Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): March 14, 2022
(Exact name of registrant as specified in its charter)
Delaware 001-40575 81-4063248
(State or other jurisdiction
of incorporation or organization)
File Number)
(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, include area code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

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

Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, $0.00001 par value per shareEVCMThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  

Item 2.02    Results of Operations and Financial Condition.

On March 14, 2022, EverCommerce Inc. (the “Company”) issued a press release announcing financial results for the quarter and year ended December 31, 2021 and other matters described in the press release. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as expressly set forth in such filing.

Item 9.01    Financial Statements and Exhibits.

(d)   Exhibits.

Exhibit No. Description
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 14, 2022
 By: /s/ Lisa Storey
  Lisa Storey
  General Counsel

Exhibit 99.1
EverCommerce Announces Fourth Quarter and Full Year 2021 Financial Results

Denver, CO (March 14, 2022) EverCommerce Inc. (NASDAQ: EVCM), a leading service commerce platform, today announced financial results for the quarter and year ended December 31, 2021.

Fourth Quarter 2021 Financial Highlights

Revenue of $135.6 million, compared to previously issued guidance of $129.5 million to $131 million, an increase of 47% compared to $92.0 million for the quarter ended December 31, 2020.
YoY Pro forma revenue growth rate of 24% and 21% for the quarter- and year ended December 31, 2021, respectively.
Net loss was $82.0 million, or ($0.82) per basic and diluted share, for the year ended 2021. This compares to a net loss of $60.0 million, or ($3.06) per basic and diluted share, for the year ended 2020. Net loss was $4.7 million, or ($0.02) per basic and diluted share, for the quarter ended December 31, 2021. This compares to a net loss of $20.9 million, or ($1.14) per basic and diluted share, for the quarter ended December 31, 2020.
Adjusted EBITDA was $29.3 million, a margin of 21.6%, for the quarter ended December 31, 2021, compared to $22.0 million, a margin of 23.9%, for the quarter ended December 31, 2020.

“EverCommerce’s fourth quarter results were highlighted by continued strong revenue growth, solid profitability and cash flow generation, including 47% reported year over year revenue growth and adjusted EBITDA margins of 22%,” said Eric Remer, EverCommerce’s Founder and CEO. “EverCommerce is simplifying and empowering the lives of business owners whose services support us every day, and our outlook for continued high growth and sustainable profitability is rooted in the massive opportunity ahead.”

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.”

Business Outlook
Based on information as of today, March 14, 2022, the Company is issuing the following financial guidance for the first quarter and full year 2022.

First Quarter 2022:
Revenue is expected to be in the range of $140 million to $141 million.
Adjusted EBITDA is expected to be in the range of $21.5 million to $22.0 million.

Full Year 2022:
Revenue is expected to be in the range of $619 million to $625 million.
Adjusted EBITDA is expected to be in the range of $122 million to $124 million.


A reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to certain charges excluded from this non-GAAP measure; in particular, the measures and efforts of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. It is important to note that these charges could be material to EverCommerce's results computed in accordance with GAAP.

Conference Call Information
EverCommerce’s management team will hold a conference call to discuss our fourth quarter and year end 2021 results and outlook today, March 14, 2022, at 5:00 p.m. ET. To access this call, dial (877) 313-2140 (domestic) or (470) 495-9545 (international) (ID number: 1823928). A live webcast of this conference call and an accompanying presentation will be available on the “Investor Relations” page of the Company’s website. An archived replay of the webcast will be available following the conclusion of the call.

