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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________________ to ___________________

Commission File Number: 001-40575

EverCommerce Inc.
(Exact Name of Registrant as Specified in its Charter)

Delaware81-4063248
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
3601 Walnut Street, Suite 400
Denver, Colorado
80205
(Address of principal executive offices)(Zip Code)

(720) 647-4948
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.00001 par valueEVCMThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

As of November 5, 2021, there were 195,361,459 shares of the registrant’s common stock, par value $0.00001, outstanding.



TABLE OF CONTENTS

Page
Part IFINANCIAL INFORMATION
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (unaudited) for the three and nine months ended September 30, 2021 and 2020



CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth and our objectives for future operations.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements 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, the important factors discussed in Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2021. The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this Quarterly Report on Form 10-Q, whether as a result of any new information, future events or otherwise.



SUMMARY RISK FACTORS

Our business is subject to numerous risks and uncertainties, including those described in Part II. Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q. You should carefully consider these risks and uncertainties when investing in our common stock. The principal risks and uncertainties affecting our business include the following:

Our limited operating history and our evolving business make it difficult to evaluate our future prospects and the risks and challenges we may encounter.
Our recent growth rates may not be sustainable or indicative of future growth and we expect our growth rate to slow.
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.
We may reduce our rate of acquisitions and may be unsuccessful in achieving continued growth through acquisitions.
Revenues and profits generated through acquisitions may be less than anticipated, and we may fail to uncover all liabilities of acquisition targets.
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, which would inhibit our ability to grow and increase our profitability.
We face intense competition in each of the industries in which we operate, which could negatively impact our business, results of operations and financial condition and cause our market share to decline.
The industries in which we operate are rapidly evolving and subject to consolidation and the market for technology-enabled services that empower small- and medium-sized businesses 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 network or payment processors, they can seek to fine us, suspend us or terminate our registrations through our bank sponsors.
If we cannot 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, we may be put at a competitive disadvantage with respect to our services that incorporated payment technology.
Real or perceived errors, failures or bugs in our solutions could adversely affect our business, results of operations, financial condition and growth prospects.
Unauthorized disclosure, destruction or modification of data, disruption of our software or services could expose us to liability, protracted and costly litigation and damage our reputation.
Our estimated total addressable market is subject to inherent challenges and uncertainties.
Failure to effectively develop and expand our sales and marketing capabilities could harm our ability to increase our customer base and achieve broader market acceptance and utilization of our solutions.
Our systems and our third-party providers’ systems may fail, or our third-party providers may discontinue providing their services or technology generally or to us specifically, which in either case could interrupt our business, cause us to lose business and increase our costs.
If lower margin solutions and services grow at a faster rate than our higher margin solutions and services, we may experience lower aggregate profitability and margins.
The outbreak of the novel strain of coronavirus disease has impacted, and a future pandemic, epidemic or outbreak of an infectious disease in the United States 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.
We may be unable to adequately protect or enforce, and we may incur significant costs in enforcing or defending, our intellectual property and other proprietary rights.
We may be subject to patent, trademark and other intellectual property infringement claims, which may be time-consuming, and cause us to incur significant liability and increase our costs of doing business.
We are subject to governmental regulation and other legal obligations, including those related privacy, data protection and information security and the healthcare industry, and our actual or perceived failure to comply with such regulations and obligations could harm our business. Compliance with such laws could



also impair our efforts to maintain and expand our customer and user bases, and thereby decrease our revenue.
The parties to our sponsor stockholders agreement, who also hold a significant portion of our common stock, control the direction of our business and such parties’ ownership of our common stock prevent you and other stockholders from influencing significant decisions.
We are a “controlled company” under the corporate governance rules of The Nasdaq Stock Market and, as a result, qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You do not have the same protections afforded to stockholders of companies that are subject to such requirements.



PART I — FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (unaudited)

EverCommerce Inc.

