- Strong Revenue Performance to End the Year Demonstrates
Successful Execution of Strategic Realignment in 2022 and Ongoing
Commitment to Sustained, Profitable Growth in Years Ahead
- Fourth Quarter Results Driven by Healthy Increase in Annual
Recurring Revenue (ARR)
Everbridge, Inc. (Nasdaq: EVBG), the global leader in critical
event management (CEM) and national public warning solutions, today
announced its financial results for the fourth quarter and full
year ended December 31, 2022. Revenue for the fourth quarter was
$117.1 million, up 14% year-over-year. Revenue for the full year
was $431.9 million, up 17% year-over-year.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230222005386/en/
Everbridge Announces Fourth Quarter and
Full Year 2022 Financial Results
“The fourth quarter marked a strong finish to the year as we
laid the groundwork for future growth and increased profitability,”
said David Wagner, Everbridge’s President and CEO. “We delivered
another steady sequential increase in ARR and solid growth in our
adjusted EBITDA. During the period we also reduced our net debt
obligation while substantially completing our workforce
restructuring, which we believe positions us to deliver increased
shareholder value. We are executing the strategy outlined during
our December Investor Day and are aligning the right go-to-market
with the right products at the right time to deliver even more
customer value. In the fourth quarter we took meaningful steps
forward to strengthen the company on our way to $1 billion in
ARR.”
Patrick Brickley, Everbridge’s CFO, added, “Overall, we believe
2022 was a successful transition year. In the fourth quarter, our
top line and profitability were buoyed by exceptional perpetual
deliveries that we had forecasted for year-end as well as our
strongest ARR growth performance for the year thanks to solid
recurring bookings and strong renewals. With our business
successfully realigned for stable, long-term growth and increased
profitability, we are on track to meet our revenue and adjusted
EBITDA forecast for 2023, and we believe we can achieve meaningful
increases in profitability and cash flow in 2023 and beyond.”
Fourth Quarter 2022 Financial Highlights
- Total revenue was $117.1 million, an increase of 14% compared
to $102.8 million for the fourth quarter of 2021.
- GAAP operating loss was $(9.7) million, compared to $(11.5)
million for the fourth quarter of 2021.
- Non-GAAP operating income was $14.6 million, compared to
non-GAAP operating loss of $(1.4) million for the fourth quarter of
2021.
- GAAP net income was $16.2 million, compared to GAAP net loss of
$(10.5) million for the fourth quarter of 2021. GAAP diluted net
loss per share was $(0.15), based on 45.3 million diluted weighted
average common shares outstanding, compared to $(0.27) for the
fourth quarter of 2021, based on 39.0 million diluted weighted
average common shares outstanding.
- Non-GAAP net income was $17.7 million, compared to non-GAAP net
loss of $(2.1) million in the fourth quarter of 2021. Non-GAAP
diluted net income per share was $0.39, based on 45.6 million
diluted weighted average common shares outstanding, compared to
non-GAAP diluted net loss per share of $(0.05) for the fourth
quarter of 2021, based on 39.0 million diluted weighted average
common shares outstanding.
- Adjusted EBITDA was $19.6 million, compared to $0.6 million in
the fourth quarter of 2021.
- Cash flow from operations was an inflow of $4.4 million,
compared to $10.2 million for the fourth quarter of 2021.
- Adjusted for one-time cash payments related to our 2022
Strategic Realignment program, Adjusted Free Cash Flow was an
inflow of $4.6 million for the fourth quarter of 2022.
Full Year 2022 Financial Highlights
- Total revenue was $431.9 million, an increase of 17% compared
to $368.4 million for 2021.
- GAAP operating loss was $(84.2) million, compared to $(76.2)
million for 2021.
- Non-GAAP operating income was $23.7 million, compared to $1.3
million for 2021.
- GAAP net loss was $(61.2) million, compared to $(94.8) million
for 2021. GAAP diluted net loss per share was $(1.76), based on
45.6 million diluted weighted average common shares outstanding,
compared to $(2.50) for 2021, based on 38.0 million diluted
weighted average common shares outstanding.
