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DATE

Thursday, March 12, 2026 at 5 p.m. ET

CALL PARTICIPANTS

  • Chairman and Chief Executive Officer — Eric Remer
  • Chief Financial Officer — Ryan Siurek
  • President and Chief Executive Officer, EverPro — Matthew Feierstein
  • Chief Executive Officer, EverHealth — Evan Berlin
  • SVP, Finance and Head of Investor Relations — Brad Korch

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TAKEAWAYS

  • Revenue -- $151.2 million in the quarter, up 5.2% year over year and above the previously stated guidance midpoint.
  • Adjusted EBITDA -- $44.2 million, yielding a 29.2% margin; this matches the previous year's figure but is at the upper end of guidance.
  • Subscription and Transaction Revenue -- $144.1 million, constituting the core recurring revenue stream.
  • Adjusted Gross Profit -- $117 million representing a 77.5% adjusted gross margin for the quarter.
  • Pro Forma Revenue (LTM) -- $591.7 million, reflecting 6.4% year-over-year growth after adjusting for the ZyraTalk acquisition.
  • Adjusted EBITDA Margin (LTM) -- 30.7%, evidencing margin expansion of about 470 basis points from 2023.
  • Cash Flow from Operations -- $111.5 million for the year, compared to $113.2 million in the prior period.
  • Levered Free Cash Flow -- $79.6 million for the year, reflecting a reduction of $14.7 million due to $12.2 million increased capitalized software investment.
  • Adjusted Unlevered Free Cash Flow -- $130.5 million for the year, down from $134.5 million previously.
  • Share Repurchases -- 2,500,000 shares repurchased in the quarter for $24.8 million at an average price of $9.91; total of 8,200,000 shares repurchased for $85 million during the year.
  • Cash & Revolver Capacity -- $130 million in cash and cash equivalents at period end, with $155 million undrawn on the revolver (declines to $125 million in July 2026).
  • Total Debt -- $527 million outstanding; net leverage at 2.2 times calculated under credit facility rules.
  • Customer Base -- Over 745,000 customers served, with approximately 95% of consolidated revenue from EverPro and EverHealth verticals.
  • AI Adoption and Performance (EverHealth) -- EverHealth Scribe documented a 99.1% satisfaction rate, and customers realized an average documentation time savings of eight minutes per patient.
  • AI-Enabled Revenue Lift (EverHealth) -- The no-show predictor, deployed to over 675 providers, resulted in around $1,000 per month incremental revenue per provider and a 60% reduction in patient no-show rate.
  • Multi-Solution Adoption -- 286,000 customers enabled for more than one solution (up 26%), with 121,000 actively utilizing more than one solution (up 32%).
  • Net Revenue Retention (NRR) -- 96% overall, with multi-solution customers generating NRR above 100%.
  • Payment Volume (TPV) -- $13 billion in annualized TPV; TPV for the top six solutions grew 17.4% year over year, now comprising 36% of total TPV, up from 32%.
  • Payments Revenue -- Payments from the top six solutions grew 5.9% year over year, now exceeding 45% of payment revenue; overall payment revenue declined from $29.4 million to $29.1 million as offset by a 6.5% year-over-year decrease in non-top-six payments.
  • Operating Expense Ratio -- Adjusted operating expenses increased slightly to 48.3% of revenue for the quarter versus 47.6% a year ago; for the LTM period, improved from 48.6% to 46.9% of revenue.
  • Guidance for 2026 -- Revenue expected between $612 million and $632 million; adjusted EBITDA expected in the $183 million to $191 million range.
  • Share Repurchase Authorization -- $47.7 million remains under the $300 million authorization through 2026.
  • New Management Role -- Matthew Feierstein appointed President and CEO of EverPro, adding to his leadership responsibilities.
  • MarTech Divestiture -- The sale of the Marketing Technology Solutions business completed on October 31, 2025, is reflected in financial results and reduced operating variability.

SUMMARY

EverCommerce (EVCM 1.39%) completed a strategic transformation in 2025 by divesting its Marketing Technology Solutions business and investing heavily in both AI development and share repurchases. The company reported growing adjusted EBITDA margin and net revenue retention rates, while broadening adoption of multi-solution and AI-powered features among its customer segments. Management provided 2026 guidance that forecasts continued margin expansion and investment in an AI-first vertical approach, underpinned by operational and go-to-market discipline but also highlighted the normal seasonal trough in first quarter results.

