EverCommerce (EVCM) 2026 年第 3 季法說會：支付業務成長與最新展望

重點摘要

• EverCommerce 公布 2026 年第三季營收為 1.514 億美元，年增 2.7%，但略低於公司財測區間的下緣。
• 調整後 EBITDA 為 4,500 萬美元，符合財測中位數，而調整後 EBITDA 利潤率則降至 29.7%，低於去年同期的 31.5%。
• 支付業務營收年增約 6.4%。在該公司排名前六大的解決方案中，支付業務營收成長 15%，總支付交易量則成長 15.6%。
• 過去 12 個月淨營收留存率為 93.3%。採用多項解決方案的客戶淨營收留存率持續維持在 100% 以上，而活躍的多解決方案客戶數年增 27%，達到約 147,000 名。
• 管理團隊將 2026 全年財測設定為營收約 6 億美元，以及調整後 EBITDA 約 1.7 億美元，考量了較疲軟的自然潛在客戶開發、供應商返利預期持平，以及第四季的額外投資。
• 執行長 Alexander Goor 表示，公司的長期目標是在產品開發、AI 驅動的工作流程以及更強大的獲客能力支援下，實現可持續且獲利的雙位數營收成長。

核心財務業績

以備考過去 12 個月計算，營收為 6.021 億美元，年增 2.9%。該公司在此期間亦公布了 29% 的調整後 EBITDA 利潤率，以及 131 億美元的總支付交易量。

業務與營運表現

營收成長受到供應商返利減少、新客戶獲取疲軟以及漏斗頂端自然搜尋流量承壓的限制。客戶留存率整體上維持在歷史水準，但管理團隊提醒，由於 SaaS 與支付業務具有經常性收入的特性，獲客情況的改善需要時間才能轉化為營收。

支付業務仍是主要的成長與利潤推動力。總支付營收成長約 6.4%，而排名前六大的解決方案表現更為強勁。其總支付交易量成長 15.6%，佔全公司交易量的 37%，高於 2025 年第三季的 32%。來自這些解決方案的支付營收成長 15%，佔總支付營收約一半。

該公司將支付營收的季增部分歸因於抽成率提高，以及商家與客戶融資方案的成長。EverCommerce 以淨額認列支付營收，管理團隊表示，在其核心解決方案中，新增的支付營收帶來約 95% 的增量調整後 EBITDA 利潤率。

交叉銷售亦取得進展。約有 324,000 名客戶已開通使用一項以上的解決方案，年增 17.4%。約 147,000 名客戶積極使用一項以上的解決方案，增加 27%，自 2025 年第一季以來的年複合成長率約為 30%。

管理團隊正將較大比例的資本化人力與投資導向其排名前六大的解決方案。管理團隊特別提到在 Invoice Simple、Joist 和 DrChrono 的成長與投資。EverPro 與 EverHealth 合計約貢獻 合併營收的 95%。

該季度內，EverCommerce 買回約 160 萬股，總計 1,570 萬美元，平均價格為每股 9.87 美元。在其現有截至 2027 年底的 3.25 億美元授權額度中，尚餘約 2,850 萬美元。

管理團隊財測

EverCommerce 預期 2026 全年營收約為 6 億美元，調整後 EBITDA 約為 1.7 億美元。

管理團隊表示，該展望反映了以下因素：

• 自然搜尋持續承壓，影響新客戶獲取。
• 供應商返利活動預期與去年同期大致持平。
• 部分以里程碑為基礎的安控與警報專案從 2026 年遞延至 2027 年。
• 較高額的重大醫療保險理賠影響 2026 年福利成本，但受停損上限約束。
• 第四季增加的投資主要用於付費媒體，且隨著投資分析完成，保留進一步追加支出的彈性。

該公司正優先進行旨在支持 2027 年底加速成長的投資。管理團隊的長期目標是實現可持續且獲利的雙位數營收成長，但也坦言短期投資可能會影響業績表現。

風險與關注焦點

• 營收成長已見放緩，且近期主要依賴定價措施推動。
• 自然搜尋疲軟以及潛在客戶開發轉弱，正為新客戶獲取帶來壓力。
• 第三季供應商返利表現不如內部預期。
• 其他營收年減約 200 萬美元，主因安控與警報業務中里程碑實施專案的認列時程所致。
• 過去 12 個月淨營收留存率降至 93.3%，部分原因是傳統支付業務中第三方合作夥伴營收減少，以及橫向附加功能表現較弱。
• 由於成長性投資以及 2025 年第三季數位廣告基期較低（比較基期有利），調整後營業費用佔營收比例有所上升。
• 涵蓋 4.25 億美元名目債務的利率交換合約將於 2027 年 10 月到期。長期債務則於 2031 年 7 月到期。

分析師問答重點

當被問及為何增加產品投資是應對自然流量逆風的適當舉措時，管理團隊表示，公司正在處理整個客戶旅程，包括付費潛在客戶開發、銷售轉換、產品品質與客戶溝通。公司排名前六大的解決方案呈現雙位數成長，而投資正是集中於這些方案，這為該策略提供了有力佐證。

管理團隊亦表示，各項投資決策正透過客戶終身價值與獲客成本分析進行評估。公司正審視其涵蓋逾 22 項產品組合中的每一項產品，而非在整體業務中採用一刀切的支出方式。

在定價方面，Goor 表示 EverCommerce 打算依據客戶價值進行定價，並評估其對客戶留存、流失與終身價值的影響。他不排除採取進一步定價措施，但指出定價應與整體客戶價值主張一併考量，而非作為主要的成長槓桿。

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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.

分析師問答

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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