EverCommerce (EVCM) 2026年第3四半期決算説明会：決済事業の成長と業績見通しの更新

主要なポイント

• EverCommerceの2026年第3四半期売上高は1億5,140万ドルとなり、前年同期比で2.7%増加したものの、同社のガイダンスレンジ下限をわずかに下回った。
• 調整後EBITDAは4,500万ドルとガイダンス中央値に一致した一方、調整後EBITDAマージンは29.7%へと、31.5%であった前年同期から低下した。
• 決済売上高は約6.4%前年同期比で増加した。同社の上位6つのソリューションでは、決済売上高が15%増加し、総決済取扱高は15.6%増加した。
• 過去12カ月間のネット売上維持率は93.3%となった。複数ソリューション利用顧客のネット売上維持率は引き続き100%超を維持した一方、アクティブな複数ソリューション利用顧客数は27%の前年同期比増となり、約14万7,000件に達した。
• 経営陣は2026年通期のガイダンスについて、約6億ドルの売上高および1億7,000万ドルの調整後EBITDAと設定した。これには、オーガニックな見込み顧客獲得の鈍化、ベンダーリベートの横ばい見通し、第4四半期の追加投資が織り込まれている。
• アレクサンダー・グーアCEOは、製品開発、AIを活用したワークフロー、顧客獲得の強化に支えられた、持続可能で収益性の高い2桁の売上成長が同社の長期的な目標であると述べた。

主要業績

プロフォルマ過去12カ月ベースの売上高は6億210万ドルとなり、前年同期比2.9%増となった。また同社は同期間において、29%の調整後EBITDAマージンおよび131億ドルの総決済取扱高を計上した。

事業動向および業績

売上高の成長は、ベンダーリベートの減少、新規顧客獲得の軟化、およびファネル上流におけるオーガニック検索トラフィックへの圧力によって抑制された。顧客維持率は全般的に過去の水準を維持したものの、SaaSおよび決済事業の経常的な収益構造から、顧客獲得の改善が売上に反映されるまでには時間を要すると経営陣は慎重な姿勢を示した。

決済事業は引き続き成長と利益率の主要な牽引役となった。総決済売上高は約6.4%増加した一方、上位6つのソリューションは大幅に力強い実績を上げた。これらソリューションの総決済取扱高は15.6%増加し、全社取扱高の37%を占め、2025年第3四半期の32%から上昇した。これらソリューションからの決済売上高は15%増加し、総決済売上高の約半分を占めた。

同社は決済売上高の前四半期比での増加について、テイクレートの上昇や加盟店・顧客向けファイナンス商品の成長が一部寄与したと説明した。EverCommerceは決済売上高を純額ベースで計上しており、経営陣によると決済売上高の増分は約95%の限界調整後EBITDAマージンを中核ソリューションにもたらすという。

クロスセルも進展した。約32万4,000件の顧客が複数のソリューションを利用可能な状態にあり、前年同期比17.4%増となった。また約14万7,000件の顧客が複数のソリューションをアクティブに利用しており、これは27%の増加、ならびに約30%という2025年第1四半期以降の年平均成長率となった。

経営陣は資産計上される人件費や投資の多くを上位6つのソリューションに重点配分している。具体的にはInvoice Simple、Joist、DrChronoでの成長と投資を挙げた。EverProとEverHealthは合計で約連結売上高の95%を生み出している。

当四半期中、EverCommerceは約160万株を1,570万ドルで買い戻した（1株当たりの平均取得価格は9.87ドル）。約2,850万ドルが、2027年末を期限とする既存の3億2,500万ドルの承認枠に残存している。

経営陣による業績見通し

EverCommerceは2026年通期の売上高を約6億ドル、調整後EBITDAを約1億7,000万ドルと予想している。

経営陣によると、この見通しには以下の要因が反映されている。

• 新規顧客獲得に影響を与えているオーガニック検索トラフィックへの継続的な圧力。
• ベンダーリベートが前年比でほぼ横ばいとなる見込みであること。
• セキュリティおよび警報事業におけるマイルストーン連動型プロジェクトの一部が2026年から2027年にずれ込むこと。
• ストップロス限度額が適用されるものの、高額な医療保険金請求の増加が2026年の福利厚生費用に影響を及ぼすこと。
• ペイドメディアを中心とした第4四半期の追加投資（投資分析の完了に伴い追加支出を行う柔軟性を確保）。