Investor Contact
Brad Korch
SVP and Head of Investor Relations, EverCommerce

Media Contact
Meagan Dorsch
VP of Communications, EverCommerce

About EverCommerce
EverCommerce is a leading service commerce platform, providing vertically-tailored, integrated software-as-a-service ("SaaS") solutions that help more than 600,000 service-based businesses accelerate growth, streamline operations and increase retention. Its modern digital and mobile applications create predictable, informed and convenient experiences between service professionals and their end consumers. Specializing in Home Services, Health Services and Fitness & Wellness Services industries, EverCommerce solutions include end-to-end business management software, integrated payment acceptance, marketing technology and customer engagement applications. Learn more at EverCommerce.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our future operations and financial results, the underlying trends in our business, our market opportunity, our potential for growth and our acquisition strategy. 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 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; we may need to incur additional indebtedness or seek capital through new equity or debt financings, which may not be available to us on acceptable terms or at all; 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 dependent on payment card networks and payment processors 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; 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 estimated total addressable market is subject to inherent challenges and uncertainties; actual or perceived inaccuracies in our operational metrics may harm our reputation; failure to effectively develop and expand our sales and marketing capabilities; failure to maintain and enhance our reputation and brand recognition; inability to retain current customers or to sell additional functionality and services to them may adversely affect our revenue growth; our systems and our third-party providers’ systems may fail or our third-party providers may discontinue providing their services or technology or to us specifically; faster growth of lower margin solutions and services than higher margin solutions and services; risks related to the COVID-19 pandemic; economic and political risks, including the business cycles of our clients and changes in the overall level of consumer and commercial spending; our ability to retain and hire skilled personnel; risks related to our indebtedness; risks related to the increasing focus 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; 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, as will be updated by our Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Key Business and Financial Metrics

Pro Forma Revenue Growth Rate is a key performance measure that our management uses to assess our consolidated operating performance over time. Management also uses this metric for planning and forecasting purposes.

Our year-over-year Pro Forma Revenue Growth Rate is calculated as though all acquisitions closed as of the end of the latest period were closed as of the first day of the prior year period presented. In calculating Pro Forma Revenue Growth Rate, we add the revenue from acquisitions for the reporting periods prior to the date of acquisition (including estimated purchase accounting adjustments) to our results of operations, and then calculate our revenue growth rate between the reported periods. As a result, Pro Forma Revenue Growth Rate includes pro forma revenue from businesses acquired during the period, including revenue generated during periods when we did not yet own the acquired businesses. In including such pre acquisition revenue, Pro Forma Revenue Growth Rate allows us to measure the underlying revenue growth of our business as it stands as of the end of the respective period, which we believe provides insight into our then-current operations. Pro Forma Revenue Growth Rate does not represent organic revenue generated by our business as it stood at the beginning of the respective period. Pro Forma Revenue Growth Rates are not necessarily indicative of either future results of operations or actual results that might have been achieved had the acquisitions been consummated on the first day of the prior year period presented. We believe that this metric is useful to investors in analyzing our financial and operational performance period over period and evaluating the growth of our business, normalizing for the impact of acquisitions. This metric is particularly useful to management due to the number of acquired entities.

Non-GAAP Financial Measures
EverCommerce has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). EverCommerce uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial


measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing EverCommerce’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with EverCommerce’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of EverCommerce’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.
Adjusted Gross Profit. Adjusted Gross Profit is a key performance measure that our management uses to assess our operational performance, as it represents the results of revenues and direct costs, which are key components of our operations. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it reflects the gross profitability of our operations, and excludes the indirect costs associated with our sales and marketing, product development, general and administrative activities, and depreciation and amortization, and the impact of our financing methods and income taxes.
We calculate Adjusted Gross Profit as gross profit adjusted to exclude depreciation and amortization allocated to cost of revenues. Gross profit is calculated as total revenues less cost of revenues (exclusive of depreciation and amortization), amortization of developed technology, amortization of capitalized software and depreciation expense (allocated to cost of revenues). Adjusted Gross Profit should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income (loss) or profitability.
Adjusted EBITDA. Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance and is also used for internal planning and forecasting purposes. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it provides a comparable overview of our operations across historical periods. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of net income (loss) to Adjusted EBITDA, helps investors make comparisons between our company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation.
Adjusted EBITDA is used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures, and evaluating potential acquisitions. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of net income or income from continuing operations. In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees. Our Management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies.
We calculate Adjusted EBITDA as net income (loss) adjusted to exclude interest and other expense, net, income tax benefit, loss on debt extinguishment, depreciation and amortization, other amortization, acquisition related costs, stock-based compensation, and other non-recurring costs. Other amortization includes amortization for capitalized contract acquisition costs. Acquisition related costs are specific deal-related costs such as legal fees, financial and tax due diligence, consulting and escrow fees. Other non-recurring costs are expenses such as system implementation costs and severance related to planned restructuring activities. Acquisition related costs and other non-recurring costs are excluded as they are not representative of our underlying operating performance. Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income (loss). The following table presents a reconciliation of net loss, the most directly comparable financial measure calculated in accordance with U.S. GAAP, to Adjusted EBITDA on a consolidated basis.


