EverCommerce Inc. (EVCM) Earnings Call Transcript & Summary

Thank you, everyone, for being here today. I'm Scott Dworshak with JPMorgan. Thank you for joining our fireside chat with EverCommerce. EverCommerce is a leading service commerce platform, providing vertically tailored integrated SaaS solutions that help more than 600,000 service-based businesses accelerate growth, streamline operations and increase retention. Specializing in home services, health services and fitness and wellness industries, EverCommerce solutions include end-to-end business management software, integrated payment acceptance, marketing technology and customer engagement applications. Today, I'm pleased to introduce Eric Remer, CEO of EverCommerce. Eric, thanks for being here today.

Thanks for having me, Scott.

So EverCommerce has been a public company for almost a year now and 2021 was a crowded space for IPOs. Given investors may be new to the EverCommerce story, can you provide a quick 2- to 3-minute overview of the business?

Yes, definitely. And it's -- I think it makes sense to give a quick background of how we got to where we are. And I know Scott for quite some time because the predecessor of EverCommerce was a company I started in 2006 called PaySimple. PaySimple is a SaaS platform focused on helping service-based small businesses bill, collect, manage and ultimately grow their business, really nice business, continue to scale. About 6 years ago, as we were talking to customers, what we realized was the needs of these service-based businesses becoming more verticalized, even more micro-verticalized. So if we have 1,000 field service contractors, think of a plumber, electrician, HVAC, and we wanted 5,000, 10,000 or today, at EverCommerce, we have almost 300,000. We just didn't have the workflows. It was a horizontal solution. So because we're in some different verticals, we wouldn't have the workflows for all the things we're serving. So if you looked at the markets that we were in, I saw a bunch of fragmentation, a bunch of point solutions and nobody was really bringing that together. So that's really what EverCommerce set up to do is really connect the dots, create end-to-end solutions, allowing new service base, SMBs to have end-to-end solutions to be more successful. And a couple of really important points about kind of why we did what we did. Number one, from a thesis standpoint, we saw this thing that we really -- we've been watching happen for quite some time really coming faster was the digitization of the service economy. These businesses, a lot of them are off-line looking for solutions to be more successful. And then secondly, it really, for us, all starts with that system of action. Think of it for that like ERP for these service-based SMBs. Very similar to what Enterprise did years ago, the vision was if you own that system of action and if you own that kind of workflow of these businesses, that provides you the permission to integrate and embed other solutions they need, like payments, like customer experience, like marketing technology. And as Scott said in the lead-in, our focus is to help these businesses grow their business, run their business more effectively and better retain and engage their customers.

Thanks, Eric. So let's maybe talk a little bit about the market opportunity. It's a pretty large and untapped market across the verticals that you're in. What are the some of the barriers to acceleration and adoption in your business? And who do you compete against in terms of the landscape?

Yes. No, it's a great question. And we're in a lot of things for the last several years. And it's still today in some verticals, I will say the biggest competitor we've had for years has been Inertia. SMBs coming online begin to utilize technologies to run their business more effectively across -- globally, where we are today, less than 10% of the markets we're going after are utilizing these end-to-end solutions to run their business. So still a very large greenfield opportunity. Because we're in 3 distinct verticals and within those verticals, many subverticals, competitors differ quite a bit. Most of our competitors, and I'll break it down and to cover our EverProbe Group, which is the home field services. We're really down market. And the businesses we compete against in that vertical are really subscale businesses that pretty much nobody in this room would hear of. One company that people here talk about all the time is something like ServiceTitan, a really good company, but much more upmarket. We don't run into them. They're much more enterprise. As a way of example, they have about 7,000 customers. We have 300,000. And it's not better or worse, it's really on the way to market. And the health service is very similar. Again, we're 1 to 10 practitioners really down market, dealing with specialty medical and ENT, nephrology, urology. And the customers we compete against, again, subscale software businesses, $3 million, $5 million, $7 million, maybe $10 million of revenue. And we're able to bring a lot of sophistication to compete. The one marketplace that there's a little bit more sophistication is in our smallest category, which is in EverWell, which is our fitness and wellness. And we will compete a little bit with Mindbody and ABC Financial, which is owned by Thoma Bravo. So a little more sophistication. And the way we compete in those categories is very similar. Our focus is on that verticalization. So you think of some of the combined body which people view as a vertical software, which it is. But it's a horizontal vertical software. So they provide kind of all things to everybody within that fitness category. Our focus is going to even more verticalized, dance studios, cheer studios, yoga studios, the specifics, the specialties that these businesses need, believe it or not differentiate from category to category.

