EverCommerce(EVCM) - 2024 Q4 - Annual Results

Revenue Performance - Revenue for Q4 2024 was $175.0 million, a 3.3% increase from $169.4 million in Q4 2023, with pro forma revenue growth of approximately 7.0%[5] - Subscription and transaction fee revenue reached $139.0 million, up 4.2% from $133.5 million in Q4 2023, with pro forma growth of about 8.9%[5] - Total revenues for the three months ended December 31, 2024, increased to $174,999 thousand, up 3.3% from $169,440 thousand in the same period of 2023[27] - Subscription and transaction fees revenue rose to $139,013 thousand for the three months ended December 31, 2024, compared to $133,469 thousand in 2023, reflecting a growth of 4.1%[27] - Full year 2025 revenue guidance is set between $581 million and $601 million, with Adjusted EBITDA anticipated to be between $167.5 million and $175.5 million[11] Profitability and Loss - Adjusted EBITDA for Q4 2024 was $50.4 million, compared to $43.1 million in Q4 2023, indicating a strong operational performance[5] - The net loss for Q4 2024 was $12.2 million, or ($0.07) per share, an improvement from a net loss of $23.3 million, or ($0.12) per share, in Q4 2023[5] - The net loss for the twelve months ended December 31, 2024, was $41,089 thousand, a decrease from a net loss of $45,620 thousand in 2023[30] - The company reported a comprehensive loss of $47,390 thousand for the twelve months ended December 31, 2024, compared to a comprehensive loss of $43,439 thousand in 2023[27] - The basic and diluted net loss per share attributable to common stockholders for the twelve months ended December 31, 2024, was $0.22, compared to $0.24 in 2023[27] - For the three months ended December 31, 2024, the net loss was $12,233 thousand, compared to a net loss of $23,335 thousand for the same period in 2023[33] Cash and Assets - Cash and cash equivalents increased to $135,782 thousand as of December 31, 2024, from $92,609 thousand in 2023, representing a growth of 46.6%[30] - Total assets decreased to $1,421,268 thousand as of December 31, 2024, down from $1,518,064 thousand in 2023, a decline of 6.4%[25] - Total liabilities decreased to $670,442 thousand as of December 31, 2024, compared to $692,028 thousand in 2023, a reduction of 3.1%[25] Operating Expenses - Operating expenses for the twelve months ended December 31, 2024, totaled $698,513 thousand, an increase from $672,943 thousand in 2023, reflecting a rise of 3.8%[27] - Total depreciation and amortization for the twelve months ended December 31, 2024, was $88,824 thousand, down from $104,201 thousand in 2023, indicating a decrease of about 15%[33] - Stock-based compensation expense for the twelve months ended December 31, 2024, was $26,491 thousand, slightly up from $25,559 thousand in 2023, reflecting an increase of approximately 4%[33] - Transaction-related and other non-recurring costs for the twelve months ended December 31, 2024, totaled $54,531 thousand, significantly higher than $17,695 thousand in 2023, marking an increase of over 200%[33] Strategic Initiatives - The company plans to evaluate strategic alternatives for its marketing technology solutions, expecting a sale within the next twelve months[6] - EverCommerce is focusing on strategic investments in SaaS solutions and embedded payments, including AI initiatives, to drive growth acceleration[3] - The company serves over 740,000 global service-based businesses, providing integrated SaaS solutions across various industries[10] Future Projections - For Q1 2025, revenue is projected to be between $138 million and $141 million, with Adjusted EBITDA expected in the range of $39 million to $41 million[11] - The total adjusted EBITDA for the twelve months ended December 31, 2024, was $177,001 thousand, compared to $155,619 thousand in 2023, showing an increase of about 14%[33] - Interest and other expense, net, for the twelve months ended December 31, 2024, was $35,559 thousand, down from $46,407 thousand in 2023, indicating a decrease of approximately 23%[33] - Income tax benefit for the twelve months ended December 31, 2024, was $5,782 thousand, compared to an expense of $1,639 thousand in 2023, reflecting a positive shift in tax position[33] - Other amortization for the twelve months ended December 31, 2024, increased to $6,903 thousand from $5,738 thousand in 2023, representing a growth of about 20%[33]