EverCommerce Inc.

Thank you for standing by and welcome to EverCommerce's fourth quarter 2025 earnings call. My name is Josh and I will be your operator for today. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, please press star 1 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 1 again. As a reminder, this conference call is being recorded today. March 12th, 2026. And I would now like to turn the conference over to Brad Korch, SVP Finance 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 Reamer, EverCommerce's Chairman and Chief Executive Officer, and Ryan Surak, EverCommerce's Chief Financial Officer. This call is being webcast with a slide presentation that reviews the key financial and operating results for the three months ended December 31st, 2025. 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 two 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 these 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, last quarter we announced that we had closed on the sale of the marketing technology business. Our commentary today will center on the continuing operations of our business, focused on our EverHealth, EverPro, and EverWell verticals. All financial and operating metric results are presented relating to continue operations only unless otherwise specified. I will now turn it over to our CEO, Eric Reamer. Please continue.

Thank you, Brad. On today's call, I will highlight fourth quarter full year 2025 results and share some exciting AI developments across our company, including a deeper dive within our EverHealth vertical before turning the call over to Ryan to discuss our financial performance in more detail. 2025 was a year of tremendous positive change for EverCommerce. We entered the year having just begun to stand up the vertical business units for EverHealth and EverPro, and throughout the year we focused on product, people, process, and technology improvements across our business to better serve our customers and drive shareholder return. From an organizational standpoint, we ended 2025 with robust functional organizations in both EverPro and EverHealth that each had enhanced core competencies in the areas of product strategy and development, customer experience, and go-to-market, among others. In 2025, we sold our marketing technology solutions business that had been a detractor to both growth and predictability. We acquired ZyraTalk, which has proven to be a strong foundation for our current and future AI product initiatives. We deployed nearly $85 million of capital to repurchase 8.2 million shares of our commerce stock, and we repriced and extended our credit facility. In the midst of all of this positive progress and change across multiple aspects of our business, We met or exceeded our financial targets for the year, demonstrating our continued focus on financial performance. During the fourth quarter, EverCommerce generated a revenue of $151.2 million above the midpoint of our guidance range, representing a 5.2% year-over-year growth. Adjusted EBITDA for the quarter of $44.2 million beat the top of our guidance range, representing a 29.2% margin. I'll expand more on our cross-sell motions in a few moments, but throughout 2025, we saw accelerated leading metrics compared to 2024. Finally, we repurchased 2.5 million shares for $24.8 million during the quarter. EverCommerce is building the AI operating system for service S&P workflows. We offer tremendous value to our customers by providing the system of actions necessary to run their businesses with tailored, unique workflows. We provide end-to-end solutions to more than 745,000 customers across our three major verticals, EverPro for home field services, EverHealth for medical practices, and EverWell for wellness service providers, with the two former verticals representing approximately 95% of consolidated revenue. Our large base of customers represents an immense embedded opportunity to provide value-added features and services like payments and customer rebates through our purchasing programs. On a pro-former basis, for the last 12 months, we generated $591.7 million in revenue, representing 6.4% year-over-year growth. We also generated 30.7% adjusted EBITDA margin on an LTM basis. Finally, our annualized total payments volume, or TPV, expanded to $13 billion. There's been a lot of market discussion about the impact of AI on software companies over the past several months. We see this moment in time as an opportunity to accelerate growth or advancements for our customers as well as our own operating leverage. We are the business of simplifying and empowering the lives of business owners whose services support us every day. This has been the mission statement for EverCommerce since its inception. When you look deeper at who our customers are, almost by definition, they are subscale operations, plumbers, HVAC technicians, electricians, healthcare providers, and salons that range from pure sole proprietor to ones with just a handful of employees. AI is not just an add-on for these customers. AI does not just save time or automate manual processes. AI is a force multiplier for our customers, providing a variety of growth opportunity and efficiencies. For example, an AI-based 24-hour receptionist that can schedule jobs is not replacing a human receptionist, but instead establishing an inbound call function that didn't exist. Outbound calling can generate new business. Billings and collectionations can run in the background to improve collections and working capital. Embedded ambient scribe increases time with patients in the exam room, and there are many more examples. Because we view AI to be such an important value creation driver for our customers, we have transformed our own business with an AI-first focus. We are not just bolting on third-party capabilities to our existing solutions. we are building native AI-agentic features into our platforms. We are reimagining workflows and making significant investments to be at the leading edge of AI capabilities for our customers. The acquisition of ZyraTalk was a step-function move towards this goal, but our efforts began ahead of it and will continue for many years to come. Last quarter, we highlighted many of the live and in-development capabilities at EverPro. In a moment, I will highlight the same for EverHealth. As a reminder, our customers are small trades and small medical practices looking for simple yet vertical specific workflows