Condensed Consolidated Balance Sheets
(in thousands, except per share and share amounts)
(unaudited)
September 30, December 31,
20212020
Assets
Current assets:
Cash and cash equivalents$95,588 $96,035 
Restricted cash2,757 2,303 
 Accounts receivable, net of allowance for doubtful accounts of $1.8 million and $1.0 million at September 30, 2021 and December 31, 2020, respectively
31,699 24,966 
Contract assets13,595 9,838 
Prepaid expenses and other current assets19,015 10,686 
Total current assets162,654 143,828 
Non-current assets:
Property and equipment, net14,080 14,705 
Capitalized software, net22,692 16,069 
Other non-current assets25,793 14,102 
Intangible assets, net467,848 470,729 
Goodwill796,218 668,151 
Total non-current assets1,326,631 1,183,756 
Total assets$1,489,285 $1,327,584 




















The accompanying notes are an integral part of these condensed consolidated financial statements.

1


EverCommerce Inc.

Condensed Consolidated Balance Sheets (Continued)
(in thousands, except per share and share amounts)
(unaudited)
September 30, December 31,
20212020
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable$9,643 $11,131 
Accrued expenses and other41,637 46,408 
Deferred revenue21,677 13,621 
Customer deposits8,384 8,247 
Current maturities of long-term debt6,279 7,294 
Total current liabilities87,620 86,701 
Non-current liabilities:
Deferred tax liability, net19,632 10,766 
Long-term deferred revenue2,511 2,297 
Long-term debt, net of current maturities and deferred financing costs378,789 691,038 
Other non-current liabilities16,936 17,626 
Total non-current liabilities417,868 721,727 
Total liabilities505,488 808,428 
Commitments and contingencies (Note 15)
Convertible Preferred Stock:
Series B convertible preferred stock, $0.00001 par value, no shares authorized, issued or outstanding as of September 30, 2021; 75,000,000 shares authorized and 72,225,754 shares issued and outstanding (liquidation preference of $745.0 million) as of December 31, 2020
 745,046 
Series A convertible preferred stock, $0.00001 par value, no shares authorized, issued or outstanding as of September 30, 2021; 50,000,000 shares authorized and 44,957,786 shares issued and outstanding (liquidation preference of $163.3 million) as of December 31, 2020
 163,264 
Total convertible preferred stock 908,310 
Stockholders’ equity (deficit):
Preferred stock, $0.00001 par value, 50,000,000 shares authorized and no shares issued or outstanding as of September 30, 2021
  
Common stock, $0.00001 par value, 2,000,000,000 and 185,000,000 shares authorized and 195,356,459 and 43,073,327 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
2  
Accumulated other comprehensive income (loss)(972)1,546 
Additional paid-in capital1,493,266 40,564 
Accumulated deficit(508,499)(431,264)
Total stockholders’ equity (deficit)983,797 (389,154)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)$1,489,285 $1,327,584 
The accompanying notes are an integral part of these condensed consolidated financial statements.

2


EverCommerce Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share and share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Revenues:
Subscription and transaction fees$91,788 $60,017 $252,119 $168,413 
Marketing technology solutions31,610 24,359 88,974 62,738 
Other5,136 4,775 13,397 14,370 
Total revenues128,534 89,151 354,490 245,521 
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization presented separately below)42,958 29,480 119,488 86,372 
Sales and marketing25,156 12,072 67,647 36,305 
Product development12,711 7,622 35,083 22,282 
General and administrative25,779 17,087 79,796 56,388 
Depreciation and amortization25,996 19,152 73,917 55,300 
Total operating expenses132,600 85,413 375,931 256,647 
Operating loss(4,066)3,738 (21,441)(11,126)
Interest and other expense, net(5,148)(9,756)(31,262)(30,653)
Loss on debt extinguishment(28,714) (28,714) 
Net loss before income tax benefit(37,928)(6,018)(81,417)(41,779)
Income tax benefit1,022 574 4,182 2,748 
Net loss$(36,906)$(5,444)$(77,235)$(39,031)
Other comprehensive income:
Foreign currency translation gains (losses), net(3,430)896 (2,518)(528)
Comprehensive loss$(40,336)$(4,548)$(79,753)$(39,559)
Net loss attributable to common stockholders:
Net loss$(36,906)$(5,444)$(77,235)$(39,031)
Adjustments to net loss (see Note 12)
 (13,686)(15,105)(39,896)
Net loss attributable to common stockholders$(36,906)$(19,130)$(92,340)$(78,927)
Net loss per share attributable to common stockholders:
Basic$(0.20)$(0.46)$(1.01)$(1.91)
Diluted$(0.20)$(0.46)$(1.01)$(1.91)
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders:
Basic187,994,437 41,694,762 91,655,461 41,335,411 
Diluted187,994,437 41,694,762 91,655,461 41,335,411 
The accompanying notes are an integral part of these condensed consolidated financial statements.