Great. Maybe we'll talk a little bit about the markets. The public markets have changed dramatically since the IPO, given investor focus on unit economics, profitability, EverCommerce is a very profitable business today. How do you think about balancing that growth and profitability in this market and capital allocation going forward?

It's a great question. And we've been kind of come up through a kind of a P background, so it was never let's throw stuff against the wall and see what sticks. It's always been a very measured approach to grow. As you kind of told The Street, we're going to grow, we believe, high teens, 20% for many years to come with very expanding operating margins. Today, it's around 20% adjusted EBITDA margins, and we think there's a lot of leverage opportunities within there. So with the markets we're going after, I mean, if you look at the TAM that we're going globally, literally over $1 trillion TAM domestically over $0.5 trillion just in the categories that we're in today domestically is almost $200 billion. And so this is just a very, very big opportunity to be thoughtful, to be measured and making sure that we can continue to grow at scale at the rates that we've been growing and generate profitability. So it's not a -- we don't think you have to just run faster to take market share. The market is so large. And if we run thoughtfully and we run -- continue to scale the business, that's where we're going to be as we go to $1 billion, $2 billion of revenue down the road.

Great. So let's talk a little bit about revenue growth. So you mentioned mid-teens to 20% organic growth, but EverCommerce grew revenue 42% in Q1 year-over-year, which was huge. Can you talk about the demand environment for your solutions across Pro, Health and Wellness?

Yes. The demand to date has been pretty static. It can -- it actually continues to grow as a matter of fact in our 3 main groups, EverPro, EverHealth and EverWell. EverPro is our largest category with over 50% of our business. EverHealth is our second with over 20%. And then EverWell, is there -- or least -- just about 14% of our overall business. So as you look at the categories today, and the question that -- I'll take it a little bit this direction because I'm sure it'll come, what does inflation look like? What does recession look like potentially for our businesses? To date, we've seen no degradation at all in both new customer acquisition or revenue generation from our customers. The categories actually operate relatively similar in terms of growth rates and things of that nature. The SMB customer across categories kind of acts in a very similar way from a growth retention standpoint. We're kind of unique from an SMB standpoint for 2 main reasons: number one, we're not dealing in goods and retail, we're dealing specifically in services, and the service-based customer is very, very different, specifically during the downturn. And secondly, it's important to note the categories that we deal in, 2 of the 3 categories were deemed essential services during COVID, home field services, which never missed a beat during COVID and continues to kind of grow. And we're much more in the fix it, break it kind of break fix, the plumbers, the electricians, those guys are going to keep coming to your house. Health services, again, essential services. Although there was a slowdown during COVID because specialty medical couldn't use hospitals. During the downturn, you're still able to get your hip replacement because insurance will pay for that. And our last category, which would not be deemed essential, but outside of myself, people still get their haircuts during recessions. And our gym markets are much more down market. So we're in the anytime fitness marketplace versus equinox. So nobody knows what's going to happen from inflation, a recession. But I think as a kind of SaaS platform, we can't be more insulated with over 600,000 customers, not just in 3 verticals, but in 35 subverticals, 5 product lines, multiple revenue streams. And really dealing with the service-based customers in verticals that primarily are essential services, we think we're well positioned to withstand whatever comes our way.

So there's obviously been a lot of talk at the conference about the macro environment. What are you seeing in your business? And how should we think about the SMB customer base? Are we seeing anything different from the pandemic? You touched on this a little bit versus today.

Yes. No. I mean, to date, our customer base has been really business as usual. Because 85% of our businesses are self-serve, 80% of our acquisition is digital. We get real-time feedback on what's going on. These are not 6-, 12-, 18-month sales cycle. So we're seeing on a daily basis -- daily, weekly, monthly basis, the reaction to our spend, the returns on that spend. And it's really been -- we're able to kind of track that like very fast. So we're able to kind of see what's going on quickly, and we've seen no degradation in both on the outbound or the customers that have joined us and how they're performing. The biggest difference between what may happen, which no one knows and what happened during COVID was we had almost 30% of our business literally shut down. We're able to grow 8% organically through COVID, and that's with every gym that we work with and every salon we work with literally shut down. And believe it or not, most of our physicians in the specialty medical were shut down during a good part of that as well. As I said, you can't perform hip surgery when there's no operating rooms because of COVID. So we think we're able to kind of withstand that, grow slower than we wanted, but that's with a huge portion, not working slowly but literally turned off. What was interesting watching COVID because we have such a wide swath of customers across the base, the second certain geographies turned on, salons, where salons were like, "Okay, you can go to a salon in California." It was instant. If 5% of our salons are in California, 5% of our salon revenue turned on within the week of that happening. So it was very predictable in terms of the utilization once things were able to be utilized. And I don't see a scenario where 30% of our customers are going to be literally turned off during the pandemic process.

