Third Quarter Results Reflect Continuing
Progress on Strategic Realignment and Commitment to Sustained,
Profitable Growth
Everbridge Plans to Further Detail Financial
Model and Long-Term Strategy During Upcoming Investor Day Scheduled
for December 13
Everbridge, Inc. (NASDAQ: EVBG), the global leader in critical
event management (CEM) and national public warning solutions, today
announced its financial results for the third quarter ended
September 30, 2022. Revenue was $111.4 million, up 15%
year-over-year.
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the full release here:
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Everbridge Reports Strong Third Quarter
2022 Financial Results
“Our third quarter results demonstrate continued progress in our
ongoing evolution to a mature, profitable growth business,” said
David Wagner, Everbridge’s President and CEO. “As we focus on our
strategic realignment and product integrations, we again delivered
solid results with our land-and-expand, go-to-market strategy. 2022
has been a transition year, enabling us to focus on driving
profitable growth as we enter the next phase of the company’s life
cycle headed into 2023. During the fourth quarter, we are
optimizing our cost structure and intend to restructure and reduce
Everbridge’s workforce by approximately 200 employees, creating a
clear line of sight to adjusted EBITDA of $85 million and a
baseline revenue growth rate of 6% to 7% in 2023.”
Patrick Brickley, Everbridge’s CFO, added, “The work we began
this year to strategically realign both our product and sales
organizations has created a solid foundation for profitability
heading into 2023 and beyond. In the meantime, we are continuing to
drive consistent performance across the board, as evidenced by a
more than $10 million improvement in adjusted EBITDA. Q3 also
marked a record for contracts sized over $100,000 in value,
supporting Everbridge’s critical and growing role with the Global
2000 community as well as our 6,000 enterprise customers today. We
look forward to sharing our progress and strategic plan in more
detail at our upcoming Investor Day next month.”
Recent Business Highlights
- Ended the third quarter with 6,417 global enterprise customers,
up from 6,010 at the end of the third quarter of 2021.
- Delivered more than ten million Hurricane Ian-related critical
messages in a two-week period, supporting a majority of Florida’s
22 million residents. As the hurricane approached Florida at the
end of September, Everbridge conducted an emergency implementation
of its Resident Connection offering to help government officials
best reach the most comprehensive database of resident
contacts.
- Announced Takeda Pharmaceutical Company as the first enterprise
to achieve Diamond Tier status as a Best in Resilience™ certified
organization. Takeda’s Best in Resilience assessment revealed
significant strengths in how quickly and effectively the company
can identify risks to employees, which was made possible by
integrating CEM with their badging and travel risk management
systems.
- Launched Everbridge Travel Protector™, representing the
completion of its integration of The Anvil Group acquisition.
Travel Protector provides the market’s only end-to-end,
full-lifecycle solution for organizations to fulfill their Duty of
Care for traveling employees, remote workers, field service workers
and those who have returned to the office.
- Broadened the deployment of its platform across the state of
New Jersey to include the addition of Resident Connection and
Integrated Public Alert & Warning System IPAWS solutions for
the New Jersey State Police to maximize the reach of their critical
citizen alerts.
- Unveiled the full integration of the company’s expansive Risk
Intelligence monitoring capabilities into its industry-leading
physical security management system, Control Center, enabling
organizations to ingest “outside” risk intelligence and correlate
that real-time information with data from “inside” their
buildings.
- Partnered with Omnilert to integrate active shooter detection
technology with its CEM platform to help enterprises and government
institutions reduce threats.
- Appointed veteran B2B and SaaS marketing executive David
Alexander as Chief Marketing Officer; appointed cyber security,
DevOps, and IT executive Sheila Carpenter as Chief Information
Officer; and promoted B2B sales leader Paul Robinson to the role of
Senior Vice President of North America Sales.
Third Quarter 2022 Financial Highlights
- Total revenue was $111.4 million, an increase of 15% compared
to $96.7 million for the third quarter of 2021.
- GAAP operating loss was $(19.2) million, compared to a GAAP
operating loss of $(19.1) million for the third quarter of
2021.
- Non-GAAP operating profit was $9.8 million, compared to
non-GAAP operating profit of $2.2 million for the third quarter of
2021.