同社は、2027年末以降の成長加速を支援するための投資を優先している。経営陣の長期的な目標は持続可能で収益性の高い2桁の売上成長だが、足元の投資が短期的な業績に影響を与える可能性があることも認めた。

リスクおよび注視すべき点

• 売上成長は減速しており、直近では主に価格改定措置に依存している。
• オーガニック検索の低迷と見込み顧客獲得の軟化が、新規顧客獲得を圧迫している。
• 第3四半期のベンダーリベートは社内予想を下回った。
• その他売上高は前年同期比で約200万ドル減少したが、これは主にセキュリティおよび警報事業におけるマイルストーン導入プロジェクトの計上時期によるものである。
• 過去12カ月間のネット売上維持率は93.3%に低下した。これはレガシー決済におけるサードパーティパートナー売上の減少や、水平展開型アドオンの低迷などが一部影響した。
• 成長投資の実施に加え、2025年第3四半期のデジタル広告費との比較が有利であったことから、売上高に対する調整後営業費用の比率は上昇した。
• 金利スワップ（対象：4億2,500万ドルの想定元本債務）は2027年10月に失効する。長期債務の満期は2031年7月である。

アナリスト質疑応答の主なポイント

オーガニックトラフィックの逆風に対してなぜ製品投資が適切な対応策なのかと問われ、経営陣は、有料リード獲得、営業成約率、製品品質、顧客コミュニケーションを含むカスタマージャーニー全体に対処していると説明した。同社は、投資が集中している上位6つのソリューションが2桁成長を遂げていることに、この戦略を裏付ける根拠を見出している。

経営陣はまた、投資判断は顧客生涯価値（LTV）と顧客獲得コスト（CAC）の分析を通じて評価されていると述べた。同社は全事業に一律の支出手法を適用するのではなく、22以上のサービスからなるポートフォリオ全体の個々の製品を見直している。

価格設定についてグーアCEOは、EverCommerceは顧客価値に応じた価格設定を行い、維持率、解約率、生涯価値への影響を評価する意向であると述べた。同氏は追加の価格改定措置を排除しなかったものの、価格設定は成長を牽引する主たるレバーとしてではなく、顧客への全体的な価値提案と併せて検討されるべきであるとの見解を示した。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

[Operator Instructions]

As a reminder, this conference call is being recorded today, November 5, 2026. And I would now like to turn the conference over to Ryan Siurek, Chief Financial Officer for EverCommerce. Please go ahead.

Ryan Siurek

Good afternoon and thank you for joining. Joining me on today's call is Alex Goor, EverCommerce's Chief Executive Officer. This call is being webcast with a slide presentation that reviews the key financial and operating results for the three months ended September 30, 2026. For a link to the live or replay webcast, please visit the Investor Relations section of the EverCommerce website, www.evercommerce.com. The slide presentation and earnings release are also directly available on the site.

Please turn to page 2 of our earnings call presentation while I review our safe harbor statement. Statements made on this call and contained in the earnings materials available on our website that are not historical in nature may constitute forward-looking statements. Such statements are based on the current expectations and beliefs of management. Actual results may differ materially from those forward-looking statements due to risks and uncertainties that are described in more detail in our filings with the SEC. We undertake no obligation to publicly update or revise these forward-looking statements except as required by law.

We will also refer to certain non-GAAP financial measures in our comments today. A reconciliation of non-GAAP to GAAP historical measures is provided in both our earnings press release and our earnings call presentation. As a quick reminder, we closed on the sale of the marketing technology business on October 31, 2025. Our commentary today will center on the continuing operations of our business focused on our EverPro, EverHealth, and EverWell verticals. All financial and operating metric results in year-over-year comparisons are presented related to continuing operations, except for cash flow metrics or unless otherwise specified. I'll now turn the call over to our CEO, Alex Goor.