Consolidated Balance Sheets
(in thousands, except per share and share amounts)

December 31,
Current assets: 
Cash and cash equivalents$93,993 $96,035 
Restricted cash3,566 2,303 
Accounts receivable, net of allowance for doubtful accounts of $1.9 million and $1.0 million at December 31, 2021 and 2020, respectively40,514 24,966 
Contract assets11,039 9,838 
Prepaid expenses and other current assets22,505 10,686 
Total current assets171,617 143,828 
Non-current assets: 
Property and equipment, net13,509 14,705 
Capitalized software, net24,000 16,069 
Other non-current assets24,296 14,102 
Intangible assets, net508,535 470,729 
Goodwill921,416 668,151 
Total non-current assets1,491,756 1,183,756 
Total assets$1,663,373 $1,327,584 


Consolidated Balance Sheets - Cont'd
(in thousands, except per share and share amounts)

December 31,
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities:  
Accounts payable$10,325 $11,131 
Accrued expenses and other49,340 46,408 
Deferred revenue22,992 13,621 
Customer deposits9,828 8,247 
Current maturities of long-term debt10,943 7,294 
Total current liabilities
103,428 86,701 
Non-current liabilities:
Deferred tax liability, net17,862 10,766 
Long-term deferred revenue2,803 2,297 
Long-term debt, net of current maturities and deferred financing costs535,184 691,038 
Other non-current liabilities18,448 17,626 
Total non-current liabilities
574,297 721,727 
Total liabilities677,725 808,428 
Commitments and contingencies
Convertible Preferred Stock:
Series B convertible preferred stock, $0.00001 par value, no shares authorized, issued or outstanding as of December 31, 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 December 31, 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 December 31, 2021— — 
Common stock, $0.00001 par value, 2,000,000,000 and 185,000,000 shares authorized and 195,384,291 and 43,073,327 shares issued and outstanding at December 31, 2021 and 2020, respectively— 
Accumulated other comprehensive income (loss)(1,767)1,546 
Additional paid-in capital1,500,643 40,564 
Accumulated deficit(513,230)(431,264)
Total stockholders’ equity (deficit)
985,648 (389,154)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)
$1,663,373 $1,327,584 


Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share and share amounts)

Quarter ended December 31,Year ended December 31,
Subscription and transaction fees$99,712 $64,518 $351,831 $232,931 
Marketing technology solutions29,301 23,593 118,275 86,331 
Other6,636 3,893 20,033 18,263 
Total revenues
135,649 92,004 490,139 337,525 
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization presented separately below)42,742 28,648 162,230 115,020 
Sales and marketing26,142 13,941 93,789 50,246 
Product development14,423 8,104 49,506 30,386 
General and administrative30,573 30,680 110,369 87,068 
Depreciation and amortization27,520 21,544 101,437 76,844 
Total operating expenses
141,400 102,917 517,331 359,564 
Operating loss
Interest and other expense, net(4,849)(10,892)(36,111)(41,545)
Loss on debt extinguishment— — (28,714)— 
Net loss before income tax benefit
Income tax benefit5,869 882 10,051 3,630 
Net loss
Other comprehensive income:
Foreign currency translation gains (losses), net(795)1,732 (3,313)1,204 
Comprehensive loss
Net loss attributable to common stockholders:
Net loss$(4,731)$(20,923)$(81,966)$(59,954)
Adjustments to net loss— (27,915)(15,105)(67,811)
Net loss attributable to common stockholders$(4,731)$(48,838)$(97,071)$(127,765)
Basic and diluted net loss per share attributable to common stockholders$(0.02)$(1.14)$(0.82)$(3.06)
Basic and Diluted weighted-average shares of common stock outstanding used in computing net loss per share195,362,351 42,773,112 117,795,280 41,696,800 


