Slide 1: Earnings Call Presentation Q1 2023
Earnings Call Presentation Q1 2023 – May 9, 2023
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: Q1 2023 Highlights
Q1 2023 Highlights > Revenue and adjusted EBITDA beat for the quarter, above top end of guidance Balanced growth and profitability with 12% reported YoY Revenue growth and > 20% adjusted EBITDA margin > Disciplined capital allocation, using excess cashflow to repurchase 3.1M shares Payment Revenue g
Slide 5: 685,000+ Global Customers, $638M LTM Revenue, $11.1B Annualized TPV
685,000+ Global Customers $638M LTM REVENUE 21% 2,200+ Global Employees LTM YoY REVENUE GROWTH 12% 20% YoY PRO FORMA REVENUE GROWTH LTM ADJ. EBITDA MARGIN $11.1B EST. ANNUALIZED TPV Simplifying and empowering the lives of business owners whose services support us every day 5
Slide 6: Continued Cross-Sell Expansion
Continued Cross-Sell Expansion Customers Utilizing More Than One Solution (000s)1 +22% 73 60 >73k customers currently utilize more than one solution; 22% YoY growth Approximately 100% Net Revenue Retention (NRR) 1Q22 1Q23 1Amounts are estimated as of the end of the most recent quarter 6
Slide 7: 37% YoY Growth in Payments Revenue
37% YoY Growth in Payments Revenue Total Payment Volume (TPV, B) +17% $11.1 17% TPV growth and increased take rate drove growth in Payment Revenue $9.5 Embedded payments are a key lever to drive customer expansion 1Q22 1Q23 7
Slide 8: Simplifying and Empowering through Integration
Simplifying and Empowering through Integration ENGAGEMENT SOLUTIONS Patient Engagement EHR/PM Integrated EHR BEHAVIORAL HEALTH Therapy Solutions 8
Slide 9: Marc Thompson, Chief Financial Officer
Marc Thompson Chief Financial Officer
Slide 10: Strong Organic Growth Continues: 12% YoY
Strong Organic Growth Continues: 12% YoY Revenue (M)3 Pro Forma Revenue Growth Rate1 161.8 161.1 1Q23 LTM 1Q232 157.2 158.1 PF Growth % 12.2% 13.8% 143.6 12.2% reported and Pro Forma 1Q23 YoY Revenue growth Modest sequential Recurring & Re-occurring 1Q22 2Q22 3Q22 4Q22 1Q23 Revenue growth despite se
Slide 11: Significant Adj. EBITDA Margin Expansion
Significant Adj. EBITDA Margin Expansion Adjusted EBITDA (M) 1Q22 2Q22 3Q22 4Q22 1Q23 35.2 Adj. Gross Profit Margin1 64.7% 65.0% 63.5% 66.7% 65.3% 31.9 30.8 30.2 Adj. EBITDA 16.0% 19.6% 19.1% 21.7% 19.8% 23.0 Margin1 1Q23 Adj. EBITDA beat driven by higher Revenue and active cost management YoY Adjus
Slide 12: 50% YoY Increase in aUFCF
50% YoY Increase in aUFCF Levered Free Cash Flow Adjusted Unlevered Free Cash Flow1 (LFCF, M) (aUFCF, M) 22.7 26.1 22.3 22.0 22.4 14.9 9.1 8.5 7.8 6.5 1Q22 2Q22 3Q22 4Q22 1Q23 1Q22 2Q22 3Q22 4Q22 1Q23 1Q23 LFCF of $7.8M 1Q23 aUFCF of $22.4M $46.1 TTM LFCF, a 7.2% margin TTM aUFCF of $92.8M, a 14.5%
Slide 13: Disciplined Capital Allocation & Ample Liquidity
Disciplined Capital Allocation & Ample Liquidity Repurchased 3.1M shares during the ($mm) Q1 2023 BALANCE SHEET quarter for $29.6M2 at an average price of Cash and cash equivalents $70 $9.47. Debt, gross $542 Debt, net of cash and cash equivalents $472 $27.6M remaining of $100M repurchase LEVERAGE a
Slide 14: Outlook
Outlook Q2 2023 FY 2023 Total Revenue $168 – 172M $680 – 700M Adjusted EBITDA $31 – 34M $136 – 144M 14
Slide 15: Q&A
Evercommerce Q&A
Slide 16: Appendix
Appendix
Slide 17: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation Adjusted EBITDA LTM ($ in 000s) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 1Q22 1Q23 Net Loss $(13,309) $(12,881) $(15,853) $(17,773) $(20,775) $(79,282) $(67,282) Adjusted to Exclude the Following: Interest and Other Expense, Net 5,478 6,702 8,890 12,832 15,188 28,641 4
Slide 18: GAAP to Non-GAAP Reconciliation: Adjusted Gross Profit
GAAP to Non-GAAP Reconciliation Adjusted Gross Profit LTM ($ in 000s) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 1Q22 1Q23 Gross Profit1 $87,278 $96,542 $95,027 $101,275 $99,281 $330,934 $392,125 Adjusted to Exclude the Following: Depreciation and Amortization 5,553 5,601 5,444 6,651 5,909 20,574 23,60
Slide 19: aUFCF and LFCF Reconciliations
aUFCF and LFCF Reconciliations Levered and Adjusted Unlevered Free Cash Flow LTM ($ in 000s) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q122 Q123 Cash Flow from Operations $12,854 $11,150 $13,610 $27,191 $12,700 $55,734 $64,650 Adjusted for the Following: Purchase of PP&E (889) (676) (590) (411) (476)
Slide 20: GAAP to Non-GAAP OpEx Reconciliation
GAAP to Non-GAAP OpEx Reconciliation Adjusted Operating Expenses LTM ($ in 000s) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q122 Q123 Sales and Marketing $30,145 $29,946 $29,440 $29,528 $30,899 $104,245 $119,813 Adjusted for the Following: Stock-based Compensation Expense (328) (419) (380) (376) (402)
Slide 21: Definitions
Definitions Adjusted Gross Profit: Adjusted Gross Profit is calculated as gross profit adjusted to exclude depreciation and amortization allocated to cost of revenues. Gross profit is calculated as total revenues less cost of revenues (exclusive of depreciation and amortization), amortization of dev
Slide 22: 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