- Non-GAAP net income was $30.9 million, compared to $9.5 million
in 2021. Non-GAAP diluted net income per share was $0.67, based on
45.9 million diluted weighted average common shares outstanding,
compared to $0.21 for 2021, based on 45.0 million diluted weighted
average common shares outstanding.
- Adjusted EBITDA was $42.1 million, compared to $11.2 million in
2021.
- Cash flow from operations was an inflow of $20.2 million,
compared to $22.2 million for 2021.
- Adjusted for one-time cash payments related to our 2022
Strategic Realignment program, Adjusted Free Cash Flow was an
inflow of $13.9 million for 2022.
Recent Business Highlights
- Ended the fourth quarter with 6,513 global customers, up from
6,135 at the end of the fourth quarter of 2021.
- Added a record 52 CEM customers in the quarter, now at 307
cumulative.
- Signed a record 80 deals over $100K in the quarter compared to
66 in the fourth quarter of 2021.
- Selected by the country of Norway to deploy its Public Warning
solution to help keep the country’s more than five million
residents, and nearly seven million annual visitors, safe and
informed in case of an emergency.
- Introduced Everbridge PSInsights™, a new situational awareness
capability enabling public safety authorities to gain deep
visibility into critical situations – before, during and after they
occur – in order to streamline the response and keep people
safe.
- Unveiled DigitalOps Insights™, a new AI-powered situational
awareness tool enabling incident commanders and resolvers to gain
deep visibility into IT service disruptions.
- Announced the appointments of Rohit Ghai, CEO of RSA, and David
Benjamin, Chief Commercial Officer of Blackbaud, to the Board of
Directors, effective January 1, 2023.
- Appointed veteran, software-as-a-service executive Bryan Barney
as Chief Product Officer, responsible for leading the company’s
global product development strategy.
- Named John Di Leo as Chief Revenue Officer, responsible for
leading the company’s global sales and go-to-market teams including
global partnerships, business development, professional services,
and Everbridge’s centers of excellence.
Financial Outlook
Based on information available as of today, Everbridge is
issuing guidance for the first quarter and full year 2023 as
indicated below.
First Quarter 2023 Full Year 2023 Revenue
$
106.3
to
$
106.7
$
456.0
to
$
462.0
Revenue growth
6%
6%
6%
7%
GAAP net loss
$
(27.2)
$
(26.8)
$
(47.6)
$
(45.6)
GAAP net loss per share
$
(0.68)
$
(0.67)
$
(1.17)
$
(1.12)
Non-GAAP net income
$
5.5
$
5.9
$
65.8
$
67.8
Non-GAAP net income per share
$
0.13
$
0.13
$
1.48
$
1.52
Adjusted EBITDA
$
9.8
$
10.2
$
84.0
$
86.0
(All figures in millions, except per share
data)
Conference Call Information
What:
Everbridge’s Fourth Quarter and Full Year
2022 Financial Results Conference Call
When:
Wednesday, February 22, 2023
Time:
8:30 a.m. ET
Live Call:
(833) 685-0904, Domestic
(412) 317-5740, International
Replay:
(877) 344-7529, Passcode 1913112,
Domestic
(412) 317-0088, Passcode 1913112,
International
Webcast:
https://edge.media-server.com/mmc/p/qzpxgfub (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 6,500 customers in 82 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.
Key Performance Metric
Annualized Recurring Revenue (ARR) is defined as the expected
recurring revenue in the next twelve months from active customer
contracts, assuming no increases or reductions in the subscriptions
from that cohort of customers. Investors should not place undue
reliance on ARR as an indicator of future or expected results. Our
presentation of this metric may differ from similarly titled
metrics presented by other companies and therefore comparability
may be limited.