  • Management described the ZyraTalk acquisition as a “foundation for our current and future AI product initiatives,” with integrations and customer uptake proceeding more quickly than anticipated.
  • The EverHealth Scribe AI product, still in beta, generated a waitlist of hundreds of providers willing to pay upon general availability, according to Berlin.
  • Feierstein stated, “from an early sales perspective, the uptake has been as strong as we would have expected but actually delivered earlier in the year.”
  • Berlin noted that while certain AI features like the no-show predictor are currently bundled, price increases for new EverHealth packages are planned as more capabilities launch.
  • Ryan Siurek clarified that payments revenue decline outside the top six solutions was not attributable to the Martech divestiture, highlighting a “mature portfolio that is strongly cash-flow generating” alongside targeted growth initiatives.
  • The company’s $527 million of debt is offset by substantial liquidity, long-term maturities (debt maturing 2031, revolver available until 2030), and interest rate mitigation through swaps on $425 million at a 3.91% rate through 2027.
  • Management explained that Q1 revenue guidance reflects deliberate execution and investment in payments and go-to-market strategies, and that a reacceleration is expected over the rest of the year.
  • Internal and customer-facing deployments of AI are viewed as core to operating leverage, with further sharing of vertical AI product deployment timelines in upcoming periods.

INDUSTRY GLOSSARY

  • TPV (Total Payments Volume): The total dollar value of transactions processed through the company's payment platforms over a specified period.
  • NRR (Net Revenue Retention): The percentage of recurring revenue retained from existing customers over a period, including expansions, contractions, and cancellations.
  • Agentic Platform: A software system that automates workflows or tasks via AI-powered digital agents, often acting independently within vertical-specific environments.
  • EverHealth Scribe: EverCommerce Inc.’s AI-driven documentation product aiming to reduce healthcare provider documentation time and improve workflow efficiency.
  • Levered Free Cash Flow: The amount of cash a company generates after paying interest on outstanding debt obligations, reflecting funds available for discretionary spending.

Full Conference Call Transcript

Operator: Thank you for standing by, and welcome to EverCommerce Inc.'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 speakers' presentation, there will be a question-and-answer session. To ask a question, please press 11 on your telephone, and wait for your name to be announced. To withdraw your question, please press 11 again. As a reminder, this conference call is being recorded today, 03/12/2026. I would now like to turn the conference over to Brad Korch, SVP, Finance and Head of Investor Relations for EverCommerce Inc. Please go ahead.

Brad Korch: Good afternoon, and thank you for joining. Today's call will be led by Eric Remer, EverCommerce Inc.'s Chairman and Chief Executive Officer, and Ryan Siurek, EverCommerce Inc.'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 31, 2025. For a link to the live or replay webcast, please visit the Investor Relations section of the EverCommerce Inc. website at evercommerce.com. The slide presentation and earnings release are also directly available on the site. Please turn to Page 2 of our earnings call 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. I will now turn it over to our CEO, Eric Remer. Please continue.

Eric Remer: Thank you, Brad. On today's call, I will highlight fourth quarter and 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 Inc. 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 8,200,000 shares of our common 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 Inc. generated revenue of $151.2 million, above the midpoint of our guidance range, representing 5.2% year-over-year growth. Adjusted EBITDA for the quarter of $44.2 million beat the top end of our guidance range, representing a 29.2% margin. I will expand more on our cross-sell motion in a few moments, but throughout 2025, we saw accelerated leading metrics compared to 2024. Finally, we repurchased 2,500,000 shares for $24.8 million during the quarter.

EverCommerce Inc. is building the AI operating system for service SMB workflows. We offer tremendous value to our customers by providing the system of action 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 and 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 forma basis, for the last twelve months, we generated $591.7 million in revenue, representing 6.4% year-over-year growth. We also generated a 30.7% adjusted EBITDA margin on an LTM basis. Finally, our annualized total payments volume, or TPV, expanded to $13 billion.

