Page 1

Evercommerce EverCommerce Announces Financial Results for Second Quarter Fiscal Year 2021 August 9 , 2021 DENVER , Aug. 09 , 2021 ( GLOBE NEWSWIRE ) -- EverCommerce , Inc. ( NASDAQ : EVCM ) , a leading service commerce platform , today announced financial results for the second quarter ended June 30 , 2021 . " EverCommerce's second quarter results were highlighted by 53 % revenue growth and adjusted EBITDA margins that exceeded 20 % . We continue to see improvement in the underlying trends across our solutions , " said Eric Remer , EverCommerce's Founder and CEO . Remer continued , “ EverCommerce is revolutionizing the service SMB market with vertically - tailored software solutions in the Home Services , Health Services and Fitness and Wellness sectors that increase our customers ' revenue , enhance their efficiency , and improve their customers ' user experience . This is a massive and underpenetrated market that is at the early stages of digitizing its workflows . We believe the success of our recent IPO will enable us to fully capitalize on our market opportunity and scale to a much larger , more profitable company that generates significant value for our customers and shareholders . " Second Quarter 2021 Financial Highlights • Revenue for the second quarter of 2021 was $ 121.1 million , an increase of 53 % compared to $ 79.3 million for the second quarter of 2020 . • Pro forma revenue growth rate was 31 % in Q2 2021 and 21 % year - to - date . • Net loss was $ 24.3 million , or ( $ 0.56 ) per diluted share , for the second quarter of 2021. This compares to a net loss of $ 13.7 million , or ( $ 0.65 ) per diluted share , for the second quarter of 2020 . • Adjusted EBITDA was $ 27.6 million for the second quarter of 2021 , compared to Adjusted EBITDA of $ 19.4 million for the second quarter of 2020 . • Cash flow provided by operations was $ 3.8 million for the six months ended June 30 , 2021 compared to cash flow provided by operations of $ 9.7 million for the six months ended June 30 , 2020 . • Cash , cash equivalents and restricted cash was $ 202.6 million as of June 30 , 2021 compared to $ 98.3 million at December 31 , 2020. Total debt was $ 766.2 million at June 30 , 2021 , implying net leverage of 4.3x using Credit Agreement Defined Adjusted EBITDA . As adjusted to reflect the proceeds from our IPO , our private placement in July , the refinancing of our existing credit facility in connection with the IPO , exercise of the underwriter's over - allotment option and subsequent partial pay down of our revolver , cash , cash equivalents and restricted cash would have been approximately $ 203.4 million and total debt would have been approximately $ 381.5 million , implying as adjusted net leverage of 1.4x using Credit Agreement Defined Adjusted EBITDA . As adjusted cash , cash equivalents and restricted cash and as adjusted net leverage as of June 30 , 2021 does not reflect the use of cash to acquire Timely which was approximately $ 99.9 million . A reconciliation of GAAP to Non - GAAP measures has been provided in the financial statement tables included at the end of this press release . An explanation of these measures is also included below under the heading " Non - GAAP Financial Measures . " Other Second Quarter and Recent Highlights • In July , the Company completed its initial public offering and listed its shares on the Nasdaq Global Select Market under the symbol " EVCM " . EverCommerce sold 19.1 million shares of its Class A common stock at a price of $ 17.00 per share , for a total net proceeds of $ 303.9 million . Concurrently , the Company sold 4.4 million shares to entities affiliated with Silver Lake , an existing shareholder , in a private placement for total net proceeds of $ 75 million . On July 29 , 2021 , the underwriters of the IPO exercised their over - allotment option , resulting in the sale of an additional 2.8 million shares at the IPO price of $ 17.00 per share and after underwriter discounts , net proceeds were $ 43.9 million . • Announced the acquisition of Timely , a global appointment booking and business management software company used by spas and salons across the United Kingdom , Australia and New Zealand . Timely joins the EverCommerce suite of integrated SaaS solutions across business management , marketing , customer engagement , billing and payments . • Announced the acquisition of Medical Design Technologies ( " MDTech " ) , a leading provider of mobile charge capture solutions . Based in Houston , Texas , MDTech provides accurate , efficient , and simple charge capture and analytics solutions to small - and medium - sized practices across 20 different specialties and 29 states . Business Outlook Based on information as of today , August 9 , 2021 , the Company is issuing the following financial guidance . Our third quarter and full year 2021 outlook includes contribution from Timely , but not MDTech . We will update our outlook to include MDTech when we report our third quarter results . Third Quarter Fiscal 2021 :