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, gain (loss) on extinguishment of debt,
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 gain (loss) on
extinguishment of debt, 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 anticipated impact on financial results. 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 successfully integrate
businesses and assets that we may acquire; 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;
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 Annual Report on Form 10-K for the year ended
December 31, 2021 filed with the SEC on February 25, 2022, our
Quarterly Report on Form 10-Q for the quarterly period ended June
30, 2022 filed with the SEC on August 9, 2022, our Quarterly Report
on Form 10-Q for the quarterly period ended September 30, 2022
filed with the SEC on November 8, 2022, and other subsequent
filings with the SEC, including our Annual Report on Form 10-K for
the year ended December 31, 2022, which we expect to file with the
SEC on or before March 1, 2023. 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)
December 31,
2022
2021
Current assets: Cash and cash equivalents
$
198,725
$
488,035
Restricted cash
2,046
3,880
Accounts receivable, net
119,986
120,995
Prepaid expenses
13,133
13,740
Assets held for sale
6,485
—
Deferred costs and other current assets
31,866
28,469
Total current assets
372,241
655,119
Property and equipment, net
8,993
12,185
Capitalized software development costs, net
27,370
22,720
Goodwill
508,781
531,163
Intangible assets, net
166,177
219,319
Restricted cash
823
843
Prepaid expenses
1,709
1,916
Deferred costs and other assets
39,570
35,750
Total assets
$
1,125,664
$
1,479,015
Current liabilities: Accounts payable
$
10,854
$
16,002
Accrued payroll and employee related liabilities
31,175
36,725
Accrued expenses
13,566
13,884
Deferred revenue
233,106
223,579
Convertible senior notes
—
8
Liabilities held for sale
2,062
—
Other current liabilities
10,644
14,132
Total current liabilities
301,407
304,330
Long-term liabilities: Deferred revenue, noncurrent
9,278
14,261
Convertible senior notes
500,298
665,695
Deferred tax liabilities
6,236
16,082
Other long-term liabilities
19,334
15,958
Total liabilities
836,553
1,016,326
Stockholders' equity: Common stock
40
39
Additional paid-in capital
721,143
853,664
Accumulated deficit
(402,124)
(388,112)
Accumulated other comprehensive loss
(29,948)
(2,902)
Total stockholders' equity
289,111
462,689
Total liabilities and
stockholders' equity
$
1,125,664
$
1,479,015
Consolidated Statements of
Operations and Comprehensive Loss
(in thousands, except share and
per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2022
2021
2022
2021
Revenue
$
117,130
$
102,828
$
431,892
$
368,433
Cost of revenue
34,391
30,961
134,934
114,216
Gross profit
82,739
71,867
296,958
254,217
70.64%
69.89%
68.76%
69.00%
Operating expenses: Sales and marketing
39,866
42,901
173,621
161,337
Research and development
20,631
20,120
95,986
81,647
General and administrative
26,579
20,352
99,365
87,482
Restructuring
5,390
—
12,169
—
Total operating expenses
92,466
83,373
381,141
330,466
Operating loss
(9,727)
(11,506)
(84,183)
(76,249)
Other income (expense), net: Interest and investment income
2,902
74
5,697
390
Interest expense
(1,187)
(9,942)
(5,106)
(35,949)
Gain (loss) on extinguishment of debt, capped call modification and
change in fair value
24,013
10,106
19,243
7,181
