EverCommerce (EVCM) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $175 million, up 3.3% year-over-year, with pro forma revenue (excluding fitness solutions) up 7.0%; both figures exceeded guidance.

• Adjusted EBITDA for Q4 2024 was $50.4 million, a 28.8% margin, up 340 basis points year-over-year and beating guidance.

• Customer count grew over 7% to more than 740,000, with 22% year-over-year growth in customers enabled for more than one solution.

• Strategic transformation and divestitures, including the sale of fitness solutions and planned sale of Marketing Technology Solutions, are underway to focus on SaaS and payments.

• Leadership changes include new CEOs for EverPro and EverHealth, and transformation initiatives are expected to drive growth acceleration exiting 2025.

Financial highlights

• Q4 2024 reported revenue: $175 million; subscription and transaction revenue: $139 million, up 4.2% year-over-year.

• Pro forma Q4 revenue growth: 7.0% year-over-year; pro forma subscription and transaction revenue growth: 8.9%.

• Adjusted gross profit for Q4 2024 was $124 million, with a margin of 70.9%.

• Payments revenue (excluding fitness) grew 8.9% year-over-year, with TPV up 9% to $12.6 billion.

• Levered free cash flow for Q4 2024 was $43.8 million; cash provided by operating activities in 2024 was $113.2 million.

Outlook and guidance

• FY 2025 guidance (excluding Marketing Technology): revenue of $581–$601 million and adjusted EBITDA of $167.5–$175.5 million.

• Q1 2025 guidance: revenue of $138–$141 million and adjusted EBITDA of $39–$41 million.

• Marketing Technology Solutions to be reported as discontinued operations starting Q1 2025.