EverCommerce Inc (EVCM, Financial), a leading service commerce platform, announced its financial results for the third quarter of 2023 on November 6, 2023. The company reported a 10.5% increase in revenue, reaching $174.7 million compared to $158.1 million for the same quarter in 2022. Subscription and transaction fee revenue also saw a 10.5% increase, standing at $132.6 million compared to $120.1 million for Q3 2022.
Financial Performance
The company's net loss was significantly reduced, standing at $0.6 million, or $(0.00) per basic and diluted share, for Q3 2023, compared to a net loss of $15.9 million, or $(0.08) per basic and diluted share, for the same quarter in 2022. Adjusted EBITDA was $41.8 million for Q3 2023, a significant increase from $30.2 million in Q3 2022.
Company Commentary
Eric Remer, EverCommerce’s Founder and CEO, commented on the company's performance, stating,
EverCommerce continues to advance its goal of being the leading provider of vertical software for service SMBs. Despite modest macroeconomic pressures in the more transactional aspects of our business, we delivered revenue growth that was within our target range and Adjusted EBITDA that exceeded the top end of guidance. Third quarter Adjusted EBITDA grew 38.6% year-over-year, representing 485 basis points of margin expansion."
Stock Repurchase Program
On November 5, 2023, the company's Board of Directors approved a $50.0 million increase in the previously announced stock repurchase authorization and extended the authorization through December 31, 2024. The total authorization since the repurchase program began allows for the purchase of up to $150.0 million in shares of the company’s common stock.
Business Outlook
For the fourth quarter of 2023, EverCommerce Inc (EVCM, Financial) expects revenue to be in the range of $170 million to $174 million, and Adjusted EBITDA to be in the range of $35.5 million to $39.5 million. For the full year 2023, the company anticipates revenue to be in the range of $676 million to $680 million, and Adjusted EBITDA to be in the range of $148 million to $152 million.
Explore the complete 8-K earnings release (here) from EverCommerce Inc for further details.