Other income (expense), net
(484)
(1,474)
777
(2,748)
Total other income (expense), net
25,244
(1,236)
20,611
(31,126)
Income (loss) before income taxes
15,517
(12,742)
(63,572)
(107,375)
Benefit from income taxes
644
2,234
2,398
12,579
Net income (loss)
$
16,161
$
(10,508)
$
(61,174)
$
(94,796)
Net income (loss) per share attributable to common stockholders:
Basic
$
0.40
$
(0.27)
$
(1.54)
$
(2.50)
Diluted
$
(0.15)
$
(0.27)
$
(1.76)
$
(2.50)
Weighted-average common shares outstanding: Basic
39,967,553
39,009,233
39,680,440
37,962,793
Diluted
45,338,189
39,009,233
45,583,459
37,962,793
Other comprehensive income (loss): Foreign currency translation
adjustment
21,378
(1,251)
(27,046)
(5,712)
Total comprehensive income (loss)
$
37,539
$
(11,759)
$
(88,220)
$
(100,508)
Stock-based compensation expense included in the
above: (in thousands)
Three Months Ended Twelve Months
Ended December 31, December 31,
2022
2021
2022
2021
Cost of revenue
$
1,350
$
587
$
5,468
$
3,678
Sales and marketing
2,765
1,002
15,917
15,936
Research and development
(1,660)
723
9,967
8,717
General and administrative
5,463
(3,848)
16,268
15,764
Total stock-based compensation
$
7,918
$
(1,536)
$
47,620
$
44,095
Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2022
2021
2022
2021
Cash flows from operating activities: Net income (loss)
$
16,161
$
(10,508)
$
(61,174)
$
(94,796)
Adjustments to reconcile net income (loss) to net cash providedby
operating activities: Depreciation and amortization
15,347
15,088
60,600
53,168
Amortization of deferred costs
4,886
3,975
18,251
14,373
(Gain) loss on disposal of assets
(213)
(82)
727
(82)
Deferred income taxes
1,949
(1,740)
(5,183)
(12,972)
Accretion of interest on convertible senior notes
1,069
9,801
4,561
35,271
(Gain) loss on extinguishment of debt, capped call modification and
change in fair value
(24,013)
(10,106)
(19,243)
(7,181)
Provision for credit losses and sales reserve
1,122
2,071
410
4,750
Stock-based compensation
7,918
(1,536)
47,620
44,095
Change in fair value of contingent consideration obligation
—
—
(57)
(7,046)
Payment of contingent consideration in excess of acquisition date
fair value
—
—
—
(2,653)
Other non-cash adjustments
—
(253)
—
(240)
Changes in operating assets and liabilities: Accounts receivable
(29,608)
(34,207)
(848)
(18,187)
Prepaid expenses
543
(571)
560
(478)
Deferred costs
(6,906)
(5,406)
(23,063)
(16,793)
Other assets
(11,118)
5,353
(3,527)
(1,172)
Accounts payable
(1,683)
7,307
(4,855)
3,772
Accrued payroll and employee related liabilities
2,783
6,499
(4,136)
2,687
Accrued expenses
1,629
252
992
3,088
Deferred revenue
13,424
22,851
8,746
26,595
Other liabilities
11,064
1,424
(214)
(4,006)
Net cash provided by operating activities
4,354
10,212
20,167
22,193
Cash flows from investing activities: Capital expenditures
(511)
(885)
(3,462)
(5,055)
Proceeds from landlord reimbursement
—
—
1,219
—
Payments for acquisition of business, net of acquired cash
(336)
(62,405)
(1,585)
(262,084)
Additions to capitalized software development costs
(3,456)
(5,818)
(15,065)
(14,697)
Net cash used in investing activities
(4,303)
(69,108)
(18,893)
(281,836)
Cash flows from financing activities: Proceeds from issuance of
convertible notes
—
—
—
375,000
Payments of debt issuance costs
—
—
—
(10,640)
Purchase of convertible notes capped call hedge
—
—
—
(35,100)
Repurchase of convertible notes
(288,761)
(2)
(288,761)
(58,643)
