These statements are neither promises nor guarantees, but involve known and unknown 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 by the forward-looking statements, including, but not limited to, our limited operating history and evolving business; our recent growth rates may not be sustainable or indicative of future growth; we have experienced net losses in the past and we may not achieve profitability in the future; we may continue to experience significant quarterly and annual fluctuations in our operating results due to a number of factors, which makes our future operating results difficult to predict; in order to support the growth of our business and our acquisition strategy, we may need to incur additional indebtedness or seek capital through new equity or debt financings; we may not be able to continue to expand our share of our existing vertical markets or expand into new vertical markets; we face intense competition in each of the industries in which we operate; the industries in which we operate are rapidly evolving and the market for technology-enabled services that empower SMBs is relatively immature and unproven; we are subject to economic and political risk, the business cycles of our clients and changes in the overall level of consumer and commercial spending, which could negatively impact our business, financial condition and results of operations; we are dependent on payment card networks, such as Visa and MasterCard, and payment processors, such as Worldpay and PayPal, and if we fail to comply with the applicable requirements of our payment networks or our payment processors, they can seek to fine us, suspend us or terminate our agreements and/or terminate our registrations through our bank sponsors; the inability to keep pace with rapid developments and changes in the electronic payments market or are unable to introduce, develop and market new and enhanced versions of our software solutions; real or perceived errors, failures or bugs in our solutions; unauthorized disclosure, destruction or modification of data, disruption of our software or services or cyber breaches; our use of artificial intelligence technologies and evolving regulatory framework governing the use of such technologies; our estimated total addressable market is subject to inherent challenges and uncertainties; failure to effectively develop and expand our sales and marketing capabilities; impairment in the value of our goodwill or intangible assets; our information technology systems and our third-party providers’ information technology systems, including Worldpay, PayPal and other payment processing partners, may fail or our third-party providers may discontinue providing their services or technology generally or to us specifically; our ability to improve our margin, in particular within Marketing Technology Solutions; the impact of a future pandemic, epidemic or outbreak of an infectious disease could impact, our business, financial condition and results of operations, as well as the business or operations of third parties with whom we conduct business; our success in achieving our objectives through acquisitions, divestitures or other strategic transactions; our revenues and profits generated through acquisitions may be less than anticipated, and we may fail to uncover all liabilities of acquisition targets; risks related to scrutiny on environmental sustainability and social initiatives; our ability to adequately protect or enforce our intellectual property and other proprietary rights; risk of patent, trademark and other intellectual property infringement claims; risks related to governmental regulation and other legal obligations, particularly related to privacy, data protection and information security, and our actual or perceived failure to comply with such obligations; risks related to our sponsor stockholders agreement and qualifying as a "controlled company” under the rules of The Nasdaq Stock Market; as well as the other factors described in our Annual Report on Form 10-K for the year ended December 31, 2024 and updated by our other filings with the SEC.
Consolidated Statements of Cash Flows(in thousands)(unaudited) Twelve months ended December 31, 2024 2023 Cash flows provided by operating activities: Net loss $(41,089) $(45,620)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 88,824 104,201 Stock-based compensation 26,491 25,559 Deferred taxes 2,734 (1,657)Amortization of deferred financing costs and non-cash interest 1,640 1,651 Loss on sale and impairments 39,720 6,325 Bad debt expense 4,660 6,016 (Gain) loss in interest rate swap valuation adjustments (6,384) 1,996 Other non-cash items 2,403 742 Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable, net (319) (5,011)Prepaid expenses and other current assets (2,230) (2,261)Other non-current assets 1,987 4,183 Accounts payable (254) 179 Accrued expenses and other (3,388) 10,423 Deferred revenue 1,760 868 Other non-current liabilities (3,392) (2,989) Net cash provided by operating activities 113,163 104,605 Cash flows used in investing activities: Purchases of property and equipment (1,462) (3,037)Capitalization of software costs (17,445) (20,043)Proceeds from disposition of fitness solutions, net of transaction costs, cash and restricted cash 6,610 — Acquisition, net of cash acquired — (14,940)Net cash used in investing activities (12,297) (38,020)Cash flows used in financing activities: Payments on long-term debt (5,500) (5,500)Exercise of stock options 4,112 2,603 Proceeds from common stock issuance for Employee Stock Purchase Plan 3,310 3,550 Employee taxes paid for RSU withholdings (3,824) — Repurchase and retirement of common stock (57,712) (67,283)Net cash used in financing activities (59,614) (66,630)Effect of foreign currency exchange rate changes on cash (1,649) 400 Net increase in cash and cash equivalents and restricted cash 39,603 355 Cash, cash equivalents and restricted cash: Beginning of period 96,179 95,824 End of period $135,782 $96,179 Supplemental disclosures of cash flow information: Cash paid for interest $45,548 $46,011 Cash paid for income taxes $4,549 $3,107 EverCommerce Inc.
Consolidated Statements of Operations and Comprehensive Loss(in thousands, except per share and share amounts)(unaudited) Three months ended December 31, Twelve months ended December 31, 2024 2023 2024 2023 Revenues: Subscription and transaction fees $139,013 $133,469 $548,344 $520,234 Marketing technology solutions 29,611 30,081 129,271 133,162 Other 6,375 5,890 21,150 21,973 Total revenues 174,999 169,440 698,765 675,369 Operating expenses: Cost of revenues (exclusive of depreciation and amortization presented separately below) 50,964 55,405 228,379 231,007 Sales and marketing 31,208 31,901 122,505 123,561 Product development 19,209 19,262 79,673 75,614 General and administrative 35,649 31,806 139,423 132,235 Depreciation and amortization 21,944 26,226 88,824 104,201 Loss on sale and impairments 27,959 5,201 39,709 6,325 Total operating expenses 186,933 169,801 698,513 672,943 Operating (loss) income (11,934) (361) 252 2,426 Interest and other expense, net (1,885) (19,792) (35,559) (46,407) Net loss before income tax benefit (expense) (13,819) (20,153) (35,307) (43,981)Income tax benefit (expense) 1,586 (3,182) (5,782) (1,639) Net loss (12,233) (23,335) (41,089) (45,620)Other comprehensive (loss) gain: Foreign currency translation (loss) gain, net (7,177) 4,902 (6,301) 2,181 Comprehensive loss $(19,410) $(18,433) $(47,390) $(43,439) Basic and diluted net loss per share attributable to common stockholders $(0.07) $(0.12) $(0.22) $(0.24)Basic and diluted weighted-average shares of common stock outstanding used in computing net loss per share 183,646,235 188,638,631 184,897,709 188,938,892 EverCommerce Inc.
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