Q2 2024 EverCommerce Inc Earnings Call Transcript
Key Points
- Reported revenue exceeded the top-end of guidance range with 4.3% year-over-year growth.
- Pro forma revenue growth, excluding the North American fitness asset sold, was 6%.
- Adjusted EBITDA of $41.2 million beat the midpoint of guidance range, representing a 23.2% margin.
- Payments revenue, excluding the fitness solutions, grew 8% year-over-year.
- The Board increased share repurchase authorization by $50 million and extended the program to the end of 2025.
- Annualized net revenue retention (NRR) for core software payment solutions was 97%, down slightly on a sequential basis.
- Adjusted gross margin slightly decreased to 65.4% from 65.8% in Q2 2023.
- Levered free cash flow was down approximately $3.6 million or 16% year-over-year.
- Marketing technology solutions showed only 1.6% growth, indicating continued headwinds.
- The optimization savings are expected to have a more measurable impact starting in 2025, not immediately.
Thank you for standing by, and welcome to the EverCommerce's second-quarter 2024 earnings call. My name is Brianna, and I will be your operator for today. (Operator Instructions) As a reminder, this conference call is being recorded today, Tuesday, August 6, 2024.
And I would now like to turn the conference over to Brad Korch, SVP and Head of Investor Relations for EverCommerce. Please go ahead.
Good afternoon and thank you for joining. Today's call will be led by Eric Remer, EverCommerce's Chairman and Chief Executive Officer; and Marc Thompson, EverCommerce's Chief Financial Officer. Joining them for the Q&A portion of the call is EverCommerce's President, Matt Feierstein; EverCommerce's incoming Chief Financial Officer and current Chief Accounting Officer, Ryan Siurek; and EverCommerce's, Chief Operating Officer, Evan Berlin.
This call is being webcast with a slide presentation that reviews the key financial and operating results for the three months ended
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