Proceeds from termination of convertible notes capped call hedge
1,312
—
1,312
10,650
Payments of contingent consideration obligation
—
—
—
(2,540)
Payments associated with shares withheld to settle employee tax
withholding liability
(2,098)
(3,684)
(6,306)
(10,083)
Proceeds from employee stock purchase plan
—
—
3,165
4,587
Proceeds from stock option exercises
45
166
144
3,113
Other
(19)
—
(74)
—
Net cash provided by (used in) financing activities
(289,521)
(3,520)
(290,520)
276,344
Effect of exchange rates on cash, cash equivalents and restricted
cash
1,391
208
(1,918)
427
Net increase (decrease) in cash, cash equivalents and restricted
cash
(288,079)
(62,208)
(291,164)
17,128
Cash, cash equivalents and restricted cash—beginning of period
489,673
554,966
492,758
475,630
Cash, cash equivalents and restricted cash—end of period
$
201,594
$
492,758
$
201,594
$
492,758
Reconciliation of GAAP
measures to non-GAAP measures
(in thousands, except share and
per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2022
2021
2022
2021
Cost of revenue
$
34,391
$
30,961
$
134,934
$
114,216
Amortization of acquired intangibles
(2,602)
(3,336)
(11,657)
(12,109)
Stock-based compensation
(1,350)
(587)
(5,468)
(3,678)
2022 Strategic Realignment
(259)
—
(953)
—
Non-GAAP cost of revenue
$
30,180
$
27,038
$
116,856
$
98,429
Gross profit
$
82,739
$
71,867
$
296,958
$
254,217
Amortization of acquired intangibles
2,602
3,336
11,657
12,109
Stock-based compensation
1,350
587
5,468
3,678
2022 Strategic Realignment
259
—
953
—
Non-GAAP gross profit
$
86,950
$
75,790
$
315,036
$
270,004
Non-GAAP gross margin
74.2%
73.7%
72.9%
73.3%
Sales and marketing
$
39,866
$
42,901
$
173,621
$
161,337
Stock-based compensation
(2,765)
(1,002)
(15,917)
(15,936)
2022 Strategic Realignment
(419)
—
(1,053)
—
Non-GAAP sales and marketing
$
36,682
$
41,899
$
156,651
$
145,401
Research and development
$
20,631
$
20,120
$
95,986
$
81,647
Stock-based compensation
1,660
(723)
(9,967)
(8,717)
2022 Strategic Realignment
(405)
—
(1,014)
—
Non-GAAP research and development
$
21,886
$
19,397
$
85,005
$
72,930
General and administrative
$
26,579
$
20,352
$
99,365
$
87,482
Amortization of acquired intangibles
(7,252)
(8,299)
(31,325)
(28,350)
Change in fair value of contingent consideration
—
—
57
7,046
Stock-based compensation
(5,463)
3,848
(16,268)
(15,764)
2022 Strategic Realignment
(66)
—
(2,168)
—
Non-GAAP general and administrative
$
13,798
$
15,901
$
49,661
$
50,414
Restructuring (2022 Strategic Realignment)
$
5,390
$
—
$
12,169
$
—
Total operating expenses
$
92,466
$
83,373
$
381,141
$
330,466
Amortization of acquired intangibles
(7,252)
(8,299)
(31,325)
(28,350)
Change in fair value of contingent consideration
—
—
57
7,046
Stock-based compensation
(6,568)
2,123
(42,152)
(40,417)
2022 Strategic Realignment
(6,280)
—
(16,404)
—
Non-GAAP operating expenses
$
72,366
$
77,197
$
291,317
$
268,745
Operating loss
$
(9,727)
$
(11,506)
$
(84,183)
$
(76,249)
Amortization of acquired intangibles
9,854
11,635
42,982
40,459
Change in fair value of contingent consideration
—
—
(57)
(7,046)
Stock-based compensation
7,918
(1,536)
47,620
44,095
2022 Strategic Realignment
6,539
—
17,357
—
Non-GAAP operating income (loss)
$
14,584
$
(1,407)
$
23,719
$
1,259
Reconciliation of GAAP measures to
non-GAAP measures (Continued)
(in thousands)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2022
2021
2022
2021
Net loss
$
16,161
$
(10,508)
$
(61,174)
$
(94,796)
