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Mar 31, 2024
EverCommerce Q1 2024 Earnings Report
Reported strong financial and operating metrics with Revenue and Adjusted EBITDA exceeding the top end of guidance range.
Key Takeaways
EverCommerce reported revenue of $170.1 million, a 5.6% increase year-over-year, and an adjusted EBITDA of $40.9 million. The company repurchased 1.2 million shares of common stock for approximately $12.1 million during the quarter.
Revenue reached $170.1 million, up 5.6% compared to the same quarter last year.
Subscription and transaction fee revenue increased by 8.8% to $134.7 million.
Net loss improved to $16.3 million, or $(0.09) per share, compared to a net loss of $20.8 million, or $(0.11) per share, in the prior year.
Adjusted EBITDA was $40.9 million, compared to $31.9 million for the same quarter last year.
EverCommerce
EverCommerce
EverCommerce Revenue by Segment
Revenue by Segment
Subscription and transaction fees Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
For the second quarter of 2024, EverCommerce expects revenue to be in the range of $169.5 million to $173.5 million and Adjusted EBITDA to be in the range of $39 million to $42 million. For the full year 2024, revenue is expected to be in the range of $676 million to $696 million and Adjusted EBITDA to be in the range of $167 million to $176 million.
Positive Outlook
- Revenue is expected to be between $169.5 million and $173.5 million for Q2 2024.
- Adjusted EBITDA is projected to be between $39 million and $42 million for Q2 2024.
- Full year revenue is anticipated to range from $676 million to $696 million in 2024.
- Adjusted EBITDA for the full year is expected to be between $167 million and $176 million in 2024.
- The company's divestiture of fitness assets was completed, focusing on core business.
Challenges Ahead
- Unavailability of GAAP reconciliation for Adjusted EBITDA on a forward-looking basis due to high variability and complexity.
- Potential material impact from stock-based compensation expense due to unpredictable stock price fluctuations.
- Guidance excludes EverCommerce’s fitness assets due to the divestiture.
- Dependence on payment card networks and processors.
- Intense competition in the industries in which they operate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income