- GAAP net loss was $(22.1) million, compared to $(28.7) million
for the third quarter of 2021. GAAP net loss per share was $(0.56),
based on 39.7 million basic and diluted weighted average common
shares outstanding, compared to $(0.75) for the third quarter of
2021, based on 38.4 million basic and diluted weighted average
common shares outstanding.
- Non-GAAP net income was $12.3 million, compared to non-GAAP net
income of $2.1 million in the third quarter of 2021. Non-GAAP
diluted net income per share was $0.27, based on 46.1 million
diluted weighted average common shares outstanding, compared to
non-GAAP diluted net income per share of $0.05 for the third
quarter of 2021, based on 45.5 million diluted weighted average
common shares outstanding.
- Adjusted EBITDA was $15.2 million, compared to $4.9 million in
the third quarter of 2021.
- Cash flow from operations was an inflow of $18.0 million,
compared to an outflow of $(2.7) million for the third quarter of
2021.
- Adjusted for one-time cash payments related to our 2022
Strategic Realignment program, Adjusted Free Cash Flow was an
inflow of $15.4 million for the third quarter of 2022.
Financial Outlook
Based on information available as of today, Everbridge is
issuing guidance for the fourth quarter and full year 2022 as
indicated below.
Full Year 2022
Guidance
Fourth Quarter 2022
Full Year 2022
Issued August 9, 2022
Revenue
$
116.0
to
$
116.4
$
430.8
to
$
431.2
$
428.2
to
$
432.8
Revenue growth
13
%
13
%
17
%
17
%
16
%
17
%
GAAP net loss
$
(27.5
)
$
(27.1
)
$
(104.8
)
$
(104.4
)
$
(112.5
)
$
(110.5
)
GAAP net loss per share
$
(0.69
)
$
(0.68
)
$
(2.65
)
$
(2.64
)
$
(2.80
)
$
(2.75
)
Non-GAAP net income
$
14.0
$
14.4
$
27.2
$
27.6
$
15.7
$
17.7
Non-GAAP net income per share
$
0.30
$
0.31
$
0.59
$
0.60
$
0.33
$
0.38
Adjusted EBITDA
$
18.1
$
18.5
$
40.7
$
41.1
$
37.0
$
39.0
(All figures in millions, except per share data)
Conference Call Information
What:
Everbridge’s Third Quarter 2022 Financial
Results Conference Call
When:
Tuesday, November 8, 2022
Time:
8:30 a.m. ET
Live Call:
(833) 685-0904, Domestic
(412) 317-5740, International
Replay:
(877) 344-7529, Passcode 2520854,
Domestic
(412) 317-0088, Passcode 2520854,
International
Webcast:
https://edge.media-server.com/mmc/p/9ffgebc6 (live and
replay)
About Everbridge
Everbridge, Inc. (NASDAQ: EVBG) is a global software company
that provides enterprise software applications that automate and
accelerate organizations’ operational response to critical events
in order to Keep People Safe and Organizations Running™. During
public safety threats such as active shooter situations, terrorist
attacks or severe weather conditions, as well as critical business
events including IT outages, cyber-attacks, product recalls or
supply-chain interruptions, over 6,400 customers in 76 countries
rely on the Company’s Critical Event Management Platform to quickly
and reliably aggregate and assess threat data, locate people at
risk and responders able to assist, automate the execution of
pre-defined communications processes through the secure delivery to
over 100 different communication modalities, and track progress on
executing response plans. For more information, visit
www.everbridge.com, read the company blog, and follow on Twitter
and Facebook.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial
measures: non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP
gross margin, non-GAAP sales and marketing, non-GAAP research and
development, non-GAAP general and administrative, non-GAAP
operating expenses, non-GAAP operating income/(loss), non-GAAP net
income/(loss), non-GAAP net income/(loss) per share, EBITDA,
adjusted EBITDA, free cash flow, and adjusted free cash flow.
