Slide 1: Earnings Call Presentation
Earnings Call Presentation Q3 2024 – November 12, 2024
Slide 2: Safe Harbor
SAFE HARBOR This presentation contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Se
Slide 3: Eric Remer, Chairman and Chief Executive Officer
Eric Remer Chairman and Chief Executive Officer 3
Slide 4: Q3 2024 Highlights
Q3 2024 Highlights Revenue of $176.3M beat the top end of the guidance range. Reported growth > of 0.9% YoY is affected by fitness sale; Pro Forma growth was 4.3% YoY. Adjusted EBITDA beat the top end of the guidance range; 25.3% margin > expanded 140 bps YoY. Payments Revenue excluding Fitness grew
Slide 5: 690,000+ Global Customers, $679.2M PF LTM Revenue, $12.4B TPV
$679.2M 690,000+ Global Customers PF LTM REVENUE 5.1% 2,000+ Global Employees PF LTM YoY REVENUE GROWTH 24.5% LTM ADJ. EBITDA MARGIN $12.4B EST. PF ANNUALIZED TPV Simplifying and empowering the lives of business owners whose services support us every day 5 Note: Revenue and Revenue growth excludes t
Slide 6: Transformation Update
Transformation Update Transformation and Optimization Objective: • Optimize long-term growth & profitability, including margin expansion • Decision making closer to customer needs • Invest in key go-to-market opportunities • Identify and execute against discrete cost savings initiatives funding thes
Slide 7: Consistent Growth in Key Cross-Sell Metric
Consistent Growth in Key Cross-Sell Metric Customers Enabled / Utilizing More Than One Solution (000s)1 +25% 212 170 212k total customers enabled more than one solution, representing 25% YoY growth 88k customers actively utilize more than one solution 78 88 3Q23 3Q24 Utilizing Enabled 1 Amounts are
Slide 8: 6.7% YoY Growth in Payments Revenue
6.7% YoY Growth in Payments Revenue1 Total Payments Volume (TPV, $B)1 +8.4% 12.4 8.4% YoY Q3 TPV growth drove growth in Payment Revenue Growth of embedded payments continues to be a key lever to drive customer expansion 11.4 3Q23 3Q24 1 Payments Revenue growth and TPV exclude the fitness solutions a
Slide 9: Ryan Siurek, Chief Financial Officer
Ryan Siurek Chief Financial Officer
Slide 10: Growth led by core SaaS and payments
Growth led by core SaaS and payments GAAP Reported Revenue ($M) $174.7 $177.4 $176.3 $169.4 $170.1 $176.3M in reported revenue, 0.9% reported 3Q24 YoY Revenue growth 4.3% Pro Forma 3Q24 YoY Revenue growth1,2 8.3% Pro Forma YoY growth in Subscription and Transaction Revenue1,2 3Q23 4Q23 1Q24 2Q24 3Q2
Slide 11: 140 bps YoY Adjusted EBITDA margin expansion
140 bps YoY Adjusted EBITDA margin expansion Adjusted EBITDA ($M) $43.1 $44.5 $41.8 $40.9 $41.2 67.3% 66.6% 66.4% 64.8% 65.4% 3Q24 Adjusted EBITDA margin expansion driven by revenue mix shift and active cost management 23.9% 25.4% 24.0% 23.2% 25.3% 6.5% YoY growth in Adjusted EBITDA 3Q23 4Q23 1Q24 2
Slide 12: Continued healthy FCF trends
Continued healthy FCF trends Levered Free Cash Flow1 Adjusted Unlevered Free Cash Flow1 (LFCF, $M) (aUFCF, $M) $35.5 $31.3 $29.8 $29.8 $29.8 $30.0 $23.0 $21.3 $19.0 $8.5 3Q23 4Q23 1Q24 2Q24 3Q24 3Q23 4Q23 1Q24 2Q24 3Q24 3Q24 LFCF of $23.0M, 8.2% YoY 3Q24 aUFCF of $35.5M, 13.2% YoY growth $80.3M LTM
Slide 13: FCF growth has enabled both de-leveraging and share repurchases
FCF growth has enabled both de-leveraging and share repurchases Repurchased 1.4M shares for $14.6M during the third ($mm) Q3 2024 quarter BALANCE SHEET Cash and cash equivalents $102 $39.4M of the $200M share repurchase authorization Debt, gross $533 remaining as of 9/30/2024 Debt, net of cash and c
Slide 14: Outlook
Outlook 2024 Revenue guidance excludes divested fitness solutions; full-year guidance unchanged Q4 2024 Total Revenue $168 – 172M Adjusted EBITDA $43 – 46M 14
Slide 15: Q&A
Evercommerce Q&A
Slide 16: Appendix
Appendix
Slide 17: GAAP to Non-GAAP Adj EBITDA Reconciliation
GAAP to Non-GAAP Adj EBITDA Reconciliation 1Calculated as a percentage of GAAP Revenue as of the respective period presented Note: minor rounding differences may exist in the figures presented 17
Slide 18: GAAP to Non-GAAP Adj Gross Profit Reconciliation
GAAP to Non-GAAP Adj Gross Profit Reconciliation 1Gross profit is calculated as total revenues less cost of revenues (exclusive of depreciation and amortization), amortization of developed technology, amortization of capitalized software and depreciation expense (allocated to cost of revenues). Note
Slide 19: LFCF and aUFCF Reconciliations
LFCF and aUFCF Reconciliations 1Calculated as a percentage of GAAP reported revenue as of the respective period presented Note: minor rounding differences may exist in the figures presented 19
Slide 20: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation 1 Includes approximately $0.1M of stock-based compensation expense recorded to cost of revenues Note: minor rounding differences may exist in the figures presented 20
Slide 21: Pro Forma Revenue
Pro Forma Revenue Note: minor rounding differences may exist in the figures presented Acquisition revenue includes the estimated revenue associated with KickServ prior to the August 10, 2023 acquisition date while the divestiture revenue adjustment excludes revenue associated with fitness solutions
Slide 22: Pro Forma Subscription and Transaction Revenue
Pro Forma Subscription and Transaction Revenue Note: minor rounding differences may exist in the figures presented Acquisition revenue includes the estimated revenue associated with KickServ prior to the August 10, 2023 acquisition date while the divestiture revenue adjustment excludes revenue assoc
Slide 23: Definitions
Definitions Adjusted EBITDA: Adjusted EBITDA is calculated as net loss adjusted to exclude interest and other expense, net, income tax expense (benefit), depreciation and amortization, other amortization, stock- based compensation and transaction-related and other non-recurring costs. Other amortiza
Slide 24: Definitions
Definitions Levered Free Cash Flow: Levered Free Cash Flow (LFCF) is calculated as Cash Flow from Operations, adjusted for purchases of PP&E and capitalized software costs. Purchases of PP&E and capitalized software costs are cash expenses unrelated to financing activities and as such are included i