So maybe we could talk a little bit about some of the products and solutions you guys have. From a product development perspective, can you give us a few recent examples of maybe product launches or new investments that really get too excited about EverCommerce?

Yes. There's a couple that we're super excited. I mean one of the things that we do, and we've touched on this a lot, and this is how we kind of originally connected from the payment space, but we are -- we're constantly integrating, embedding our payment solutions into different solutions that we provide in the marketplace and recently embedded a solution -- our payment solution into one of our HVAC, electrical, plumbing, which is a really big opportunity. Within the first 6 months that TPV has grown, doubled in the first 6 months, basically. It had an early book and it kind of grew exponential. And when you think about the TPV opportunity to embed additional solutions, it's really large. I mean, right now, we're running about $9.5 billion of processing through our platform, which represents just over 10% about the $80 billion fully penetrated. So penetrating payments embedding is a huge one. The other 2 that are really interesting. We've just about to launch a -- we have a leading landscape software. We're launching a updated version, which is, right now, one of the largest -- it's actually probably the largest design, landscape software and the new version of that is coming out next month. We just recently launched an updated SaaS version of our alarm billing software. We're actually very large in the alarm, both billing and central station, actually, the largest provider of alarm billing central station software in the world. And just launched a new SaaS version that has been in the works for a couple of years, rolled it out at a conference last week called Managely is the name of our product and super excited about how that's going to be received in the marketplace.

So maybe we could talk a little bit about your customer base. So you -- we mentioned 600,000-plus customers. More than 60,000 currently utilize at least one EverCommerce solution, which was up 40% year-over-year in Q1. Can you discuss your cross-sell motion? And some of the solutions you are most focused on from that perspective?

Yes. No, it's -- we're -- we get excited. You talk about things that get us really excited. I mean we are at the very early innings of that opportunity. We've -- we're well over 600,000 customers at this point, and that's growing on a daily basis. And with about 10% of them utilizing more than one solution, even though it's growing 40% year-over-year, it's still in the very early innings of that. So payments is our biggest sell-through. That's because we've been doing this for quite some time, and we're kind of good at it. As soon as we own a solution, we will embed payments in that and create the workflows. We have scenarios and a salon software that we had purchased a couple of years ago that was -- it had attach rate about 25% and today, we're about 60%. So a lot of it just takes time. It takes time to put the right product and the solution. It takes time to embed in the workflows and then ultimately sell it through both to the existing base than the historical base. As we look at the overall marketplace in terms of the solutions we can provide our customers, we look at it from the system of action, that core management solution outwards. So just utilizing the system of action customers, selling them payments, selling them customer experience and selling them marketing, integrated to those customers. We assess that's about a $5 billion annualized revenue opportunity at a full penetration. So we're just -- and that grows every day because our customer grows every day and the opportunities continue to scale. So there's just a very large opportunity, and we're in the very early innings of that.

Yes. And you mentioned your customers grow every day. From a revenue perspective, pro forma revenue growth was up 20% year-over-year in Q1. How do you think about your revenue growth and the breakdown between new SMB customers and some of the things you just talked about, about expanding with existing customers?

Yes. I mean increasing ARPU and increasing retention obviously allow us to increase our overall growth rate. So our NRR right now is crossed to over 100%, and it's continued to grow. And it's growing because of some of these motions. It's growing because of the upsell, cross-sell, which increases the ARPU. When customers take more than one solution, they stay a lot longer. Most of the attrition happens in the SMB world in the first 3 to 6 months. After 12 months, those cohorts continue to grow and your NRR continues to kind of grow. So when you think about the 20%, you're going to be a little bit over 100% on your NRR and then the rest of it comes from new customer acquisition.

So maybe we could talk a little bit about your M&A strategy a bit. Given the dislocation in the public equity markets, have you seen any change yet in the market looking at opportunities to acquire more solutions and companies? And has that changed your M&A strategy at all?