Alexander Goor

Thank you, Ryan. I'm inaugurating my first earnings call as EverCommerce CEO at an important time for the company. EverCommerce is a collection of vertical software platforms that serve as the systems of action for service-based businesses, which provide value to their customers primarily in the SMB space. Our systems of action generate a highly recurring revenue base, strong free cash flow, and significant opportunities for growth across payments and other cross-sell opportunities, including AI-based capabilities and technology.

My first months in the role have focused on deepening my understanding of our large portfolio of product offerings across EverPro, EverHealth, and EverWell, establishing new leadership within our EverPro and EverHealth verticals, standing up a strategy office that reports to me, and ensuring that we have a strong foundation for technology development. My early work has allowed me to see our strengths and weaknesses. The good news is that EverCommerce is well capitalized with a strong balance sheet, positive cash flow generation, an undrawn revolver, and no significant debt maturities until 2031. This gives me confidence that we can continue to invest in the areas of our business that are growing, while also funding areas that need further investment.

It's clear to me that we must develop and execute an investment strategy directed at reinvigorating our technology and operations and accelerating the development of products our customers are asking for. By doing this, I believe we will be able to improve our revenue trajectory, which has been growing but decelerating and supported primarily by price actions. As a shareholder, I am focused on double-digit revenue growth, and I believe a customer-first strategy is the best way to realize this goal.

In a moment, I will share my initial observations, my priorities, and several leadership changes we have made to sharpen execution. But first, turning to performance, our third quarter results were mixed. Revenue came in just below the low end of our guidance range, while adjusted EBITDA met the midpoint. I recognize that we did not meet our internal or external expectations, and our current performance does not reflect the full potential of these valuable assets.

During the third quarter, EverCommerce generated revenue of $151.4 million, representing 2.7% year-over-year growth. Adjusted EBITDA for the quarter of $45 million met the midpoint of our guidance range, representing a margin of 29.7%. Revenue growth during the quarter was affected by several factors, including underperformance in our vendor rebates business compared to our internal forecasts. As a reminder, rebates are the group purchasing portion of our business, where we earn vendor rebates and share a portion with our customers.

In addition, the deceleration in growth also reflects softer new customer acquisition that we discussed last quarter, particularly from top-of-funnel lead generation, while customer retention generally remains consistent with historical levels. Given the recurring nature of our SaaS and payments businesses, improvements in new customer acquisition will take time for it to translate into stronger revenue growth. Conversely, our payments revenue grew approximately 6.4% in Q3 as compared to the prior year. And importantly, payment revenue for our top six solutions had double-digit growth year-over-year and grew sequentially.

As we move through the remainder of 2026 and into 2027, we are prioritizing investments to support an acceleration of growth exiting 2027. Our cross-sell motion continues to expand. In the third quarter, we saw approximately 27% growth in customers utilizing more than 1 solution. In a moment, I'll address some exciting leadership appointments to our business.

EverCommerce is building AI-powered workflows for service SMBs. We offer value to our customers by providing the systems of action necessary to run their businesses with tailored, unique workflows. We provide end-to-end solutions to our customer base across our 3 major verticals: EverPro for home and field services, EverHealth for medical practices, and EverWell for wellness service providers, with EverPro and EverHealth together representing 95% of consolidated revenue. Our large customer base represents a significant embedded opportunity to expand value through integrated payments, intelligent automation, and AI-driven workflows.

On a pro forma basis, for the last 12 months, we generated approximately $602 million in revenue, representing 2.9% year-over-year growth. We also generated a 29% adjusted EBITDA margin and $13.1 billion of total payments volume, or TPV, each on an LTM basis.

Now, I would like to spend a few moments on what I've learned in my first months as CEO and where we are focusing. Since joining, I have focused on developing an in-depth understanding of our products, their value proposition to customers, and our technology capabilities, gathering customer and employee feedback, and spending time with our board to build a clear-eyed view of where we are winning and where we can improve. Based on my first 90 days, I would organize my imperatives into 3 categories: doing right by the customer, doing right by employees, and in so doing, doing right by shareholders.

For our customers, we will further develop differentiated products designed to solve customer problems and ease their administrative pains. We intend to reinforce a culture of continuously improving and the relentless quest to make things better. This will require closer customer engagement and stronger feedback loops across products, sales, and customer support.

