DENVER - EverCommerce Inc. (NASDAQ:EVCM), a leading service commerce platform, today reported a loss in the fourth quarter that widened from the same period last year and revenue that fell short of analyst expectations. The company posted a net loss of $0.12 per share, which was significantly below the consensus estimate of $0.13 per share. Revenue for the quarter was $169.4 million, missing the analyst target of $172.37 million and representing a modest 4.7% increase from the $161.8 million reported in the fourth quarter of the previous year.
The company's stock declined by 3.21% following the announcement, indicating investor disappointment over the earnings and revenue miss. Eric Remer, EverCommerce's Founder and CEO, acknowledged the headwinds to revenue growth but highlighted the company's Adjusted EBITDA results, which exceeded guidance and showed a 22% growth and a 370 basis point improvement in margins year-over-year (YoY). Remer also pointed to the recent sale of the company's fitness assets as a step towards streamlining the business for future growth and profitability.
Looking ahead, EverCommerce provided guidance for the first quarter of 2024, expecting revenue to be between $160.5 million and $163.5 million, and Adjusted EBITDA to range from $36 million to $38 million. For the full year 2024, the company anticipates revenue to be in the range of $676 million to $696 million, with Adjusted EBITDA projected between $167 million and $176 million. These figures exclude the impact of the divested fitness assets. The company did not provide a comparison to analyst estimates for future guidance.
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