EVCM 8-K

EverCommerce Inc. (EVCM)

8-K 2023-08-07 For: 2023-08-07

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Added on April 06, 2026

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Exhibit No.						Description

99.1						Press release, dated August 7 , 2023.
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document


	June 30,		December 31,
	2023		2022

Assets
Current assets:
Cash and cash equivalents	$	83,066	$	92,625
Restricted cash	3,776		3,199
Accounts receivable, net of allowance for expected credit losses of $6.9 million and $4.7 million at June 30, 2023 and December 31, 2022, respectively	50,217		48,032
Contract assets	16,448		12,971
Prepaid expenses and other current assets	24,400		23,760
Total current assets	177,907		180,587
Property and equipment, net	11,118		11,930
Capitalized software, net	37,704		32,554
Other non-current assets	44,638		46,855
Intangible assets, net	360,021		405,720
Goodwill	912,776		914,082
Total assets	1,544,164		1,591,728
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	10,986	$	8,373
Accrued expenses and other	58,943		56,963
Deferred revenue	24,898		22,885
Customer deposits	11,612		11,360
Current maturities of long-term debt	5,500		5,500
Total current liabilities	111,939		105,081
Long-term debt, net of current maturities and deferred financing costs	528,824		530,946
Other non-current liabilities	44,044		49,008
Total liabilities	684,807		685,035
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.00001 par value, 50,000,000 shares authorized and no shares issued or outstanding as of June 30, 2023 and December 31, 2022	—		—
Common stock, $0.00001 par value, 2,000,000,000 shares authorized and 188,636,381 and 191,447,237 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	2		2
Accumulated other comprehensive loss	(10,979)		(10,198)
Additional paid-in capital	1,466,360		1,489,935
Accumulated deficit	(596,026)		(573,046)
Total stockholders’ equity	859,357		906,693
Total liabilities and stockholders’ equity	$	1,544,164	$	1,591,728


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022

Revenues:
Subscription and transaction fees	$	130,305	$	115,648	$	254,125	$	223,649
Marketing technology solutions	34,455		35,160		66,243		65,064
Other	5,292		6,438		10,820		12,109
Total revenues	170,052		157,246		331,188		300,822
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization presented separately below)	58,185		55,103		114,131		105,848
Sales and marketing	30,675		29,946		61,574		60,091
Product development	18,331		17,423		37,034		35,060
General and administrative	35,089		33,358		70,015		64,584
Depreciation and amortization	25,990		27,520		51,940		54,911
Total operating expenses	168,270		163,350		334,694		320,494
Operating income (loss)	1,782		(6,104)		(3,506)		(19,672)
Interest and other expense, net	(4,761)		(6,702)		(19,949)		(12,180)
Net loss attributable to common stockholders before income tax benefit (expense)	(2,979)		(12,806)		(23,455)		(31,852)
Income tax benefit (expense)	2,083		(75)		1,784		5,662
Net loss attributable to common stockholders	(896)		(12,881)		(21,671)		(26,190)
Other comprehensive loss:
Foreign currency translation losses, net	(682)		(8,169)		(781)		(8,833)
Comprehensive loss attributable to common stockholders	$	(1,578)	$	(21,050)	$	(22,452)	$	(35,023)





Basic and diluted net loss per share attributable to common stockholders	$	—	$	(0.07)	$	(0.11)	$	(0.13)
Basic and diluted weighted-average shares of common stock outstanding used in computing net loss per share	188,277,209		195,650,334		189,157,212		195,541,998


	Six months ended June 30,
	2023		2022

Cash flows provided by operating activities:
Net loss	$	(21,671)	$	(26,190)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	51,940		54,911
Stock-based compensation expense	13,755		12,643
Deferred taxes	(2,119)		(6,209)
Amortization of deferred financing costs and non-cash interest	827		1,083
Bad debt expense	3,830		1,012
Other non-cash items	(379)		500
Changes in operating assets and liabilities:
Accounts receivable, net	(7,344)		(9,547)
Prepaid expenses and other current assets	(4,492)		(8,346)
Other non-current assets	2,681		(1,233)
Accounts payable	2,591		(2,485)
Accrued expenses and other	1,868		5,228
Deferred revenue	1,978		2,702
Other non-current liabilities	(2,319)		(67)
Net cash provided by operating activities	41,146		24,002
Cash flows used in investing activities:
Purchases of property and equipment	(1,201)		(1,565)
Capitalization of software costs	(9,485)		(7,492)


Net cash used in investing activities	(10,686)		(9,057)
Cash flows used in financing activities:
Payments on debt	(2,750)		(2,750)


Exercise of stock options	909		1,104

Proceeds from common stock issuance for Employee Stock Purchase Plan	1,765		1,804

Repurchase and retirement of common stock	(39,693)		(2,665)

Net cash used in financing activities	(39,769)		(2,507)
Effect of foreign currency exchange rate changes on cash	327		(850)
Net (decrease) increase in cash and cash equivalents and restricted cash	(8,982)		11,588
Cash and cash equivalents and restricted cash:
Beginning of period	95,824		97,559
End of period	$	86,842	$	109,147

Supplemental disclosures of cash flow information:
Cash paid for interest	$	22,166	$	10,642
Cash paid for income taxes	$	1,871	$	1,388


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)

Reconciliation from Gross Profit to Adjusted Gross Profit:
Gross profit	$	105,772	$	96,542	$	205,053	$	183,820
Depreciation and amortization	6,095		5,601		12,004		11,154
Adjusted gross profit	$	111,867	$	102,143	$	217,057	$	194,974


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))