For our employees, we aim to align our operational structure more closely to business outcomes. The company has undergone significant cost transformation to maintain margins. We now plan to focus on aligning incentives to drive greater urgency and moving our management structure closer to our products and customer needs.

For our shareholders, we are taking a long-term view. Improving customer outcomes and strengthening accountability represent the first phase of that work. Our focus is on delivering long-term profitable growth supported by a culture of rigorous analysis. Our objective is sustainable and profitable double-digit revenue growth.

These observations shape my near-term priorities. They include identifying and funding prioritized growth investments, establishing the governance and analytics needed to make informed and timely investment decisions, or what I like to refer to as wiring, advancing AI technology and coding experiments, and evaluating our technology infrastructure and cost base. Importantly, we intend to act with urgency and iterate proactively, even if those iterations have an impact on near-term results.

Our updated full-year guidance includes incremental investments in digital advertising, where we have confidence in the achievement of hurdle rates that are accretive to our investment objectives.

To execute against these priorities, we have strengthened our leadership team. In September, we announced several appointments, each reporting directly to me. Andrew Hausman joined as president of EverPro and is focused on accelerating growth and strengthening execution. Chris Rogers joined as Chief Technology Officer and is providing enterprise-wide leadership across customer-facing technology, cloud infrastructure, and security. Gim Lau joined as Chief Strategy Officer and is leading Enterprise Strategy and Investment Prioritization. And at EverHealth, Chief Revenue Officer Brian Caulfield is leading the business on an interim basis while we conduct a search for a permanent president.

We are early in this work, and I look forward to updating you on our progress and how it informs our plans for 2027 on future calls. Now I will pass it over to Ryan, who will review our operating and financial results in more detail, as well as provide full year 2026 guidance.

Ryan Siurek

Thanks, Alex. Before I walk through this quarter's cross-sell results, I want to give a brief update on the metrics for today's call. In most of our information, we have now included a quarterly view of information since Q1 2025 to offer further visibility into trending and results in the various parts of the business. Cross-sell, particularly payments, remains central to our strategy, and multi-solution customers continue to be among our most valuable, generating higher net revenue retention as compared to single-product customers.

Today, we are presenting the metrics on the same basis as prior quarters for comparability. However, as we continue to evaluate our investment priorities for 2027 and beyond, we will be reevaluating the metrics presented here to ensure they are aligned to our internal prioritizations and aligned to the growth drivers that we are using to incent and drive our business leaders. To be clear, we are not deprioritizing payments. On the contrary, we want to ensure that cross-sell beyond payments is a priority when the retention and gross margin profile justifies the resource allocation to drive further customer lifetime value.

Going forward, we expect to refine how we present this and other metrics to further align to drivers of accountability that we are establishing within each vertical unit to drive outcomes. As we refine the approach, we will provide clear definitions and information.

Our embedded base, along with our gross acquisition motion, provides ample embedded opportunity to increase cross-sell. At the end of the third quarter, approximately 324,000 customers were enabled for more than 1 solution, reflecting 17.4% year-over-year growth. At the end of the third quarter, approximately 147,000 customers were actively utilizing more than 1 solution, reflecting 27% year-over-year growth and approximately 30% CAGR since Q1 2025. Over the trailing 12 months, net revenue retention was 93.3%, with multi-solution customers continuing to generate NRR above 100%. The slight reduction in reported NRR compared with the prior quarter continues to be driven by declining third-party partner revenue within our legacy payments business and other horizontal add-ons such as our customer experience products.

Turning now to revenue. We have provided further visibility into various revenue components to drive at a more robust understanding of growth drivers. Total reported revenue in the third quarter was $151.4 million, up 2.7% from the prior year period. Subscription and transaction revenue, our primary recurring revenue base, was $148.2 million, up 4.2%. In addition, other revenue declined by approximately $2 million year-over-year, primarily associated with the timing-related milestone implementation projects in our security and alarm business. Pro forma revenue adjusted for the acquisition of ZyraTalk, which closed in Q3 2025, was $602.1 million on an LTM basis, an increase of 2.9%, and $151.4 million for the quarter, an increase of 2.1%, both on a year-over-year basis.

