Denver-based EverCommerce Inc. (NASDAQ:EVCM), a provider of software services, announced changes to its Board of Directors in a recent SEC filing. On September 19, 2024, the company's Board elected Alexi Wellman as a Class II director, with her term set to begin on September 23, 2024. Wellman will also join the Audit Committee.
Wellman's compensation includes an annual retainer of $55,000 for her board service, plus an additional $20,000 for her Audit Committee role. She will also receive a pro-rated initial equity award of restricted stock units valued at $200,000, vesting on the day before the next annual stockholders' meeting or September 23, 2025, contingent upon continued service.
In conjunction with Wellman's appointment, Debby Soo has resigned from the Board, effective October 31, 2024. The company will enter into its standard indemnification agreement with Wellman.
In other recent news, EverCommerce has seen noteworthy developments. The company exceeded revenue expectations for Q2 2024, reporting a revenue of $177.4 million, a 4.3% year-over-year increase. When excluding the sale of fitness assets, the pro forma revenue growth stood at 6%. The company's adjusted EBITDA reached $41.2 million, marking a 23.2% margin. Payments revenue, excluding fitness solutions, saw an 8% YoY increase, propelled by an 8.4% growth in total payment volume.
EverCommerce also announced significant growth in cross-selling, with 199,000 customers enabled for more than one solution, marking a 25% YoY increase.
The company appointed Alexi Wellman to its Board of Directors, a move expected to strengthen its growth strategy given Wellman's extensive background in financial management and corporate governance. Concurrently, EverCommerce announced the departure of current Board member Debby Soo, effective October 31, 2024.
Looking ahead, EverCommerce expects Q3 total revenue to be between $172 million and $176 million, with adjusted EBITDA projections set at $39 million to $42 million. These recent developments highlight the company's ongoing focus on profitability and generating significant free cash flow.
InvestingPro Insights
As EverCommerce Inc. (NASDAQ:EVCM) welcomes Alexi Wellman to its Board of Directors, it's important for investors to consider the company's financial health and market performance. According to real-time data from InvestingPro, EverCommerce has a market capitalization of approximately $1.98 billion. Despite not being profitable over the last twelve months, analysts predict that the company will turn a profit this year. This outlook may reflect in the company's revenue growth, which was 6.23% for the last twelve months as of Q2 2024.
InvestingPro Tips suggest that while the company is trading at high EBIT and EBITDA valuation multiples, indicating a premium market valuation, there is an expectation of net income growth. However, it's worth noting that six analysts have revised their earnings estimates downwards for the upcoming period. Additionally, EverCommerce does not pay a dividend, which could be a consideration for income-focused investors.
For those interested in a deeper dive into EverCommerce's financials and future outlook, there are additional InvestingPro Tips available at Investing.com/pro/EVCM. These insights can provide a more comprehensive understanding of the company's potential trajectory following the recent board changes.
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