There has been a lot of 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 through advancements for our customers as well as our own operating leverage. We are in the business of simplifying and powering the lives of business owners whose services support us every day. This has been a mission statement for EverCommerce Inc. since its inception. When you look deeper at who our customers are, almost by definition, they are subscale operations: plumbers, HVAC technicians, electricians, health care 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 opportunities and efficiencies. For example, an AI-based 24-hour receptionist that can schedule jobs, not replacing a human receptionist, but instead establishing an inbound call function that did not exist. Outbound calling can generate new business, billings and collection agents 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 of 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 buy 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 Inc. 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 accelerator, not a threat. We are already providing AI-powered revenue acceleration and better workflow capabilities to our customers, but it is 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 the EverHealth platform, enabling providers to automate administrative work, improve clinical workflows, and enhance financial performance. Within our core solutions, we are introducing AI-driven documentation capabilities that reduce documentation time per visit, surface structured 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 are seeing an average documentation time savings of eight minutes per patient. We are 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 the no-show predictor to over 675 providers, resulting in increased revenue capture for our customers of around $1,000 per month per provider due to a 60% reduction in the patient no-show rate.

On the revenue cycle side, we are 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 health care providers operate more efficiently and focus more time on care delivery.

And internally, across our vertical, we are also deploying AI across sales enablement, customer support 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 the EverHealth platform while driving meaningful efficiency gains for providers.

Enabling customers for multiple solutions remains a key driver of growth for EverCommerce Inc. Multi-solution customers generate higher revenue, demonstrate stronger retention, and expand wallet share over time. Our strategy is focused on enabling payments at the point of initial cross-sell while also driving cross-sell 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 26% year-over-year growth. At the end of the fourth quarter, approximately 121,000 customers were active, utilizing more than one solution, reflecting 32% year-over-year growth.

Enabling customers for 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 in the front-book attach, or the enablement of payments at the point of initial SaaS sale, and we are also focused on our backward cross-sell motions. We are expanding our customer success capabilities to boost activation, retention, and wallet share, and we streamlined and improved our onboarding workflows. Over the trailing twelve months, net revenue retention was 96%, with multi-solution customers continuing to generate NRR above 100%. For each of the past several quarters, we have highlighted payment revenue growth in 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 2024. Comp 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; 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 Matthew Feierstein, EverCommerce Inc.'s President, has added the role of EverPro's CEO. Matthew has been deeply involved in EverPro's strategy and operations plan for many years. With the foundational work of EverPro transformation behind us, Matthew is uniquely positioned, with more than sixteen years at EverCommerce Inc. and deep expertise in SaaS and payments, to focus on execution and growth across the EverPro business. Now I will pass over to Ryan to review our financial results in more detail, as well as provide first quarter and full year 2026 guidance.

Ryan Siurek: Thanks, Eric. Total reported revenue in the fourth quarter was $151.2 million, up 5.2% from the prior-year period. Subscription and transaction revenue, our primary recurring revenue base, was $144.1 million. Pro forma revenue, adjusted for the acquisition of ZyraTalk, which closed in Q3 2025, was $591.7 million on an LTM basis, an increase of 6.4%, and $151.2 million for the quarter, an increase of 4.6%, both on a year-over-year basis. Adjusted gross profit in the quarter was $117 million, representing an adjusted gross margin of 77.5%. Fourth quarter adjusted EBITDA was $44.2 million, which was flat year over year, and an adjusted EBITDA margin of 29.2%.

We have expanded margin by about 470 basis points since 2023, reflecting continued operational discipline and efficiency improvements.

Now turning to adjusted operating expenses, which are reconciled in the appendix to this presentation. For the quarter, adjusted operating expenses were relatively flat year over year as a percentage of revenue, increasing slightly from 47.6% to 48.3%, representing targeted growth investments across our sales and marketing function. For the LTM period, as a percentage of revenue, adjusted operating expenses improved from 48.6% to 46.9%. Next, I will turn to some key liquidity measures, which include cash flow from operations. We continue to generate significant free cash flow as we invest to grow our business and invest in our AI-first products. As a reminder, cash flow metrics presented include both continuing and discontinued operations for all periods presented.

Cash flow from operations for the year was $111.5 million as compared to the prior year of $113.2 million. The fourth quarter 2025 was impacted by the removal of our Marketing Technology Solutions business as a result of the sale on 10/31/2025. Levered free cash flow for the year was $79.6 million as compared to the prior year of $94.3 million, a reduction of $14.7 million, which includes an increase in capitalized software cost of $12.2 million related to our strategic capital investments in product. Adjusted unlevered free cash flow for the year was $130.5 million as compared to the prior year of $134.5 million.