Yes. It's a great question. And it's important just for those that are newer to the story to understand, we utilized M&A in -- my CFO says really well for really a time scale relevance, utilized M&A to build the platform that we saw the opportunity to kind of create. So as we sit here today, EverCommerce, we run one centralized business. This isn't a business of random assets, this is one company, run by one platform, centralized the obvious stuff, county finance, HR, legal, but also go-to-market, sales execution, marketing product operations is all run from one centralized solution. And we look at our acquisitions, it's really products, but just products in different marketplaces versus individual companies. If we never buy another company, we're very confident this business can grow high teens, 20% for many years to come with increased operating leverage. And so that's kind of our baseline. And the benefit of that is it allows us to be very disciplined. It allows us to wait until the market comes back to us. And to answer your question specifically, there's still a dislocation. We're seeing a little bit of frame in the private markets. But the private markets are usually maybe 2, 3 quarters behind the public markets. And so the valuations that we're looking at the private markets, we're still active, we're still seeing a lot of opportunities. But we're going to wait and be very disciplined to make sure that the acquisitions, if and when we make them, are going to be accretive to the business.

Yes. It sounds like you're being very disciplined. So let's talk about one recent acquisition you did about 6 months ago, you acquired a business called DrChrono. It's one of the largest deals that you've done to date. How is the integration going? And what gets you most excited about that particular platform?

Yes. It's a great platform. It was kind of a really well built, really cutting-edge technology. We were able to kind of integrate a lot of the other ultimate customers onto that platform because it was just a very, very good platform. The integration is going great. We kind of told The Street that, that will do about $40 million this year in revenue and it's on track to do that. So it's right on track. We've started the embedding in payment process, which will be done probably by Q4. So there's a big opportunity to embed our payment solutions within that integration. And we've also begun to consolidate operations with some of our other solutions. So we own customer engagement solutions within that space, getting those further integrated. So from your customer -- from your patient reminder to your intake forms, to the EHR from the back end to ultimately kind of a customer engagement reminder, we have that full circle with part of that within DrChrono and part of that was from some earlier acquisitions. So really making that a more tighter integration to provide more value to the customers. We're on pace. And it's a really great example. We bought that company, great business. We're really happy we bought it, but it was kind of a Valley-based business, losing money, kind of trying to grow fast. And within the first year, we've owned it, it went from losing just under $5 million last year to be a little over breakeven this year. And then by next year, we believe the EBITDA margins are going to get closer and closer to the EverCommerce kind of core EBITDA margin. So everything we bring into the fold, again, we look at it as a product, and it operates significantly more efficient under our ecosystem than it did prior.

Yes. Can you talk a little bit more about the M&A playbook? Like how you think about sourcing some of these deals, the integration process, which you touched upon just now? And some of the things it seems like you have a very good muscle. You've done deals that have worked out very, very well. Can you talk a little bit about that particular process? How you think about it?

Yes. At a high level, We look at M&A in 3 ways: number one, buying solutions that enhance existing verticals we're in. So buying a product that we're incredibly confident, we can sell that product through existing customer base. Secondly, buying solutions that expand us geography -- geographically. We already were in the salon, spa space in the U.S. We saw an opportunity to buy the Lean Salon Spa Solution in Australia and New Zealand. We bought a company called Timely. It created immediate geographic diversity that we'll be able to connect from a management standpoint, but have a solution overseas. And the third reason we use M&A is to go into either a new vertical or a micro vertical. And a great example of that is we're in the home field service space, but we were not in -- we didn't have any pest control solutions. So we bought a company that put us in the pest control space. Now we have a great product. And from an integration standpoint, the entire integration process happens during the diligence. So we are putting together a 30-, 60-, 90-day plan pre-acquisition. We close on the acquisition. We take over that. All go-to-market, all marketing that is taken over day 1. So these businesses, again, think about them as products versus businesses or subscale. We take over those solutions, we market those solutions, we take over the product, not the development. There's still the people developing the product, but in terms of product strategy and where they're going to go, we just have much more wherewithal. The Briostack stack, which was a pest control, is a really great example. Subscale sub-$10 million type of revenue business competing against other subscale $10 million revenue businesses within that vertical. Once we own that company, we've now integrated payments. We've integrated back-end customer engagement. It's now being marketed by a 100-person go-to-market sophisticated marketing team, again, competing with subscale businesses that have lacked product -- full product completion and have very little marketing wherewithal, both resources or tools or money to compete with us. We've been able to take real market share in a very short period of time within that marketplace.

