The following is a summary of the EverCommerce Inc. (EVCM) Q3 2024 Earnings Call Transcript:

Financial Performance:

• EverCommerce reported third quarter 2024 revenue of $176.3 million, a 0.9% increase year-over-year.

• Pro forma revenue, adjusting for the sale of fitness solutions, grew by 4.3% year-over-year.

• Subscription and Transaction revenue saw a growth of 8.3% on a pro forma basis year-over-year.

• Adjusted EBITDA reached $44.5 million, beating the top-end of guidance and achieving a margin of 25.3%.

• Payments revenue, excluding fitness solutions, grew 6.7% year-over-year.

• Annualized Total Payment Volume (TPV) increased by 8.4% to approximately $12.4 billion.

Business Progress:

• EverCommerce introduced a transformation optimization initiative focused on organizational restructuring and targeting increased growth and efficiency. This includes hiring Josh McCarter, a leader with extensive experience, for the EverPro vertical.

• The company continues to drive customer value through an integrated sales motion, embedding payments into business management software.

• There has been a significant focus on cost-saving initiatives, including consolidations and optimizations.

• The company is engaged in proactive management of interest rate exposure and share repurchases.

Opportunities:

• EverCommerce's emphasis on cross-selling and upselling, especially through integrated payment solutions, aimed at both increasing revenue and customer retention.

• The restructuring into vertically aligned segments aims to bring decision-making closer to customer needs, potentially increasing market penetration and solution adoption.

• Investment in key growth initiatives is strengthened by funds freed up through cost-saving endeavors.

Risks:

• Marketing Technology Solutions revenue saw a decline of 6.7% from the prior year period, hinting at potential vulnerabilities in that segment of the business.

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