The consolidated increase in adjusted EBITDA for the year was offset by increases in transaction-related and other nonrecurring costs, and capitalized software for investments. We ended the quarter with $130 million in cash and cash equivalents and $155 million of undrawn capacity on our revolver, which will step down to $125 million in July 2026. As of December 31, we have $527 million of debt outstanding. Our total net leverage, as calculated for our credit facility, was approximately 2.2 times and continues to demonstrate our deleveraging from strong operational performance and free cash generation.

We have $425 million of notional swaps at a weighted average rate of 3.91% that effectively hedge the floating-rate component of our interest cost 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-first investments, in the fourth quarter, we repurchased approximately 2,500,000 shares for $24.8 million at an average price of $9.91 per share. Based on the shares repurchased through 12/31/2025, we have approximately $47.7 million remaining in our total repurchase authorization of $300 million through 2026.

I would now like to finish by discussing our outlook for the first quarter and full year of 2026. For the first quarter of 2026, we expect total revenue of $145.5 million to $148.5 million and adjusted EBITDA of $39 million to $41 million. For full year 2026, we expect revenue of $612 million to $632 million and adjusted EBITDA of $183 million to $191 million. Our guide assumes typical seasonal performance, with certain portions of our business that result in stronger second and third quarter growth.

We expect continued investment in areas that drive additional growth in the latter portion of the year, which include the AI-based features Eric discussed, our payments enablement investments, as well as our investments in our go-to-market organization. A key focus for 2024 and 2025 was transformation and optimization. While optimization becomes a standard practice, 2026 is about executing our playbook for durable growth by delivering enhanced customer experiences through AI-based products and workflows, go-to-market efficiencies, and continued operating leverage via operational excellence.

While we do not provide specific cash flow guidance, I would like to note that with the successful sale of the Marketing Technology business, we expect less seasonal variability in cash flow from operations, with the caveat that our first quarter is historically burdened by higher cash outflows as compared to other quarters. As we begin the question-and-answer session, I would like to welcome Matthew Feierstein, EverCommerce Inc.'s President and the CEO of EverPro, as well as Evan Berlin, the CEO of EverHealth, to join us. Operator, we are now ready to take the first question.

Operator: Thank you. Star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. One moment for questions. Our first question comes from Alex Sklar with Raymond James. You may proceed.

Alex Sklar: Great. Thank you. First one, maybe, Eric or Matt, but just as you are building some of the more authentic functionality, and you have got ZyraTalk now in market, can you talk about what you have seen from a customer appetite for some of these solutions? And I realize there is some variety across the capabilities in your end markets. But how demonstrable have the ROIs been of what you have in market today in terms of helping drive adoption?

Eric Remer: Thanks for the question. I think we will give a quick overview. Matthew will give some on EverPro, then Evan can talk about some of the penetration and interest we have seen with some of the AI integration and embedded capabilities that we have in EverHealth as well. Matthew, you want to kick off?

Matthew Feierstein: Yeah, sure. Thanks for the question, Alex. At EverPro, we really think about AI and our journey there in three phases, and I am going to get to your question about ZyraTalk within my answer. First is the generative AI strategy that we have actually had in place for, you know, getting close to several years now, embedded in workflow. Across our invoicing solutions, across our customer experience solutions, we have seen really nice uptake thus far from our customers in each of those spots, including, you know, some revenue acceleration in our customer experience solutions where we started first.

To your question about ZyraTalk, it is really as we think about the next pivot in our AI strategy from generative to voice, ZyraTalk is the interaction layer there. We are excited about the progress that we have seen to date. We have seen earlier integrations with our first systems of action than we expected, and from an early sales perspective, the uptake has been as strong as we would have expected but actually delivered earlier in the year. So again, nice progress from a ZyraTalk standpoint. And then third, we really think about the future of the agentic platform that we are building out.

Obviously, ZyraTalk, we believe, gives us foundation for that, but we will be creating a centralized shared agentic platform across EverPro that really will scale agent capabilities across the portfolio and provide a lot of workflow automation for our end customers that ultimately we will monetize through premium feature add-ons, increased packaging, pricing, stronger retention, and ultimately, we help increase usage like payments driven by some of this automated job capture. So that, you know, I will pass it over to Evan for an EverHealth update.

Evan Berlin: Yeah. Alex, thanks for the question. And Eric mentioned some of the metrics on the call, and we have them in the presentation. I think the one callout that I would make on the AI Scribe launch, which we put out a press release earlier this week on, we are still in beta going to general availability by the end of the quarter, the end of the first quarter, but we have been incredibly pleased with both the metrics that were mentioned on the call in terms of performance, and we actually have a waitlist with hundreds of providers that are interested in paying for that feature and getting going once we get to general availability.