So across your 3 primary verticals, there are a lot of subverticals and opportunities. Are there any that you're not in today that you see as great markets that you may look to get into eventually or even adjacencies that are opportunities even within your current solution side.

Yes. I mean we look at a lot of things. We're constantly looking at when you're buying companies, there's got to be what you want, what's available, and does the price makes sense. So you always have to be a little bit opportunistic within that. And so we've looked at a lot of additional verticals, you name it, and there's reasons why we have not gone into them from education to pet to nonprofits. And there's been things whether that is not a big enough TAM, the competition seemed a little bit heavy or the business models of some of the businesses did make sense. And a great example of that is we looked at kind of like the Kindercare kind of preschool kind of marketplace. Really good market, and there's some good softwares in that space, but one of the leading softwares in this space that kind of changed the model. Gave away software for free, made it payments only. And so it kind of ruined the value of the software, and we're really big on when we build software, we want to get paid for the software. But if the market was already taught that the software was worth nothing, it's kind of a hard market to go into. So we're constantly analyzing what's the opportunities. And I think over time, we'll continue to look at and go into new verticals.

That's great. We talked a little bit about before we got up here about a couple of your solutions that our rocket ships doing really, really well. Other than DrChrono, are there a couple of businesses that you see just completely taking off? And it's been a success story that you want to highlight as a case study or 2 in your business that since you've acquired them and scaled them organically.

Yes. I mean we don't -- normally except for these cases, we don't break out individual kind of companies. And we do look at our business as one consolidated platform because we run it that way. We run it and we utilize the resources and the capital allocation to basically put resources on the biggest opportunities. And so there's products that are going to have bigger market opportunity, faster growth. We're going to invest capital in those. But we have in the home field services, which we just -- it's our largest category. It's the biggest TAM. And it's the biggest greenfield opportunity. We have a couple of solutions that have just been, as you've said, just rocket ships. They've grown exponentially and we think they'll continue to grow exponentially. So as you look across the overall platform, believe it or not, there's more than there's those 2. There's just a lot of businesses that have been really successful under our kind of stewardship, and we think that's just the beginning of the opportunity.

Great. Maybe we could take a few minutes to open it up for any questions in the audience. Are there any questions? Anything? We have one over here.

My name is Ryan Floyd from Barca Capital. You said, I think, 80% of your marketing was digital to get new customers. Could you just break down exactly how that works? Is it Google AdWords and Facebook or something else? And maybe like other businesses, to what extent is there a risk that if the cost of Google AdWords goes up 30x for your product suddenly, it's very, very difficult to get new customers. It seems like a really interesting...

Yes. Thank you for the question. So I'll start off by saying we've been marketing to the service SMB customer digitally for 16 years. So we've been doing this since PaySimple, so it's a core competency. And to your point, specifically, over those 16 years, you can imagine the Google world has gone up and down based upon new entrants in the market and new verticals. What we've gotten really good at is if Keyword A is something we like a lot, and it's getting expensive, you just go to the long tail. As a long tail -- as the market comes down for the kind of the keywords, you go back up to those words. And so we've been able to kind of really play over a very long period of time watching multiple cycles and be able to not only survive but thrive in those markets. So Google, I mean being digital, you're going to spend a lot of money in Google. So if you -- 80% of the market, marketing is digital, probably 70%, 80% is Google. And then you're in a lot of other marketplaces essentially. What we're not in, although we do use content, and obviously, we have a lot of SEO strategy, our business model is much more paid search. So you have much more control of it. I would argue in the short term, things will play out. A lot of companies who are not profitable, who have been throwing a lot of money against the wall and see what sticks, they're probably bumping up the price of Google AdWords over the last several years, where I think there's an opportunity, even as we maintain our efficacy where we currently are either A, our costs will go down, or B, will generate more customers. And that may be a 2-, 3-year phenomenon, maybe it goes back around. But we've seen 4 or 5 of these cycles, excuse me, over the past 16 years, and we've been able to kind of make our way through them and find ways to find good opportunities.

Any question? Oh, another one?

So are you seeing the price of these Google AdWords come down? Some of the fellows that maybe aren't profitable, are they perhaps desperate that they must grow no matter what because their revenue multiple used to be 10 and now it's 3? And if they don't grow like gangbusters, they're not going to get VC funding. So this is their last chance the next 18 months are also commit suicide or something like this, is that what you're seeing? Or instead, is it, "Hey, we need to conserve cash and maybe we won't grow for 2 years because we want to keep this thing around." I don't know what the market is for your AdWords, but it would be great to hear what you see.