Non-GAAP operating income/(loss) excludes amortization of
acquired intangible assets, change in fair value of contingent
consideration, stock-based compensation and costs related to the
2022 Strategic Realignment. Non-GAAP net income/(loss) excludes
amortization of acquired intangible assets, change in fair value of
contingent consideration, stock-based compensation, costs related
to the 2022 Strategic Realignment, accretion of interest on
convertible senior notes, loss on extinguishment of convertible
notes, capped call modification and change in fair value and the
tax impact of such adjustments. EBITDA represents net income/(loss)
before interest income and interest expense, income tax expense and
benefit and depreciation and amortization expense. Adjusted EBITDA
represents EBITDA as further adjusted for loss on extinguishment of
convertible notes, capped call modification and change in fair
value, change in fair value of contingent consideration,
stock-based compensation expense and costs related to the 2022
Strategic Realignment. Free cash flow represents cash provided by
(used in) operating activities minus cash used for capital
expenditures and capitalized software development costs. Adjusted
free cash flow represents free cash flow as further adjusted for
cash payments for the 2022 Strategic Realignment.
We believe that these non-GAAP measures of financial results
provide useful information to management and investors regarding
certain financial and business trends relating to Everbridge's
financial condition and results of operations. We use these
non-GAAP measures for financial, operational and budgetary
decision-making purposes, to understand and evaluate our core
operating performance and trends, and to generate future operating
plans. We believe that these non-GAAP financial measures provide
useful information regarding past financial performance and future
prospects, and permit us to more thoroughly analyze key financial
metrics used to make operational decisions. We believe that the use
of these non-GAAP financial measures provides an additional tool
for investors to use in evaluating ongoing operating results and
trends and in comparing our financial measures with other software
companies, many of which present similar non-GAAP financial
measures to investors.
We do not consider these non-GAAP measures in isolation or as an
alternative to financial measures determined in accordance with
GAAP. The principal limitation of these non-GAAP financial measures
is that they exclude significant expenses and income that are
required by GAAP to be recorded in the Company's financial
statements. In addition, they are subject to inherent limitations
as they reflect the exercise of judgment by management about which
expenses and income are excluded or included in determining these
non-GAAP financial measures. In order to compensate for these
limitations, management presents non-GAAP financial measures in
connection with GAAP results. We urge investors to review the
reconciliation of our non-GAAP financial measures to the comparable
GAAP financial measures, which are included in this press release,
and not to rely on any single financial measure to evaluate our
business.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding the anticipated opportunity and trends for
growth in our critical communications and enterprise safety
applications and our overall business, our market opportunity, our
expectations regarding sales of our products, our goal to maintain
market leadership and extend the markets in which we compete for
customers, and our expected financial results for the fourth
quarter of 2022 and the full fiscal year 2022. These
forward-looking statements are made as of the date of this press
release and were based on current expectations, estimates,
forecasts and projections as well as the beliefs and assumptions of
management. Words such as "expect," "anticipate," "should,"
"believe," "target," "project," "goals," "estimate," "potential,"
"predict," "may," "will," "could," "intend," variations of these
terms or the negative of these terms and similar expressions are
intended to identify these forward-looking statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond our control. Our actual results could differ materially
from those stated or implied in forward-looking statements due to a
number of factors, including but not limited to: the ability of our
products and services to perform as intended and meet our
customers’ expectations; our ability to attract new customers and
retain and increase sales to existing customers; our ability to
increase sales of our Mass Notification application and/or ability
to increase sales of our other applications; our ability to
successfully integrate businesses and assets that we have acquired
or may acquire in the future; the impact of the global COVID-19
pandemic on our operations and those of our customers and
suppliers; the success of the 2022 Strategic Realignment;
developments in the market for targeted and contextually relevant
critical communications or the associated regulatory environment;
our estimates of market opportunity and forecasts of market growth
may prove to be inaccurate; we have not been profitable on a
consistent basis historically and may not achieve or maintain
profitability in the future; the lengthy and unpredictable sales
cycles for new customers; nature of our business exposes us to
inherent liability risks; our ability to attract, integrate and
retain qualified personnel; our ability to maintain successful
relationships with our channel partners and technology partners;
our ability to manage our growth effectively; our ability to
respond to competitive pressures; potential liability related to
privacy and security of personally identifiable information; our
ability to protect our intellectual property rights, and the other
risks detailed in our risk factors discussed in filings with the
U.S. Securities and Exchange Commission (“SEC”), including but not
limited to our Quarterly Report on Form 10-Q for the quarterly
period ended June 30, 2022 filed with the SEC on August 9, 2022 and
our Annual Report on Form 10-K for the year ended December 31, 2021
filed with the SEC on February 25, 2022. The forward-looking
statements included in this press release represent our views as of
the date of this press release. We undertake no intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
All Everbridge products are trademarks of Everbridge, Inc. in
the USA and other countries. All other product or company names
mentioned are the property of their respective owners.