needed to run their businesses. Our small business customers are not likely to vibe code their own solutions and the hands-on service our customers provide are not likely to be replaced with AI. Further, we believe our targeted deep micro vertical specific expertise and embedded base of more than 745,000 customers puts EverCommerce in the driver's seat to be the natural provider of injected capabilities within the system of actions they already buy from us. Our solutions are affordable, with 93% of our customers spending less than $2,000 per year. We expect to both empower our customers with AI accelerants in their business and provide a path for continued ARPU acceleration in ours. Bottom line, we view AI as an enabler and an accelerator, not a threat. we are already providing AI-powered revenue acceleration and better workflow capabilities to our customers. But it's just the beginning with many more features in development. Looking inward for a moment, we will continue to use AI tools in our own operations, which we believe are table stakes in today's world to drive efficiency, speed, and cost savings. Turning to EverHealth, AI is becoming a core component of EverHealth platform, enabling providers to automate administrative work, improve clinical workflows, and enhance financial performance. Within our core solutions, we're introducing AI-driven documentation capabilities that reduce documentation time per visit, surface structure and clinical insights, and support better diagnostic decisions. The goal is simple. Give physicians more time with patients while improving consistency and reducing administrative burden. Marketed as EverHealth Scribe to customers, it has already received a 99.1% satisfaction rate. Across a broad set of customers, we're seeing an average documentation time savings of eight minutes per patient. We're also applying AI to patient scheduling. Intelligent no-show prediction, automated call routing, and self-service booking tools can help practices optimize appointment utilization while improving patient access and reducing staff workload. We have already rolled out a no-show predictor to our 675 providers, resulting in increased revenue capture for our customers. around $1,000 per month per provider due to a 60% reduction in the patient no-show rate. On the revenue cycle side, we're building intelligent revenue cycle management and billing capabilities, including automated coding support, claim scrubbing, and AI-driven rejection analysis, which helps providers improve collection rates, reduce denials, and accelerate payment cycles. Another important area is integrated patient communication. AI-assisted message triage and smart document analysis allow practices to respond to patients faster while embedding workflow recommendations directly into the platform. Across all of these capabilities, the common thread is that AI is embedded directly into the workflow, helping our approximately 100,000 healthcare providers operate more efficiently and focus more time on care delivery. And internally, across our verticals, we're also deploying AI across sales enablement, customer-smart automation, and product development to drive structural leverage, improve workforce planning, and continue optimizing our cost structure. Overall, we see AI as a major opportunity to enhance the value of EverHealth platform while driving meaningful efficiency gains for providers. Enabling customers to multiple solutions remains a key driver of growth for EverCommerce. Multi-solution customers generate higher revenue, demonstrate stronger retention, and expand wallet share over time. Our strategy focused on enabling payments at the point of initial SaaS sale while also driving cross-sale into our existing customer base. Investments in onboarding automation and customer success are helping accelerate activation and utilization. At the end of the fourth quarter, 286,000 customers were enabled for more than one solution, reflecting a 26% year-over-year growth. At the end of the fourth quarter, approximately 121,000 customers were actively utilizing more than one solution, reflecting that 32% year-over-year growth. Enabling customers to more than one solution is the first step in the funnel that leads to increased revenue, retention, and ultimately profitability of these customers. We continue to focus the majority of our efforts on the front book attach or the enablement of payments at the point of initial SaaS sale, but we're also focused on our backward cross-sell motions. We are expanding our customer success capabilities to boost both activation, retention, and wallet share. And we've streamlined and improved our onboarding workflows. Over the trailing 12 months, net revenue retention was 96%, with multi-solution customers continuing to generate NRR above 100%. For each of the past several quarters, we've highlighted outsized payment revenue growth and our fastest-growing solutions. In our top six solutions, TPV grew 17.4% year-over-year and now represents 36% of total TPV, up from 32% in fourth quarter of 2024. Top solution payment revenue grew 5.9% year-over-year, now representing over 45% of total payment revenue. Highlighting the payment performance in our growth solutions is important because this is where we focus our investments. The improvements in cross-sell metrics I highlighted a moment ago are largely due to the gains in our top six solutions. The remainder of our payment business drives meaningful cash flow generation at lower growth. As a reminder, we report payments revenue on a net basis, and therefore, it incrementally contributes approximately 95% gross margin within our core solutions. As such, payment revenue growth is a meaningful contributor to our overall adjusted EBITDA margin expansion. Before I turn to our fourth quarter results, I want to briefly address the leadership update. We are excited to announce that Matt Feierstein, EverCommerce president, has added the role of EverPro's CEO. Matt has been deeply involved in EverPro's strategy and operations plan for many years. With the foundational work of EverPro transformation behind us, Matt is uniquely positioned with more than 16 years at EverCommerce and deep expertise in SaaS and payments to focus on execution and growth across the EverPro business. Now I'll pass it over to Ryan, who will review our financial results in more detail, as well as provide first quarter and full year 2026 guidance. Thanks, Eric.