Yes. To date, it's been business as usual. So we have not seen degradation nor uptick either way. If we're just having a philosophical conversation, my view would be much more of the latter than the former. The market has basically spoken and said grow it off cost is not something that the market is valuing at this moment in time. And their ability to raise additional capital, whether that's in the public and/or private markets is being diminished certainly at old valuations. And so my expectation would be, a, it's business as usual, which we're just fine with, or b, there's going to be less advertising. I mean we all saw what happened yesterday with Snap. They said there -- they might have -- their usage is just fine. Advertising is coming down because people may spend less on it because of a variety different reasons. And so we think something similar potentially could happen with the -- with Google. We're not planning on it, certainly not in the model, but my bet if there was any degradation, it wouldn't be on increased costs, it would be on reduced costs.

Any other questions?

Just one more thing to note on that, just a continuation on that was I'd appreciate your question. It's really important in the SMB market, which is why we've been able to generate great returns on our investments. I mean we have an 8x LTV to CAC. 85% of our new customer acquisition is self-serve. So we generate them digitally, they onboard, self-serve, they buy self-serve, they onboard self-serve and they serve themselves, self-service. So we've gotten really good at that kind of workflows, which is why we've been able to acquire the amount of customers we have acquired profitably and ultimately scalably as we continue to kind of grow the business.

In terms of the rocket ship-type businesses, I know you're not breaking down by segment, but is it a power law of your underlying businesses where some or all of the growth and some are not growing. Could you give us maybe an idea of what the median growth of users has been over the last 5 years? Do you have a whole bunch that are maybe growing users by 2% a year? Because it's kind of hard, how many pest guys are there. I mean, I guess, there are a lot of pest guys, but it's harder than you would think to go get those guys. It would be great to hear maybe the median user growth or median over the last year for the different segments.

So if I break it into the different segments, they all actually grow similar. So our -- in that 20% range for EverPro and about 20% for the health services, the EverWell has definitely been the slowest growth in the last -- gyms were shut down, and they haven't fully come back. So the salon, spa world has come back, and that's similar. Again, it's -- a lot of it's based on the marketing we spend within the categories. But salon, spas back in that 20% range, gyms are still growing slower. That is a little bit more of a drag on the business at this point. So you may have a little bit more of an uptick in the call it EverPro, it's growing a little bit faster and a little bit lower of a growth on the fitness and wellness side of things. And we're hoping that comes back fully. It's certainly better than it was in 2020 and early 2021. But the gym space, fortunately, it's our smallest vertical, hasn't fully come back. And the -- that's on a macro side, the way across the base. We don't have 3 companies that are offsetting 30 companies that are not growing. It's pretty similar. There's definitely some slower growers, but most of the companies that we have in the base are still growing, and they're growing at nice rates. And then you have some businesses that have just reached a critical mass, and they have a real big market, and they're growing faster. And so they're not big enough to offset. We've kind of given The Street guidance that we'll do approximately $630 million of revenue. We don't have any products that are large enough that their expanded growth rate is going to skew the overall growth rate of the business. It's really broken into a lot of different products and services. So when I sit here and say, I'm confident we can grow high teens, 20% for many years to come, I'm fully aware of the law of large numbers and people get to $1 billion of revenue and it gets more difficult. Remember, we're growing 40 products that are all doing $10 million, $15 million of revenue, 20-plus percent a year. There's a long runway of that growth, which is different than having to grow one product 20% as you start getting larger. And so we think the scale of this business as we cross over $1 billion in several years, we think we can maintain those level of growth rates for many years to come.

We have 1 minute left. Any other questions? So 1 question I have is what about EverCommerce is different? And what do others don't know about your business that you want to talk about?

Yes. There's a couple of things that started with a lot of them. I think, the overall thesis that I think it's underestimated this digitization of the service economy, it's a massive opportunity, which really gets to that massive TAM of literally over $1 trillion. So there's huge opportunity, huge kind of evolution that's happening that is 100% happening. It's just a matter of time and inertia. And I think it's also underestimated the actual scale of our business right now. 600,000 customers that we have today, and we're in the very early innings of actually taking advantage of that large customer base. And so as you look at the market opportunity, the customer base that we've already kind of proven that we can acquire and the very early signs of our ability to upsell, cross-sell into this space really kind of lead the groundwork for long-term growth and profitable company.

Great. Well, thanks, Eric, for joining us today.

Appreciate it.

Very much appreciate it.

Thanks, Scott.

Yes.