Consolidated Balance Sheets (in thousands)
(unaudited)
September 30,
December 31,
2022
2021
Current assets:
Cash and cash equivalents
$
486,906
$
488,035
Restricted cash
1,985
3,880
Accounts receivable, net
93,330
120,995
Prepaid expenses
14,064
13,740
Deferred costs and other current
assets
28,023
28,469
Total current assets
624,308
655,119
Property and equipment, net
9,387
12,185
Capitalized software development costs,
net
27,623
22,720
Goodwill
492,366
531,163
Intangible assets, net
178,510
219,319
Restricted cash
782
843
Prepaid expenses
1,575
1,916
Deferred costs and other assets
31,791
35,750
Total assets
$
1,366,342
$
1,479,015
Current liabilities:
Accounts payable
$
12,397
$
16,002
Accrued payroll and employee related
liabilities
28,392
36,725
Accrued expenses
11,946
13,884
Deferred revenue
220,488
223,579
Convertible senior notes
8
8
Other current liabilities
10,342
14,132
Total current liabilities
283,573
304,330
Long-term liabilities:
Deferred revenue, noncurrent
12,550
14,261
Convertible senior notes
812,023
665,695
Deferred tax liabilities
4,060
16,082
Other long-term liabilities
8,946
15,958
Total liabilities
1,121,152
1,016,326
Stockholders' equity:
Common stock
40
39
Additional paid-in capital
714,761
853,664
Accumulated deficit
(418,285
)
(388,112
)
Accumulated other comprehensive loss
(51,326
)
(2,902
)
Total stockholders' equity
245,190
462,689
Total liabilities and stockholders'
equity
$
1,366,342
$
1,479,015
Consolidated Statements of Operations and Comprehensive
Loss (in thousands, except share and per share data)
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Revenue
$
111,401
$
96,746
$
314,762
$
265,605
Cost of revenue
35,447
30,310
100,543
83,255
Gross profit
75,954
66,436
214,219
182,350
68.18
%
68.67
%
68.06
%
68.65
%
Operating expenses:
Sales and marketing
46,580
42,426
133,755
118,436
Research and development
25,177
23,197
75,355
61,527
General and administrative
23,357
19,904
72,786
67,130
Restructuring
37
—
6,779
—
Total operating expenses
95,151
85,527
288,675
247,093
Operating loss
(19,197
)
(19,091
)
(74,456
)
(64,743
)
Other expense, net:
Interest and investment income
2,054
83
2,795
316
Interest expense
(1,312
)
(9,792
)
(3,919
)
(26,007
)
Loss on extinguishment of convertible
notes, capped call modification and change in fair value
(4,770
)
—
(4,770
)
(2,925
)
Other income (expense), net
1,170
(623
)
1,261
(1,274
)
Total other expense, net
(2,858
)
(10,332
)
(4,633
)
(29,890
)
Loss before income taxes
(22,055
)
(29,423
)
(79,089
)
(94,633
)
Benefit from (provision for) income
taxes
(25
)
745
1,754
10,345
Net loss
$
(22,080
)
$
(28,678
)
$
(77,335
)
$
(84,288
)
Net loss per share attributable to common
stockholders:
Basic
$
(0.56
)
$
(0.75
)
$
(1.95
)
$
(2.24
)
Diluted
$
(0.56
)
$
(0.75
)
$
(1.95
)
$
(2.24
)
Weighted-average common shares
outstanding:
Basic
39,746,242
38,407,313
39,583,684
37,610,147
Diluted
39,746,242
38,407,313
39,583,684
37,610,147
Other comprehensive loss:
Foreign currency translation
adjustment
(19,879
)
(3,095
)
(48,424
)
(4,461
)
Total comprehensive loss
$
(41,959
)
$
(31,773
)
$
(125,759
)
$
(88,749
)
Stock-based compensation expense included
in the above:
(in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Cost of revenue
$
1,938
$
1,260
$
4,197
$
3,078
Sales and marketing
6,130
5,747
13,736
15,068
Research and development
4,543
3,106
10,497
