Company: EVCM
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001853145-25-000009
Chunk: 119

Company: EverCommerce Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 7
Chunk 119
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 ended December 31, 2024 as compared to the year ended December 31, 2023. The decrease was driven primarily by a $1.7 million reduction in personnel and compensation expense, a $1.2 million reduction in third-party commissions, partially offset by a $0.7 million increase in advertising, $0.8 million increase in outsourced services and $0.3 million in professional fees and consulting expenses.

Product Development

Year Ended December 31,Change20242023Amount%(dollars in thousands)Product development$79,673 $75,614 $4,059 5.4 %

Product development expenses increased by $4.1 million, or 5.4%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023. The increase was a result of an additional $2.2 million of personnel and compensation expense, $2.0 million of outsourced services, and $1.6 million of software and tools, driven by investments in our technology and teams to support our various solutions as well as centralized security operations, information technology and cloud engineering. The increase was partially offset by a $1.5 million decrease in professional fees and consulting expenses.

General and Administrative

Year Ended December 31,Change20242023Amount%(dollars in thousands)General and administrative$139,423 $132,235 $7,188 5.4 %

General and administrative expenses increased by $7.2 million, or 5.4%, for the year ended December 31, 2024 as compared to the year ended December 31, 2023. The increase was driven primarily by an additional $4.4 million of personnel and compensation expense, a $2.4 million increase in software and tools, a $2.1 million increase in outsourced services, and a $1.6 million increase in 

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stock-based compensation expense, partially offset by $2.5 million decrease in facility expense and $1.4 million decrease in bad debt expense.

Depreciation and Amortization

 Year Ended December 31,Change 20242023Amount% (dollars in thousands)Depreciation and amortization$88,824 $104,201 $(15,377)(14.8)%

Depreciation and amortization expenses decreased by $15.4 million,