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.
Condensed Consolidated Statements of Cash Flows(in thousands)(unaudited) Three months ended March 31, 2025 2024 Cash flows provided by operating activities: Net loss$(7,713) $(16,324)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 17,959 22,951 Stock-based compensation expense 6,940 5,576 Deferred taxes (335) 5,316 Amortization of deferred financing costs and non-cash interest 396 410 Loss on held for sale and impairments 9,518 11,231 Bad debt expense 832 1,010 Loss (gain) on interest rate swap valuation adjustments 3,856 (4,824)Other non-cash items 1,270 216 Changes in operating assets and liabilities: Accounts receivable, net (3,123) (4,485)Prepaid expenses and other current assets (1,621) (3,087)Other non-current assets (340) 93 Accounts payable 455 (233)Accrued expenses and other 3,973 (6,094)Deferred revenue 1,616 2,401 Other non-current liabilities (3,005) (860)Net cash provided by operating activities 30,678 13,297 Cash flows used in investing activities: Purchases of property and equipment (493) (402)Capitalization of software costs (5,065) (4,432)Proceeds from disposition of fitness solutions, net of transaction costs, cash and restricted cash (85) 1,228 Net cash used in investing activities (5,643) (3,606)Cash flows used in financing activities: Payments on long-term debt (1,375) (1,375)Exercise of stock options 1,385 1,072 Employee taxes paid for RSU withholdings (1,182) — Repurchase and retirement of common stock (11,095) (12,068)Net cash used in financing activities (12,267) (12,371)Effect of foreign currency exchange rate changes on cash (142) (593)Net increase (decrease) in cash, cash equivalents and restricted cash, including cash and restricted cash classified as held for sale 12,626 (3,273)Cash, cash equivalents and restricted cash, including cash and restricted cash classified as held for sale: Beginning of period 135,782 96,179 End of period$148,408 $92,906 Supplemental disclosures of cash flow information: Cash paid for interest$9,088 $11,095 Cash paid for income taxes$2,531 $1,654 EverCommerce Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss(in thousands, except per share and share amounts)(unaudited) Three months ended March 31, 2025 2024 Revenues: Subscription and transaction fees$137,779 $133,382 Other 4,494 4,470 Total revenues 142,273 137,852 Operating expenses: Cost of revenues (exclusive of depreciation and amortization presented separately below) 31,188 31,501 Sales and marketing 28,783 27,564 Product development 19,963 19,306 General and administrative 31,281 31,641 Depreciation and amortization 16,768 20,904 Loss on held for sale and impairments 85 11,232 Total operating expenses 128,068 142,148 Operating income (loss) 14,205 (4,296)Interest and other expense, net (12,759) (5,791)Net income (loss) from continuing operations before income tax expense 1,446 (10,087)Income tax expense (512) (5,923)Net income (loss) from continuing operations 934 (16,010)Loss from discontinued operations, net of income tax (8,647) (314)Net loss (7,713) (16,324)Other comprehensive loss: Foreign currency translation gain (loss), net 477 (3,535)Comprehensive loss$(7,236) $(19,859) Basic net income (loss) per share attributable to common stockholders: Continuing operations$0.01 $(0.09)Discontinued operations (0.05) — Total$(0.04) $(0.09) Diluted net income (loss) per share attributable to common stockholders: Continuing operations$0.01 $(0.09)Discontinued operations (0.05) — Total$(0.04) $(0.09) Weighted-average shares of common stock outstanding used in computing net income (loss) per share: Basic 183,467,698 186,635,095 Diluted 185,222,240 186,635,095 EverCommerce Inc.
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