7,696
General and administrative
4,796
7,328
11,272
19,789
Total stock-based compensation
$
17,407
$
17,441
$
39,702
$
45,631
Consolidated Statements of Cash Flows (in thousands)
(unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Cash flows from operating activities:
Net loss
$
(22,080
)
$
(28,678
)
$
(77,335
)
$
(84,288
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
14,562
14,226
45,253
38,080
Amortization of deferred costs
4,625
3,214
13,365
10,398
Loss on disposal of assets
6
1
940
—
Deferred income taxes
436
(1,454
)
(7,132
)
(11,232
)
Accretion of interest on convertible
senior notes
1,168
9,649
3,492
25,470
Loss on extinguishment of convertible
notes, capped call modification and change in fair value
4,770
—
4,770
2,925
Provision for credit losses and sales
reserve
(990
)
774
(712
)
2,679
Stock-based compensation
17,407
17,441
39,702
45,631
Change in fair value of contingent
consideration obligation
—
(7,103
)
(57
)
(7,046
)
Payment of contingent consideration in
excess of acquisition date fair value
—
(2,653
)
—
(2,653
)
Other non-cash adjustments
—
101
—
13
Changes in operating assets and
liabilities:
Accounts receivable
5,729
(3,292
)
28,760
16,020
Prepaid expenses
2,085
1,015
17
93
Deferred costs
(5,627
)
(3,280
)
(16,157
)
(11,387
)
Other assets
1,368
(5,675
)
7,591
(6,525
)
Accounts payable
1,015
(3,475
)
(3,172
)
(3,535
)
Accrued payroll and employee related
liabilities
1,052
1,508
(6,919
)
(3,812
)
Accrued expenses
(2,474
)
1,865
(637
)
2,836
Deferred revenue
(152
)
3,924
(4,678
)
3,744
Other liabilities
(4,865
)
(798
)
(11,278
)
(5,430
)
Net cash provided by (used in) operating
activities
18,035
(2,690
)
15,813
11,981
Cash flows from investing activities:
Capital expenditures
(225
)
(2,042
)
(2,951
)
(4,170
)
Proceeds from landlord reimbursement
1,219
—
1,219
—
Payments for acquisition of business, net
of acquired cash
(1,202
)
(2,013
)
(1,249
)
(199,679
)
Additions to capitalized software
development costs
(4,173
)
(2,797
)
(11,609
)
(8,879
)
Net cash used in investing activities
(4,381
)
(6,852
)
(14,590
)
(212,728
)
Cash flows from financing activities:
Proceeds from issuance of convertible
notes
—
—
—
375,000
Payments of debt issuance costs
—
(249
)
—
(10,640
)
Purchase of convertible notes capped call
hedge
—
—
—
(35,100
)
Repurchase of convertible notes
—
—
—
(58,641
)
Proceeds from termination of convertible
notes capped call hedge
—
—
—
10,650
Payments of contingent consideration
—
(2,540
)
—
(2,540
)
Shares withheld to settle employee tax
withholding liability
(1,913
)
(3,556
)
(4,208
)
(6,399
)
Proceeds from employee stock purchase
plan
1,463
2,136
3,165
4,587
Proceeds from stock option exercises
17
784
99
2,947
Other
(17
)
—
(55
)
—
Net cash provided by (used in) financing
activities
(450
)
(3,425
)
(999
)
279,864
Effect of exchange rates on cash, cash
equivalents and restricted cash
(1,010
)
(369
)
(3,309
)
219
Net increase (decrease) in cash, cash
equivalents and restricted cash
12,194
(13,336
)
(3,085
)
79,336
Cash, cash equivalents and restricted
cash—beginning of period
477,479
568,302
492,758
475,630
Cash, cash equivalents and restricted
cash—end of period
$
489,673
$
554,966
$
489,673
$
554,966
Reconciliation of GAAP measures to non-GAAP measures (in
thousands, except share and per share data) (unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Cost of revenue