Amortization of acquired intangibles
9,854
11,635
42,982
40,459
Change in fair value of contingent consideration
—
—
(57)
(7,046)
Stock-based compensation
7,918
(1,536)
47,620
44,095
2022 Strategic Realignment
6,537
—
17,358
—
Accretion of interest on convertible senior notes
1,069
9,801
4,561
35,271
Gain on extinguishment of debt, capped call modification and change
in fair value
(24,013)
(10,106)
(19,243)
(7,181)
Income tax adjustments
170
(1,348)
(1,151)
(1,278)
Non-GAAP net income (loss)
$
17,696
$
(2,062)
$
30,896
$
9,524
Non-GAAP net income (loss) per share: Basic
$
0.44
$
(0.05)
$
0.78
$
0.25
Diluted
$
0.39
$
(0.05)
$
0.67
$
0.21
Weighted-average common shares outstanding: Basic
39,967,553
39,009,233
39,680,440
37,962,793
Diluted
45,592,690
39,009,233
45,867,120
45,001,908
Three Months Ended Twelve Months Ended
December 31, December 31,
2022
2021
2022
2021
Net loss
$
16,161
$
(10,508)
$
(61,174)
$
(94,796)
Interest and investment expense, net
(1,715)
9,868
(591)
35,559
Benefit from for income taxes
(644)
(2,234)
(2,398)
(12,579)
Depreciation and amortization
15,347
15,088
60,600
53,168
EBITDA
29,149
12,214
(3,563)
(18,648)
Gain on extinguishment of debt, capped call modification and change
in fair value
(24,013)
(10,106)
(19,243)
(7,181)
Change in fair value of contingent consideration
—
—
(57)
(7,046)
Stock-based compensation
7,918
(1,536)
47,620
44,095
2022 Strategic Realignment
6,537
—
17,358
—
Adjusted EBITDA
$
19,591
$
572
$
42,115
$
11,220
Net cash provided by operating activities
$
4,354
$
10,212
$
20,167
$
22,193
Capital expenditures
(511)
(885)
(3,462)
(5,055)
Capitalized software development costs
(3,456)
(5,818)
(15,065)
(14,697)
Free cash flow
387
3,509
1,640
2,441
Cash payments for 2022 Strategic Realignment
4,187
—
12,266
—
Adjusted free cash flow
$
4,574
$
3,509
$
13,906
$
2,441
Remaining Performance
Obligations as of September 30, 2022
(in millions)
Remaining Performance
Obligations
Remaining Performance
Obligations Next Twelve Months
Subscription and other contracts
$
484
$
294
Professional services contracts
14
13
Financial Outlook
(in millions, except share and
per share data)
Three Months Ended Year Ended March 31, 2023
December 31, 2023 Low End High End Low
End High End Net loss
$
(27.2)
$
(26.8)
$
(47.6)
$
(45.6)
Amortization of acquired intangibles
9.9
9.9
38.2
38.2
Accretion of interest on convertible senior notes
0.9
0.9
3.7
3.7
2022 Strategic Realignment
7.7
7.7
13.0
13.0
Stock-based compensation
14.2
14.2
58.5
58.5
Non-GAAP net income
$
5.5
$
5.9
$
65.8
$
67.8
Weighted average common shares outstanding: Basic
40,200,000
40,200,000
40,700,000
40,700,000
Diluted
44,000,000
44,000,000
44,500,000
44,500,000
Net loss per share
$
(0.68)
$
(0.67)
$
(1.17)
$
(1.12)
Non-GAAP net income per share
$
0.13
$
0.13
$
1.48
$
1.52
Net loss
$
(27.2)
$
(26.8)
$
(47.6)
$
(45.6)
Interest expense, net
0.2
0.2
1.0
1.0
Income taxes, net
0.1
0.1
0.2
0.2
Depreciation and amortization
14.8
14.8
58.9
58.9
EBITDA
(12.1)
(11.7)
12.5
14.5
2022 Strategic Realignment
7.7
7.7
13.0
13.0
Stock-based compensation
14.2
14.2
58.5
58.5
Adjusted EBITDA
$
9.8
$
10.2
$
84.0
$
86.0
Source: Everbridge, Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230222005386/en/
Everbridge:
Investors: Nandan Amladi Investor Relations
nandan.amladi@everbridge.com 617-665-7197
Media: Jeff Young Media Relations
jeff.young@everbridge.com 781-859-4116
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