Consolidated Statements of Cash Flows
(in thousands)

 Year ended December 31,
Cash flows provided by operating activities:
Net loss$(81,966)$(59,954)
Adjustments to reconcile net loss to net cash provided by operating activities:
Loss on debt extinguishment28,714 — 
Depreciation and amortization101,437 76,844 
Impairment of capitalized software700 — 
Amortization of discount on long-term debt3,412 3,899 
Amortization of deferred financing costs on long-term debt523 195 
Amortization of costs and fees on credit facility commitments496 1,917 
Deferred taxes(12,026)(4,314)
Bad debt expense2,044 1,715 
Paid-in-kind interest on long-term debt412 382 
Stock-based compensation22,095 10,721 
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable, net(13,342)(516)
Prepaid expenses and other current assets(8,009)4,952 
Other non-current assets(10,514)(4,168)
Accounts payable(3,961)2,886 
Accrued expenses and other(4,077)13,239 
Deferred revenue9,153 736 
Customer deposits and other long-term liabilities2,391 9,005 
Net cash provided by operating activities
37,482 57,539 
Cash flows used in investing activities:
Purchases of property and equipment(3,103)(4,525)
Capitalization of software costs(11,692)(8,552)
Payment of contingent consideration— (2,000)
Acquisition of companies, net of cash acquired(364,873)(403,231)
Net cash used in investing activities
Cash flows provided by financing activities:
Payments on long-term debt, net of discount(1,028,457)(55,891)
Proceeds from long-term debt850,966 314,668 
Deferred financing costs(8,135)(7,303)
Exercise of stock options1,319 206 
Proceeds from preferred stock issuance109,782 150,170 
Proceeds from common stock issuance415,708 — 
Net cash provided by financing activities
341,183 401,850 
Effect of foreign currency exchange rate changes on cash224 (87)
Net increase (decrease) in cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash: 
Beginning of period98,338 57,344 
End of period$97,559 $98,338 


 Year ended December 31,
(in thousands)
Supplemental disclosures of cash flow information:  
Cash paid for interest$30,847 $35,219 
Cash paid for income taxes$1,495 $736 
Supplemental disclosures of noncash investing and financing activities:
Rollover equity in consideration of net assets acquired$726 $1,319 
Fair value of earnout in consideration of net assets acquired$— $3,471 
Accretion of Series B Preferred Stock to redemption value$15,105 $67,811 

 Quarter ended December 31,Year ended December 31,
(in thousands)
Reconciliation from Gross Profit to Adjusted Gross Profit:
Gross profit$87,808 $59,050 $308,301 $207,691 
Depreciation and amortization5,099 4,306 19,608 14,814 
Adjusted Gross Profit$92,907 $63,356 $327,909 $222,505 

 Quarter ended December 31,Year ended December 31,
(in thousands)
Reconciliation from Net loss to Adjusted EBITDA:
Net loss$(4,731)$(20,923)$(81,966)$(59,954)
Adjusted to exclude the following:
Interest and other expense, net4,849 10,892 36,111 41,545 
Income tax benefit(5,869)(882)(10,051)(3,630)
Loss on debt extinguishment— — 28,714 — 
Depreciation and amortization27,520 21,544 101,437 76,844 
Other amortization858 530 2,814 1,801 
Acquisition related costs466 5,036 3,452 9,558 
Stock-based compensation5,246 5,424 22,095 10,721 
Other non-recurring costs938 404 4,592 1,905 
Adjusted EBITDA$29,277 $22,025 $107,198 $78,790