3


EverCommerce Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(in thousands) (unaudited)
Series B Convertible Preferred StockSeries C Convertible Preferred StockSeries A Convertible Preferred Stock Total Convertible Preferred StockPreferred StockCommon StockAdditional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders’ Equity (Deficit)
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance at December 31, 2020
72,226 $745,046  $ 44,958 $163,264 $908,310  $ 43,074 $ $40,564 $(431,264)$1,546 $(389,154)
Rollover equity in consideration of net assets acquired— — — — — — — — — 45 — 416 — — 416 
Stock-based compensation— — — — — — — — — — — 903 — — 903 
Stock option exercises— — — — — — — — — 223 — 735 — — 735 
Foreign currency translation gains, net— — — — — — — — — — — — — 543 543 
Accretion of Series B convertible preferred stock to redemption value— 15,105 — — — — 15,105 — — — — (15,105)— — (15,105)
Net loss— — — — — — — — — — — — (15,995)— (15,995)
Balance at March 31, 2021
72,226 760,151   44,958 163,264 923,415   43,342  27,513 (447,259)2,089 (417,657)
Issuance of convertible preferred stock, net— — 7,857 109,782 — — 109,782 — — — — — — — — 
Measurement period adjustment to update fair value of rollover equity— — — — — — — — — — — 310 — — 310 
Stock-based compensation— — — — — — — — — 571 — 11,201 — — 11,201 
Stock option exercises— — — — — — — — — 84 — 281 — — 281 
Foreign currency translation gains, net— — — — — — — — — — — — — 369 369 
Net loss— — — — — — — — — — — — (24,334)— (24,334)
Balance at June 30, 202172,226 760,151 7,857 109,782 44,958 163,264 1,033,197   43,997  39,305 (471,593)2,458 (429,830)
Conversion of convertible preferred stock to common stock upon closing of initial public offering(72,226)(760,151)(7,857)(109,782)(44,958)(163,264)(1,033,197)— — 125,041 2 1,033,195 — — 1,033,197 
Issuance of common stock upon closing of initial public offering, net of issuance costs and underwriters fees of $31,102
— — — — — — — — — 21,882 — 340,884 — — 340,884 
Issuance of common stock in a preferred placement— — — — — — — — — 4,412 — 75,000 — — 75,000 
Stock-based compensation— — — — — — — — — — — 4,745 — — 4,745 
Stock option exercises— — — — — — — — — 24 — 137 — — 137 
Foreign currency translation losses, net— — — — — — — — — — — — — (3,430)(3,430)
Net loss— — — — — — — — — — — — (36,906)— (36,906)
Balance at September 30, 2021
 $  $  $ $  $ 195,356 $2 $1,493,266 $(508,499)$(972)$983,797 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


EverCommerce Inc.