$
35,447
$
30,310
$
100,543
$
83,255
Amortization of acquired intangibles
(2,790
)
(3,191
)
(9,055
)
(8,773
)
Stock-based compensation
(1,938
)
(1,260
)
(4,197
)
(3,078
)
2022 Strategic Realignment
(259
)
—
(694
)
—
Non-GAAP cost of revenue
$
30,460
$
25,859
$
86,597
$
71,404
Gross profit
$
75,954
$
66,436
$
214,219
$
182,350
Amortization of acquired intangibles
2,790
3,191
9,055
8,773
Stock-based compensation
1,938
1,260
4,197
3,078
2022 Strategic Realignment
259
—
694
—
Non-GAAP gross profit
$
80,941
$
70,887
$
228,165
$
194,201
Non-GAAP gross margin
72.7
%
73.3
%
72.5
%
73.1
%
Sales and marketing
$
46,580
$
42,426
$
133,755
$
118,436
Stock-based compensation
(6,130
)
(5,747
)
(13,736
)
(15,068
)
2022 Strategic Realignment
(426
)
—
(634
)
—
Non-GAAP sales and marketing
$
40,024
$
36,679
$
119,385
$
103,368
Research and development
$
25,177
$
23,197
$
75,355
$
61,527
Stock-based compensation
(4,543
)
(3,106
)
(10,497
)
(7,696
)
2022 Strategic Realignment
(396
)
—
(609
)
—
Non-GAAP research and development
$
20,238
$
20,091
$
64,249
$
53,831
General and administrative
$
23,357
$
19,904
$
72,786
$
67,130
Amortization of acquired intangibles
(7,538
)
(7,798
)
(24,073
)
(20,051
)
Change in fair value of contingent
consideration
—
7,103
57
7,046
Stock-based compensation
(4,796
)
(7,328
)
(11,272
)
(19,789
)
2022 Strategic Realignment
(106
)
—
(2,102
)
—
Non-GAAP general and administrative
$
10,917
$
11,881
$
35,396
$
34,336
Restructuring (2022 Strategic
Realignment)
$
37
$
—
$
6,779
$
—
Total operating expenses
$
95,151
$
85,527
$
288,675
$
247,093
Amortization of acquired intangibles
(7,538
)
(7,798
)
(24,073
)
(20,051
)
Change in fair value of contingent
consideration
—
7,103
57
7,046
Stock-based compensation
(15,469
)
(16,181
)
(35,505
)
(42,553
)
2022 Strategic Realignment
(965
)
—
(10,124
)
—
Non-GAAP operating expenses
$
71,179
$
68,651
$
219,030
$
191,535
Operating loss
$
(19,197
)
$
(19,091
)
$
(74,456
)
$
(64,743
)
Amortization of acquired intangibles
10,328
10,989
33,128
28,824
Change in fair value of contingent
consideration
—
(7,103
)
(57
)
(7,046
)
Stock-based compensation
17,407
17,441
39,702
45,631
2022 Strategic Realignment
1,224
—
10,818
—
Non-GAAP operating income
$
9,762
$
2,236
$
9,135
$
2,666
Reconciliation of GAAP measures to non-GAAP measures
(Continued) (in thousands) (unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Net loss
$
(22,080
)
$
(28,678
)
$
(77,335
)
$
(84,288
)
Amortization of acquired intangibles
10,328
10,989
33,128
28,824
Change in fair value of contingent
consideration
—
(7,103
)
(57
)
(7,046
)
Stock-based compensation
17,407
17,441
39,702
45,631
2022 Strategic Realignment
1,227
—
10,821
—
Accretion of interest on convertible
senior notes
1,168
9,649
3,492
25,470
Loss on extinguishment of convertible
notes, capped call modification and change in fair value
4,770
—
4,770
2,925
Income tax adjustments
(510
)
(185
)
(1,321
)
70
Non-GAAP net income
$
12,310
$
2,113
$
13,200
$
11,586
Non-GAAP net income per share:
Basic
$
0.31
$
0.06
$
0.33
$
0.31
Diluted
$
0.27
$
0.05
$
0.29
$
0.26
Weighted-average common shares
outstanding:
Basic
39,746,242
38,407,313
39,583,684
37,610,147
Diluted
46,061,330
45,548,246
45,957,546
44,726,800
Three Months Ended
Nine Months Ended
September 30,
September 30,
2022
2021
2022
2021
Net loss
$
(22,080
)
$
(28,678
)
$
(77,335
)
$
(84,288
)
