EverCommerce Inc. reported a revenue of $698.8 million for the fiscal year ending December 31, 2024, marking a 3.5% increase from $675.4 million in 2023. The company experienced a net loss of $41.1 million, a slight improvement from the previous year's loss of $45.6 million. Adjusted EBITDA rose to $177.0 million, up from $155.6 million in 2023, reflecting the company's ongoing efforts to enhance profitability despite the challenges faced in the market.
The company noted significant operational changes, including the divestiture of its fitness solutions segment, which was completed in July 2024. This strategic decision was part of a broader review of its Marketing Technology Solutions, which the company plans to sell in 2025. The sale of the fitness segment resulted in a loss of $4.9 million and a goodwill impairment charge of $6.4 million. As of December 31, 2024, EverCommerce served approximately 740,000 customers, with a notable increase in its subscription and transaction fees, which grew by 5.4% year-over-year.
In terms of customer engagement, EverCommerce reported an annualized net revenue retention rate of approximately 91% for the fourth quarter of 2024, down from 93% in the same quarter of 2023. The company attributed this decline to fluctuations in demand for its marketing technology solutions, which saw a revenue decrease of 2.9% year-over-year. The company continues to focus on cross-selling its integrated solutions to existing customers, which is expected to enhance customer retention and drive future revenue growth.
EverCommerce's financial position remains stable, with cash and cash equivalents totaling $135.8 million as of December 31, 2024, alongside $190 million in available borrowing capacity under its credit facilities. The company reported net cash provided by operating activities of $113.2 million, an increase from $104.6 million in 2023. However, it also noted that it may need to incur additional debt or seek capital to support its growth strategy, particularly in light of its ongoing investments in technology and infrastructure.
Looking ahead, EverCommerce anticipates continued growth driven by the increasing adoption of digital solutions among service-based small and medium-sized businesses (SMBs). The company estimates that only 9% of the service SMB market has been penetrated with fully integrated software solutions, indicating significant room for expansion. However, it also acknowledged the potential risks associated with market volatility and competition, which could impact its future performance.
About EverCommerce Inc.
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