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Continued)
(in thousands)
(unaudited)
Series B Convertible Preferred
Stock
Series A Convertible Preferred
Stock
Total Convertible Preferred StockCommon StockAdditional
Paid-In Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders’ Equity (Deficit)
SharesAmountSharesAmountSharesAmount
Balance at December 31, 2019
55,759 $527,065 44,958 $163,264 $690,329 40,731 $ $96,129 $(371,310)$342 $(274,839)
Rollover equity in consideration of net assets acquired— — — — — 127 — 618 — — 618 
Stock-based compensation— — — — — 244 — 846 — — 846 
Stock option exercises— — — — — 44 — 50 — — 50 
Foreign currency translation losses, net— — — — — — — — — (1,851)(1,851)
Accretion of Series B convertible preferred stock to redemption value— 13,105 — — 13,105 — — (13,105)— — (13,105)
Net loss— — — — — — — — (19,902)— (19,902)
Balance at March 31, 202055,759 540,170 44,958 163,264 703,434 41,146  84,538 (391,212)(1,509)(308,183)
Stock-based compensation— — — — — 244 — 981 — — 981 
Stock option exercises— — — — — 4 — 6 — — 6 
Foreign currency translation gains, net— — — — — — — — — 427 427 
Accretion of Series B convertible preferred stock to redemption value— 13,105 — — 13,105 — — (13,105)— — (13,105)
Net loss— — — — — — — — (13,685)— (13,685)
Balance at June 30, 202055,759 553,275 44,958 163,264 716,539 41,394  72,420 (404,897)(1,082)(333,559)
Stock-based compensation— — — — — 669 — 3,470 — — 3,470 
Stock option exercises— — — — — 12 — 53 — — 53 
Issuance of stock, net5,831 53,157 — — 53,157 — — — — — — 
Rollover equity in consideration of net assets acquired— — — — — 22 — 127 — — 127 
Foreign currency translation gains, net— — — — — — — — — 896 896 
Accretion of Series B convertible preferred stock to redemption value— 13,687 — — 13,687 — — (13,687)— — (13,687)
Net loss— — — — — — — — (5,444)— (5,444)
Balance at September 30, 2020
61,590 $620,119 44,958 $163,264 $783,383 42,097 $ $62,383 $(410,341)$(186)$(348,144)
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


EverCommerce Inc.

Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended
September 30,
20212020
Cash flows provided by operating activities:
Net loss$(77,235)$(39,031)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on debt extinguishment28,714  
Depreciation and amortization73,917 55,300 
Amortization of discount on long-term debt3,318 2,824 
Amortization of deferred financing costs on long-term debt344 144 
Amortization of costs and fees on credit facility commitments395 796 
Deferred taxes(2,831)(120)
Bad debt expense1,221 1,636 
Paid-in-kind interest on long-term debt305 283 
Stock-based compensation expense16,849 5,297 
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net(7,047)1,226 
Prepaid expenses and other current assets(11,413)(770)
Other non-current assets(11,526)(6,555)
Accounts payable(1,886)(1,824)
Accrued expenses and other(6,802)4,290 
Deferred revenue7,924 290 
Customer deposits and other long-term liabilities(574)8,283 
Net cash provided by operating activities13,673 32,069 
Cash flows used in investing activities:
Purchases of property and equipment(1,932)(4,321)
Capitalization of software costs(9,065)(6,349)
Payment of contingent consideration (2,000)
Acquisition of companies, net of cash acquired(183,242)(117,972)
Net cash used in investing activities(194,239)(130,642)
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


EverCommerce Inc.

Condensed Consolidated Statements of Cash Flows (Continued)
(in thousands)
(unaudited)

Nine Months Ended
September 30,
20212020
Cash flows provided by financing activities:
Payments on long-term debt(837,082)(54,048)
Proceeds from long-term debt496,466 143,884 
Deferred financing costs(5,689)(4,826)
Exercise of stock options1,153 109 
Proceeds from preferred stock issuance, net109,782 53,157 
Proceeds from common stock issuance, net415,884  
Net cash provided by financing activities180,514 138,276 
Effect of foreign currency exchange rate changes on cash59 37 
Net increase in cash and cash equivalents and restricted cash7 39,740 
Cash and cash equivalents and restricted cash:
Beginning of period98,338 57,344 
End of period$98,345 $97,084 
Supplemental disclosures of cash flow information:
Cash paid for interest$25,090 $24,080 
Cash paid for income taxes$1,544 $506 
Supplemental disclosures of noncash investing and financing activities:
Rollover equity in consideration of net assets acquired$726 $745 
Fair value of earnout in consideration of net assets acquired$ $2,455