Turning further to payments, we continue to put much of our focus and investment in our fastest-growing solutions, and we continue to see outsized payments revenue growth in those 6 solutions. In the top 6 solutions, TPV grew 15.6% year-over-year and now represents 37% of total TPV, up from 32% in the third quarter of 2025. Payments revenue within our top 6 solutions grew 15% year-over-year, now representing approximately 50% of total payments revenue. The increase in payments revenue quarter-over-quarter was benefited by higher take rate, including growth in our merchant and customer financing offerings, which provide customers with access to capital to fund upfront material costs, manage payroll, and invest in the growth of their businesses. We expect these offerings to continue to grow as part of our ongoing, recurring business.

Highlighting the payment performance in our growth solutions is important because this is where we are focusing our investments. The cross-sell metrics I highlighted a moment ago are largely driven by our top 6 solutions. The remainder of our payments business drives meaningful cash flow generation at lower growth. As a reminder, we report our payments revenue on a net basis, and therefore, it incrementally contributes approximately 95% incremental EBITDA margin within our core solutions. As such, payments revenue growth is a meaningful contributor to our overall adjusted EBITDA margin profile.

Adjusted gross profit in the quarter was $120 million, representing an adjusted gross margin of 79.3%, as compared to 77.3% in the comparable period. Third quarter adjusted EBITDA was $45 million, with an adjusted EBITDA margin of 29.7% as compared to 31.5% in the comparable period. Third quarter 2025 operating expenses benefited from a reduction in online digital advertising spend of approximately $2 million as compared to a normalized run rate, which equates to approximately 135 basis points of the difference.

Now, turning to adjusted operating expenses, which are reconciled in the appendix to this presentation. For the quarter, adjusted operating expenses were higher year-over-year as a percentage of revenue, increasing from 45.8% to 49.5%, representing reduced digital advertising spend in Q3 2025, as just discussed, as well as targeted growth investments across sales, marketing, and product development. For the LTM period, as a percentage of revenue, adjusted operating expenses increased from 46.7% to 49.3%.

Next, I'll turn to liquidity and capital resource metrics. We ended the quarter with $139 million in cash and cash equivalents and $125 million of undrawn capacity on our revolver. As of September 30, we had $522.5 million of debt outstanding. Our total net leverage as calculated for our credit facility was approximately 2.2x, reflecting operational performance and free cash generation. This leveraged position, together with our liquidity profile, provides meaningful flexibility to pursue our capital allocation priorities. We have $425 million of notional swaps at a weighted average rate of 3.91% that effectively hedges the floating component of our interest costs through October 2027. Our long-term debt does not mature until July 2031, while our undrawn revolver capacity provides availability through July 2030, providing us with runway and financial flexibility for the foreseeable future.

In terms of capital allocation, in addition to our focus on AI investments, in the third quarter we repurchased approximately 1.6 million shares for $15.7 million at an average price of $9.87 per share. Based on the shares repurchased through September 30, 2026, approximately $28.5 million remains under our existing $325 million share repurchase authorization through the end of 2027.

We continue to generate significant free cash flow as we invest to grow our business, including in our AI-powered products. It is important to note that the cash flow metrics shown on slide 13 and that I'm about to discuss include the cash generated from the divested marketing technology solutions business through October 31, 2025. And as such, year-over-year comparisons and quarterly trending are not fully comparable. Cash flow from operations for the quarter was $32.9 million. That's compared to the prior year of $32.5 million. Levered free cash flow was $24.6 million for the quarter. And for the trailing 12-month period, we generated $73 million. Unlevered free cash flow was $31.9 million in the quarter and $114.9 million for the last 12 months.

I will conclude with our updated full-year outlook. We've established our guidance for the full year 2026 for both revenue and adjusted EBITDA on the following key assumptions. First, our guide is built from the trends we are seeing in the business currently, which include top-of-funnel pressure in organic search impacting new customer acquisitions. Next, we have recalibrated our expectation from vendor rebate activity, which we now expect to be relatively flat to prior year performance. In our security and alarm business, we expect some timing movement from milestone-based projects moving out from 2026 to 2027. Additionally, we've experienced an increase in large healthcare claims in 2026 that are expected to negatively impact benefits costs for the full year 2026, but are capped in terms of our stop-loss limits.