Interest and investment expense, net
(742
)
9,709
1,124
25,691
(Benefit from) provision for income
taxes
25
(745
)
(1,754
)
(10,345
)
Depreciation and amortization
14,562
14,226
45,253
38,080
EBITDA
(8,235
)
(5,488
)
(32,712
)
(30,862
)
Loss on extinguishment of convertible
notes, capped call modification and change in fair value
4,770
—
4,770
2,925
Change in fair value of contingent
consideration
—
(7,103
)
(57
)
(7,046
)
Stock-based compensation
17,407
17,441
39,702
45,631
2022 Strategic Realignment
1,227
—
10,821
—
Adjusted EBITDA
$
15,169
$
4,850
$
22,524
$
10,648
Net cash provided by (used in) operating
activities
$
18,035
$
(2,690
)
$
15,813
$
11,981
Capital expenditures
(225
)
(2,042
)
(2,951
)
(4,170
)
Capitalized software development costs
(4,173
)
(2,797
)
(11,609
)
(8,879
)
Free cash flow
13,637
(7,529
)
1,253
(1,068
)
Cash payments for 2022 Strategic
Realignment
1,760
—
8,079
—
Adjusted free cash flow
$
15,397
$
(7,529
)
$
9,332
$
(1,068
)
Remaining Performance Obligations as of September 30,
2022 (in millions)
Remaining Performance
Obligations
Remaining Performance
Obligations Next Twelve Months
Subscription and other contracts
$
454
$
284
Professional services contracts
17
14
Financial Outlook (in millions, except share and per
share data)
Year Ended
Three Months Ended
Year Ended
December 31, 2022
December 31, 2022
December 31, 2022
Issued August 9, 2022
Low End
High End
Low End
High End
Low End
High End
Net loss
$
(27.5
)
$
(27.1
)
$
(104.8
)
$
(104.4
)
(112.5
)
(110.5
)
Amortization of acquired intangibles
11.9
11.9
45.0
45.0
47.0
47.0
Change in fair value of contingent
consideration
—
—
(0.1
)
(0.1
)
(0.1
)
(0.1
)
Accretion of interest on convertible
senior notes
1.2
1.2
4.7
4.7
4.8
4.8
Loss on extinguishment of convertible
notes, capped call modification and change in fair value
—
—
4.8
4.8
—
—
2022 Strategic Realignment
9.6
9.6
20.4
20.4
16.5
16.5
Stock-based compensation
19.3
19.3
59.0
59.0
62.0
62.0
Income tax adjustments
(0.5
)
(0.5
)
(1.8
)
(1.8
)
(2.0
)
(2.0
)
Non-GAAP net income
$
14.0
$
14.4
$
27.2
$
27.6
$
15.7
$
17.7
Weighted average common shares
outstanding:
Basic
39,900,000
39,900,000
39,500,000
39,500,000
40,200,000
40,200,000
Diluted
46,500,000
46,500,000
46,300,000
46,300,000
47,000,000
47,000,000
Net loss per share
$
(0.69
)
$
(0.68
)
$
(2.65
)
$
(2.64
)
$
(2.80
)
$
(2.75
)
Non-GAAP net income per share
$
0.30
$
0.31
$
0.59
$
0.60
$
0.33
$
0.38
Net loss
$
(27.5
)
$
(27.1
)
$
(104.8
)
$
(104.4
)
$
(112.5
)
$
(110.5
)
Interest expense, net
0.6
0.6
1.7
1.7
4.8
4.8
Income taxes, net
(0.6
)
(0.6
)
(2.3
)
(2.3
)
(2.0
)
(2.0
)
Depreciation and amortization
16.7
16.7
62.0
62.0
68.3
68.3
EBITDA
(10.8
)
(10.4
)
(43.4
)
(43.0
)
(41.4
)
(39.4
)
Change in fair value of contingent
consideration
—
—
(0.1
)
(0.1
)
(0.1
)
(0.1
)
Loss on extinguishment of convertible
notes, capped call modification and change in fair value
—
—
4.8
4.8
—
—
2022 Strategic Realignment
9.6
9.6
20.4
20.4
16.5
16.5
Stock-based compensation
19.3
19.3
59.0
59.0
62.0
62.0
Adjusted EBITDA
$
18.1
$
18.5
$
40.7
$
41.1
$
37.0
$
39.0
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221108005425/en/
Investors: Nandan Amladi Investor Relations
nandan.amladi@everbridge.com 617-665-7197
Media: Jeff Young Media Relations
jeff.young@everbridge.com 781-859-4116 Source: Everbridge, Inc.
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