Company: EVCM
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001853145-25-000009
Chunk: 173

Company: EverCommerce Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 8
Chunk 173
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-current assets and other non-current liabilities on the consolidated balance sheets, related to temporary differences and operating loss carryforwards were as follows:December 31,20242023(in thousands)Deferred tax assets:Net operating losses$29,277 $35,484 163(j) interest limitation33,187 27,143 Reserves and accrued expenses6,571 8,175 Property and equipment depreciation4,434 1,462 Stock-based compensation2,802 3,193 Lease liability4,240 5,837 Capital loss carryforward10,795 — Other2,974 2,589 Total deferred tax assets94,280 83,883 Less: valuation allowance(64,870)(51,904)Net deferred tax assets29,410 31,979 Deferred tax liabilities:Intangible assets(28,029)(29,263)Property and equipment depreciation(1,245)(1,288)Capitalized expenses(4,951)(4,678)Operating lease right-of-use assets(2,736)(3,963)Other(1,039)(364)Total deferred tax liabilities(38,000)(39,556)Net deferred tax liabilities$(8,590)$(7,577)The Company had net operating loss and tax credit carryforwards as of the financial statement date as follows: Amount  Expiration Years (in thousands)Net operating losses, federal (Post December 31, 2017)$19,860 IndefiniteNet operating losses, federal (Pre January 1, 2018)$210 2036Net operating losses, state$7,459 VariousNet operating losses, foreign$1,748 2038 - IndefiniteCapital loss, federal$10,795 2029Tax credits, federal$266 2037Tax credits, foreign$294 VariousManagement has not considered future projections of income in this analysis due to the Company’s history of losses. The Company has determined that it is more likely than not that a portion of the deferred tax assets will not be realized and has recorded a valuation allowance of $64.9 million and $51.9 million as of December 31, 2024 and 2023, respectively, against the deferred tax assets. If the Company’s assumptions change and we determine that we will be able to realize these deferred tax assets, the tax benefits related to any reversal of the valuation allowance on deferred tax assets as of December 31,