Everbridge Announces Third Quarter 2019 Financial Results

Published

Third Quarter Revenue Increased 35% Year-over-Year

BURLINGTON, Mass.--(BUSINESS WIRE)-- Everbridge, Inc. (NASDAQ: EVBG), the leader in critical event management (CEM), today announced its financial results for the third quarter ended September 30, 2019.

“We exceeded our revenue and profitability guidance while also delivering an impressive list of achievements in the third quarter,” said David Meredith, Chief Executive Officer of Everbridge. “During the quarter, we closed the largest state deal in our history, our largest IT alerting win, and signed a record number of new Critical Event Management customers, including our first Federal government CEM customer, while also scaling our business internationally. We benefited from the power of partnerships in several transactions to complement our direct sales efforts and expect to further leverage channel relationships to extend our sales reach as we look forward.”

Third Quarter 2019 Financial Highlights

  • Total revenue was $52.5 million, an increase of 35% compared to $38.9 million for the third quarter of 2018.
  • GAAP operating loss was $(12.1) million, compared to a GAAP operating loss of $(7.2) million for the third quarter of 2018.
  • Non-GAAP operating loss was $(0.7) million, compared to non-GAAP operating loss of $(1.8) million for the third quarter of 2018. Non-GAAP operating loss excludes stock-based compensation and amortization of intangible assets related to acquisitions.
  • GAAP net loss was $(12.9) million, compared to $(8.5) million for the third quarter of 2018. GAAP net loss per share was $(0.39), based on 33.5 million basic and diluted weighted average common shares outstanding, compared to $(0.29) for the third quarter of 2018, based on 29.5 million basic and diluted weighted average common shares outstanding.
  • Non-GAAP net loss was $(1.5) million, compared to $(3.1) million in the third quarter of 2018. Non-GAAP net loss per share was $(0.04), based on 33.5 million basic and diluted weighted average common shares outstanding, compared to $(0.10) for the third quarter of 2018, based on 29.5 million basic and diluted weighted average common shares outstanding. Non-GAAP net loss excludes stock-based compensation and amortization of intangible assets related to acquisitions.
  • Adjusted EBITDA was $1.6 million, compared to $0.2 million in the third quarter of 2018. Adjusted EBITDA represents net loss before interest income and interest expense, income tax expense and benefit, depreciation and amortization expense and stock-based compensation expense.
  • Cash flow from operations was an inflow of $12.3 million compared to an inflow of $0.7 million for the third quarter of 2018.
  • Free cash flow was an inflow of $9.9 million compared to an outflow of $(2.4) million for the third quarter of 2018. Free cash flow is cash flow from operations, less cash used for capital expenditures and additions to capitalized software development costs.

Recent Business Highlights

  • Ended the quarter with 4,851 global enterprise customers, up from 4,267 at the end of the third quarter of 2018.
  • Completed the acquisition of NC4, a leading global provider of threat intelligence solutions, creating the industry’s only end-to-end critical event management and threat assessment platform to keep people safe and business operations running.
  • Awarded a five-year contract with the State of California to provide an alert and warning system as part of an overall upgrade of the state’s current 9-1-1 system to a new Next Generation 911 emergency alerting platform in partnership with Atos Public Safety LLC and a team of network service providers.
  • Selected as the winning bidder for a significant new countrywide population alerting system by a country outside of Europe, adding to recent countrywide wins in Australia and Singapore.
  • Completed deployment of Iceland’s national alerting system to become the first population alerting provider to support four European countries: Greece, Iceland, the Netherlands and Sweden.
  • Launched Critical Event Management for Supply Chain, combining Everbridge’s risk intelligence, visualization and alerting capabilities to assess supply chain risk events and mitigate or eliminate their potential impact.
  • Announced the large-scale deployment of its Mass Notification product as part of a major overhaul of the City of Los Angeles’ NotifyLA emergency alert program, including the addition of a more robust Wireless Emergency Alerts capability.
  • Announced a partnership with RiskBand, a leading provider of wearable, live-monitored safety devices for organizations and their workers, who may not always have ready access to a mobile phone.
  • Welcomed Vernon Irvin to the company as Chief Revenue Officer. In this role, Irvin leads the global sales and field services organization.

Business Outlook

Based on information available as of today, Everbridge is issuing guidance for the fourth quarter and full year 2019 as indicated below.

 

Fourth Quarter 2019

Full Year 2019

Total Revenue

$56.1

 

 

to

 

 

$56.4

 

 

$199.9

 

 

to

 

 

$200.2

GAAP net income/(loss)

$(15.9)

 

 

 

 

 

$(15.6)

 

 

$(55.0)

 

 

 

 

 

$(54.7)

GAAP net income/(loss) per share

$(0.47)

 

 

 

 

 

$(0.46)

 

 

$(1.67)

 

 

 

 

 

$(1.66)

Non-GAAP net income/(loss)

$1.3

 

 

 

 

 

$1.6

 

 

$(7.3)

 

 

 

 

 

$(7.0)

Non-GAAP net income/(loss) per share

$0.04

 

 

 

 

 

$0.05

 

 

$(0.22)

 

 

 

 

 

$(0.21)

Basic and diluted weighted average shares outstanding

34.0

 

 

 

 

 

34.0

 

 

33.0

 

 

 

 

 

33.0

Adjusted EBITDA

$4.9

 

 

 

 

 

$5.2

 

 

$5.0

 

 

 

 

 

$5.3

(All figures in millions, except per share data)

Conference Call Information

What:

Everbridge Third Quarter 2019 Financial Results Conference Call

When:

Monday, November 4, 2019

Time:

4:30 p.m. ET

Live Call:

(866) 439-5043, domestic (409) 220-9843, international

Replay:

(855) 859-2056, passcode 8149677, domestic (404) 537-3406, passcode 8149677, international

Webcast (live & replay):

http://ir.everbridge.com

About Everbridge, Inc.