Lastly, as Alex previously described, we intend to act with urgency and iterate proactively, even if those iterations have an impact on near-term results. Accordingly, our guide includes incremental Q4 investments, primarily in paid media, and flexibility to quickly pivot on further investments as we complete a series of successive but ongoing investment analyses. As a result of these items, we now expect full year revenue of approximately $600 million and adjusted EBITDA of approximately $170 million.

Operator, we are now ready to begin the question and answer session.

Operator

[Operator Instructions]

Our first question comes from the line of Bhavin Shah of Deutsche Bank.

質疑応答

Bhavin Shah

Can you just maybe talk a little bit about what's driving your confidence that investing into the product and the product capabilities is the right go-forward strategy for EverCommerce, especially as we think about the headwinds faced from an organic traffic perspective? Are there any specific areas that you are looking to put outsized investment into, whether it's product, EverPro versus EverHealth? And then finally, how should we measure your progress on this?

Alexander Goor

Thanks for the question. I think we're looking quite broadly. We like to think about it all along the customer journey, from responding to the challenges in organic lead generation. I think we have a much better sense of how to invest in inorganic lead generation. We have real targets in terms of improving how we sell to customers, how we respond to them, how we convert leads, and we have a lot of things in action there. But maybe most importantly is the quality of our products. There's a lot of opportunities to make our products better, to make them more innovative. I mean, that's always going to be the case. And that's always going to be the case, no matter how well we do.

But we want to do it better and we're going to want to do it more quickly. And we want to communicate those successes and really turn a virtuous circle into revolving very quickly so that our customers can see how the products are evolving and improving and our employees can see it, it makes them better at selling it, and it makes our customers more aware.

Ryan Siurek

Hey, Bhavin, this is Ryan. And in addition to what Alex just said, I mean, some of the proof points for us is like, we talk about the top six solutions and where we're investing our money. If you bifurcate the portfolio across the top six solutions relative to all others, the disproportionate amount of our cap labor and our investment dollars are going into top six solutions. Top six solutions as a percentage of total overall revenue grew on a double-digit basis. You can't see that in the full results because the full year results are impacted by a portfolio of over 22 different products. So where we are investing dollars, and I would say that that's in the areas of Invoice Simple, Joist, there's investments coming through from a timely perspective.

Others of our top six, including DrChrono, we're seeing the advantages in terms of growth, not only from a revenue perspective, but in some of those instances also from a customer perspective. So it's giving us the confidence to look at that across the broader portfolio, which I would say that since Alex has come in, we've taken a deeper dive across each and every one of those products from a portfolio perspective. Some are obviously larger than others, and that is just taking time, but a lot of good discussion is coming out of that, including a lot of marginal analysis from an LTV and CAC perspective.

Bhavin Shah

That's helpful there. Just one quick follow-up. You mentioned, I think, in the press release and also in your prepared remarks that pricing is going to be maybe less of a revenue driver going forward. Anything that you're seeing from a customer behavior perspective, whether it's retention rates, whether it's pushback that's driving this, or is this – or doing it for another reason?

Alexander Goor

I think that philosophically, we just want to make sure that we're very responsive to our customers and we're pricing to value and that that is communicated throughout the organization so that there's flexibility and agility in terms of pricing. There's also, you know, we're really leading first with analysis, and so we also want to make sure that we understand the ramification of pricing on retention and attrition. So it's a more fulsome kind of look at the net product that we're giving to our customers, including price, and how that affects the lifetime value of the customer. I'm not ruling out price. I'm just saying I think it's a more fulsome appreciation of the role of price.

Bhavin Shah

Got it. Very helpful.

Ryan Siurek

Great. Thanks, Bhavin.

Bhavin Shah

Thank you.

Operator

[Operator Instructions]

As I show no further questions in queue, I would now like to turn the conference back to Alex Goor for closing remarks.

Alexander Goor

Thank you for joining us today. We have strong positions in attractive vertical markets and meaningful opportunities across payments and AI, as well as a clear understanding of where we need to improve execution. Our immediate focus is strengthening product delivery, rebuilding new customer growth, and applying disciplined investment to the opportunities with the strongest potential returns. We appreciate your time and look forward to updating you on our progress. Operator, this concludes our call.

Operator

Ladies and gentlemen, thank you for participating. You may now disconnect.

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