Company: EVCM
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001853145-25-000017
Chunk: 70

Company: EverCommerce Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 70
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,056 $443,579 $197,477 

10

EverCommerce Inc.Notes to Unaudited Condensed Consolidated Financial Statements

December 31, 2024UsefulLifeGross CarryingValueAccumulatedAmortizationNet BookValue(in thousands)Customer relationships5-20 years$511,374 $327,038 $184,336 Developed technology5-12 years93,855 76,430 17,425 Trade name3-10 years33,881 24,477 9,404 Non-compete agreements5 years1,936 1,929 7 Total$641,046 $429,874 $211,172 

Amortization expense was $13.7 million and $17.5 million for the three months ended March 31, 2025 and 2024, respectively.  

Note 8. Property and EquipmentProperty and equipment consisted of the following as of:March 31,December 31,20252024(in thousands)Computer equipment and software$10,265 $9,873 Furniture and fixtures3,059 3,058 Leasehold improvements9,988 9,988 Total property and equipment23,312 22,919 Less accumulated depreciation(17,405)(16,790)Property and equipment, net$5,907 $6,129 Depreciation expense was $0.7 million and $1.0 million for the three months ended March 31, 2025 and 2024, respectively.

Note 9. Capitalized SoftwareCapitalized software consisted of the following as of:March 31,December 31,20252024(in thousands)Capitalized software$72,476 $68,057 Less: accumulated amortization(28,903)(26,462)Capitalized software, net$43,573 $41,595 Amortization expense was $2.4 million for the three months ended March 31, 2025 and 2024. During the ordinary course of business, the Company may determine that certain capitalized features of its software will no longer be used either internally or to deliver value to its customers. The Company recorded a charge of $0.4 million for the three months ended March 31, 2025 related to capitalized costs associated with abandoned projects, which are included in general and administrative expense on the unaudited condensed consolidated statements of operations