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Jun 30, 2023
EverCommerce Q2 2023 Earnings Report
EverCommerce's Q2 2023 financial results were announced, demonstrating revenue growth and significant adjusted EBITDA performance.
Key Takeaways
EverCommerce reported an 8.1% increase in revenue year-over-year, reaching $170.1 million. Subscription and transaction fee revenue grew by 12.7%. Adjusted EBITDA was $38.8 million, exceeding the high end of the company's guidance. Net loss was $0.9 million, a significant improvement compared to the previous year.
Revenue increased by 8.1% year-over-year to $170.1 million.
Subscription and transaction fee revenue grew by 12.7% year-over-year.
Adjusted EBITDA reached $38.8 million, surpassing the upper range of guidance.
The Company repurchased 904,000 shares of common stock for approximately $10.0 million.
EverCommerce
EverCommerce
EverCommerce Revenue by Segment
Forward Guidance
The Company is issuing the following financial guidance for the third quarter and full year 2023.
Positive Outlook
- Third quarter revenue is expected to be in the range of $174 million to $178 million.
- Third quarter Adjusted EBITDA is expected to be in the range of $34.5 million to $37.5 million.
- Full year revenue is expected to be in the range of $680 million to $700 million.
- Full year Adjusted EBITDA is expected to be in the range of $142 million to $148 million.
- Company expects to fund repurchases with cash on hand.
Challenges Ahead
- A reconciliation of Adjusted EBITDA to net income is not available without unreasonable efforts on a forward-looking basis.
- The measures and efforts of stock-based compensation expense are directly impacted by unpredictable fluctuations in our stock price.
- Charges excluded from Adjusted EBITDA could be material to EverCommerce's results computed in accordance with GAAP.
- This program does not obligate the Company to acquire any particular amount of common stock and the program may be extended, modified, suspended or discontinued at any time at the Company’s discretion.
- Forward-looking statements are subject to risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied.