 2022.Subscription and transaction fee Revenue of $132.6 million, an increase of 10.5% compared to $120.1 million for the quarter ended September 30, 2022.Net loss was $0.6 million, or $(0.00) per basic and diluted share, for the quarter ended September 30, 2023, compared to net loss of $15.9 million, or $(0.08) per basic and diluted share, for the quarter ended September 30, 2022.Adjusted EBITDA was $41.8 million for the quarter ended September 30, 2023, compared to $30.2 million for the quarter ended September 30, 2022. “EverCommerce continues to advance its goal of being the leading provider of vertical software for service SMBs,” said Eric Remer, EverCommerce’s Founder and CEO. “Despite modest macroeconomic pressures in the more transactional aspects of our business, we delivered revenue growth that was within our target range and Adjusted EBITDA that exceeded the top end of guidance. Third quarter Adjusted EBITDA grew 38.6% year-over-year, representing 485 basis points of margin expansion.” 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 160,000 shares of common stock for approximately $1.6 million during the three months ended September 30, 2023. As of September 30, 2023, $16.0 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 transactions off ...