So quite pleased with the early progress and the rollout of that. We have a robust roadmap to continue to enhance those features from that one specific workflow across the balance of the year.

Alex Sklar: Okay. Great color. I appreciate all of that. Maybe for you, Ryan, just in terms of the 2026 growth outlook, a little above 5% at the midpoint. It is kind of faster than where you just exited 2025. Can you just walk through some of those underlying assumptions as it relates to macro or NRR or new customer growth that are kind of underlying that growth cadence? Thanks.

Ryan Siurek: Sure. Thank you for the question, Alex. I appreciate it. We feel good about the prospects for 2026. The assumptions that I outlined from a script perspective really relate to, you know, looking at where we exited the year, which we felt great about in terms of, you know, beating the consensus in our guidance with regard to revenue from a quarterly perspective, but then also the investments that we talked about from an AI perspective. We really focused in the latter half of 2025 on those investments, really from an AI point of view, and we will continue to do that in 2026.

And we think that those investments, with regard to the things that both Matthew and Evan just talked about, will assist from a reacceleration perspective as we get through the rest of the year. So that is incorporated into the first quarter guide as well as our full-year guide from a revenue perspective.

Alex Sklar: Alright. Perfect. Thanks, everyone.

Operator: Thank you. Our next question comes from Aaron Kimson with Citizens. You may proceed.

Aaron Kimson: Great. Thanks for the question. First one, I want to ask on payments revenue. It decreased from $29.4 million in Q4 2024 to $29.1 million in Q4 2025. You are giving the breakout of your top six payment solutions this quarter, which grew 6% year over year, and then payments revenue from other solutions, which declined about 6.5% year over year. How should we think about that year-over-year decline? Has any of the decline in the non-top-six solutions related to the Martech divestiture? Or is there something else going on there?

Ryan Siurek: Thank you for the question. Appreciate it. Really not much in the way of payments revenue associated with Martech, so that is really not part of the explanation. The reason we gave the breakout in the slide and the dynamics is because there are really two parts, if you will, of our portfolio. We have a mature portfolio that is strongly cash-flow generating and allows us to continue to generate good cash flow for payments to fund other investments. Then we have a growth part of our portfolio, which is why we focus in on the top six solutions.

That is where our time, effort, energy, and prioritization are focused in terms of the payments funnel for enablement, utilization, attach rate, making sure that our SaaS customers come on board, we are working to get them on board as quickly as possible. That is all part of the investments that we are making from a strategic perspective. So that is all kind of part and parcel to where we came out from a revenue perspective in totality. You will see that the top six solutions that we described—it is closer to 6% revenue growth on those—but it is based off of a TPV growth of more than 17% on a year-over-year basis.

Aaron Kimson: Understood. And then second one is more high level. But much has been made about the end of the application software layer, at least the devaluing of the application software layer. What are the most important moats you see for your business as adoption of agentic AI accelerates in the coming years? Thank you.

Matthew Feierstein: Yeah. I can certainly start from an EverPro perspective. When we think about ZyraTalk as the driver of our kind of voice AI layer, we have got millions of minutes of home and field services conversations that—again, I will not call it a moat, I will call it an advantage—in terms of data that we can use to train interaction and ultimately more successful engagement from that AI agent. So we certainly look at that as an advantage. The other thing we think of from an advantage standpoint is really our deep niche vertical expertise that comes in our workflows and in the data that we have around our customer base in those niche verticals.

Looking at those two things together and playing that through the future agentic platform, I think those are advantages that EverPro will have with our customers and our ability to augment our existing products with these agents and ultimately drive growth for our customers and for us.

Evan Berlin: And I think, Aaron, thanks for the question. It is a great one, obviously super timely. I think Matthew nailed it well. I think a lot of those same core themes are applicable to EverHealth. A couple of things I would add: the fact that we have got 100,000 plus customers in EverHealth is quite important in terms of an advantage for us to be able to build the embedded workflows that make our practices and our providers more efficient, drive revenue predictability for them, give them the opportunity to spend more time with patients, and drive better clinical outcomes.

