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Everbridge (EVBG) Q4 Earnings Beat Estimates, Revenues Up Y/Y

Everbridge EVBG reported fourth-quarter 2020 adjusted earnings of 3 cents per share, which surpassed the Zacks Consensus Estimate by 50%. However, the figure decreased 66.7% year over year.

Revenues of $75.6 million surged 32.4% year over year and beat the consensus mark by 4.3%.

Quarter Details

At the end of the reported quarter, the number of global enterprise customers was 5,613 compared with 5,024 in the year-ago quarter.

During the reported quarter, Everbridge announced a partnership with Paris-based Atos to expand critical event management (“CEM”) adoption worldwide.
 

Everbridge, Inc. Price, Consensus and EPS Surprise

 

Everbridge, Inc. Price, Consensus and EPS Surprise

Everbridge, Inc. price-consensus-eps-surprise-chart | Everbridge, Inc. Quote

Moreover, the company’s CEM system was selected by the state of Oregon to power public alerts and warning system for all residents and visitors. Additionally, the United States General Services Administration selected Everbridge’s Mass Notification platform to better protect the federal agency’s employees, facilities and operations across more than 700 federally owned and leased locations.

Further, Everbridge launched COVID-19 Shield: Vaccine Distribution, an extension to its CEM platform offering risk insights, logistics awareness and vaccine appointment management.

Gross profit rose 38.8% year over year to $55.7 million. Gross margin expanded 340 basis points (bps) to 73.7%.

Research & development and sales & marketing expenses increased 36.7% and 40.2% year over year to $14.5 million and $29.6 million, respectively.

Moreover, general & administration expenses surged 77.8% year over year to $10.3 million.

Operating income was $1.3 million, down 50.6% year over year.

Balance Sheet

As of Dec 31, 2020, cash and cash equivalents were $467.2 million.

Net cash provided by operating activities in the fourth quarter was $19.4 million compared with $1.46 million at the end of the year-ago quarter.

Free cash flow in the fourth quarter was $15.9 million against free cash outflow of $1.3 million at the end of the year-ago quarter.

Guidance

For first-quarter 2021, Everbridge expects revenues between $75.3 million and $75.7 million, indicating 28-29% growth from the year-ago quarter’s reported figure.

Moreover, the company expects non-GAAP net loss of 10-12 cents per share.

For 2021, Everbridge expects revenues between $342.1 million and $344.4 million.

Moreover, the company expects non-GAAP net loss of 19-25 cents per share.

Zacks Rank & Stocks to Consider

Everbridge currently has a Zacks Rank #3 (Hold).

Better-ranked stocks in the broader technology sector are 3D Systems DDD, Zoom ZM and CrowdStrike Holdings CRWD. All three stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

3D Systems is set to report its quarterly results on Feb 24. Zoom and CrowdStrike are set to report the same on Mar 1 and 16, respectively.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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