At the end of the day, if we can do that, they are going to rely on us as a core vendor and service provider and really partner to power their practice. I think the other thing is it is a highly regulated industry, and ultimately, our ability to deliver a digital end-to-end solution—obviously, that is compliant—is a huge advantage for those customers and obviously table stakes when they go to select a solution.

Aaron Kimson: Great. Thank you, guys. Thank you.

Operator: Our next question comes from Bill McNamara with Evercore ISI. You may proceed.

Bill McNamara: Hi. This is Bill on for Kirk, and thanks for taking my question. If we could touch on the 600 customers currently using the no-show prediction tool, what level of incremental revenue per customer are you seeing? And how should we think about the magnitude and durability of that lift over time?

Evan Berlin: Yep. Thanks, Bill. This is Evan. Great question. I think for that particular workflow, today it is not a feature that we are pricing a la carte. It is included in our packages, but I will tell you for the products where we rolled it out, we are in the midst of rolling out an updated package set which will have increased prices. So as we add new features, even if they are not monetized individually or from an a la carte standpoint, the overall ASP of new practices purchasing our EverHealth solutions is going to go up. So from that perspective, for that particular feature, that is how we see the monetization moving forward.

Operator: Thank you. And as a reminder, to ask a question, please press star 11 on your telephone. Our next question comes from Matthew Hedberg with RBC. You may proceed.

Dan Bergstrom: Hey. It is Dan Bergstrom for Matthew Hedberg. Thanks for taking our questions. Just to build off an earlier question, looking at guidance for the first quarter and for the year, it implies building seasonality through the year, as you talked to in the prepared remarks. Maybe what are some confidence points around this? And then could you help us with the step down from Q4 as well?

Ryan Siurek: Could you repeat the last part of your question? When you said help us with what? We did not hear that.

Dan Bergstrom: Yes. I think Q1 guidance is lower than the Q4 revenue number, so just the step down.

Ryan Siurek: Alright. Got it. I want to make sure. Yeah. Q4 was a good quarter for us, and we continue to look at that in the context of the growth on a sequential basis but also on a year-over-year basis. Q4 grew from $148 million to $151 million. Q1, typically, from a seasonality perspective, is lower. As we talked about in the script, Q2 and Q3 are usually better from a seasonal perspective overall. But we are also stepping off of Q4, in totality looking into the rest of the year as we make continued investments in payments and also in our go-to-market strategy.

So we are making deliberate execution decisions at this point in time, and that is in part the things that we are focusing on from a Q1 perspective as we head into the rest of the year. We do expect reacceleration from Q1 through the rest of the year. That is also part of the full-year guide from a revenue perspective. And then from an adjusted EBITDA perspective, you will see that we are expecting margins to be, you know, strong, over 30%. But we expect to make continued investments in the AI platforms that we have just recently discussed as well.

Dan Bergstrom: Thanks. That is helpful. And then nice to see EverHealth Scribe in beta here. I guess, could you help think of the timing around the AI product roadmap rollout for Pro and Health?

Evan Berlin: Yeah. I can start. Thanks for the question. I think from a Scribe standpoint, we will be in general availability by the end of the quarter, in the next few weeks. We have a robust roadmap of features that are either in market, as Eric had talked about on the call in his prepared remarks, and/or are in development and will be rolled out across the year. So look for us to add, you know, continued context across that, including metrics, performance, and monitoring across 2026. We are excited about the progress thus far, and even more excited about what is to come.

Matthew Feierstein: Yeah. And from an EverPro perspective, obviously, some of our generative components have hit the market. In the past year, some of them just rolled out at the end of Q4 into Q1. From an AI voice reception standpoint, as I mentioned earlier, traction with one of our core systems of action of getting that integration released and out to market, but the majority of the rest of the systems of action from a voice reception standpoint we expect in H2 and actually hope to beat that to market. And then, as I spoke to, really our shared agentic platform is a back-half-of-H2 component as well.

Dan Bergstrom: Thank you.

Operator: Thank you. I would now like to turn the call back over to Eric Remer for any closing remarks.

Eric Remer: Thank you for that. Thank you again for joining the call today. As we look ahead to 2026, we remain focused on embedding AI across our platforms, expanding payment adoption, and continuing to drive operational efficiency. We believe these initiatives position EverCommerce Inc. to deliver durable revenue growth and strong free cash flow generation over time. I would like to thank our investors for their continued support and all of the EverCommerce Inc. employees for their hard work. Operator, this concludes our call.

Operator: Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.