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 businesses running. During public safety threats such as active shooter situations, terrorist attacks or severe weather conditions, as well as critical business events such as IT outages, cyber-attacks or other incidents such as product recalls or supply-chain interruptions, more than 4,800 global customers 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 devices, and track progress on executing response plans. The company’s platform sent over 2.8 billion messages in 2018, and offers the ability to reach 500 million people in more than 200 countries and territories including the entire mobile populations on a country-wide scale in Australia, Sweden, the Netherlands, Singapore, Greece, and a number of the largest states in India. The company’s critical communications and enterprise safety applications include Mass Notification, Incident Management, Safety Connection™, IT Alerting, Visual Command Center®, Public Warning, Crisis Management, Community Engagement™ and Secure Messaging. Everbridge serves 9 of the 10 largest U.S. cities, 8 of the 10 largest U.S.-based investment banks, 46 of the 50 busiest North American airports, 6 of the 10 largest global consulting firms, 6 of the 10 largest global automakers, all 4 of the largest global accounting firms, 9 of the 10 largest U.S.-based health care providers, and 5 of the 10 largest U.S.-based health insurers. Everbridge is based in Boston and Los Angeles with additional offices in Lansing, San Francisco, Washington, Beijing, Bangalore, Kolkata, London, Munich, Oslo, Singapore, Stockholm and Tilburg. For more information, visit www.everbridge.com, read the company blog, and follow on LinkedIn, 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, adjusted EBITDA, and free cash flow.

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 2019 and the full fiscal year 2019. 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; 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 successfully integrate businesses and assets that we have acquired or may acquire in the future; 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, 2018 filed with the SEC on March 1, 2019. 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 30,2019 December 31,2018
 
Current assets:
Cash and cash equivalents

$

194,742

 

$

59,978

 

Restricted cash

 

1,026

 

 

90

 

Short-term investments

 

45,541

 

Accounts receivable, net

 

51,824

 

 

41,107

 

Prepaid expenses

 

10,347

 

 

4,890

 

Deferred costs and other current assets

 

10,548

 

 

10,909

 

Total current assets

 

268,487

 

 

162,515

 

Property and equipment, net

 

6,029

 

 

4,650

 

Capitalized software development costs, net

 

14,092

 

 

12,893

 

Goodwill

 

90,706

 

 

48,382

 

Intangible assets, net

 

70,624

 

 

23,197

 

Restricted cash

 

3,347

 

Deferred costs and other assets

 

26,423

 

 

10,543

 

Total assets

$

479,708

 

$

262,180

 

 
Current liabilities:
Accounts payable

$

8,832

 

$

2,719

 

Accrued payroll and employee related liabilities

 

19,674

 

 

17,108

 

Accrued expenses

 

5,481

 

 

5,565

 

Deferred revenue

 

112,058

 

 

92,738

 

Note payable

 

427

 

Other current liabilities

 

6,482

 

 

1,490

 

Total current liabilities

 

152,527

 

 

120,047

 

Long-term liabilities:
Deferred revenue, noncurrent

 

4,371

 

 

2,898

 

Convertible senior notes

 

97,764

 

 

94,097

 

Deferred tax liabilities

 

1,197

 

 

1,032

 

Other long term liabilities

 

12,751

 

 

1,948

 

Total liabilities

 

268,610

 

 

220,022

 

 
Stockholders' equity:
Common stock

 

34

 

 

30

 

Additional paid-in capital

 

404,676

 

 

194,866

 

Accumulated deficit

 

(186,788

)

 

(147,670

)

Accumulated other comprehensive loss

 

(6,824

)

 

(5,068

)

Total stockholders' equity

 

211,098

 

 

42,158

 

Total liabilities and stockholders' equity

$

479,708

 

$

262,180

 

 
Consolidated Statements of Operations and Comprehensive Loss(in thousands, except share and per share data)(unaudited)
 

Three months ended September 30,

 

 

Nine months ended September 30,

2019

 

 

2018

 

 

2019

 

 

2018

 
Revenue

$

52,547

 

$

38,925

 

$

143,771

 

$

105,266

 

Cost of revenue

 

16,454

 

 

12,296

 

 

45,174

 

 

33,488

 

Gross profit

 

36,093

 

 

26,629

 

 

98,597

 

 

71,778

 

 

68.69

%

 

68.41

%

 

68.58

%

 

68.19

%

Operating expenses:
Sales and marketing

 

21,903

 

 

16,348

 

 

63,989

 

 

51,303

 

Research and development

 

12,877

 

 

10,350

 

 

37,164

 

 

30,548

 

General and administrative

 

13,435

 

 

7,130

 

 

34,457

 

 

23,609

 

Total operating expenses

 

48,215

 

 

33,828

 

 

135,610

 

 

105,460

 

Operating loss

 

(12,122

)

 

(7,199

)

 

(37,013

)

 

(33,682

)

 
Other income (expense), net:
Interest and investment income

 

1,032

 

 

460

 

 

3,541

 

 

1,316

 

Interest expense

 

(1,697

)

 

(1,592

)

 

(4,986

)

 

(4,736

)

Other expense, net

 

(35

)

 

(33

)

 

(129

)

 

(237

)

Total other income (expense), net

 

(700

)

 

(1,165

)

 

(1,574

)

 

(3,657

)

Loss before income taxes

 

(12,822

)

 

(8,364

)

 

(38,587

)

 

(37,339

)

Income taxes, net

 

(99

)

 

(86

)

 

(531

)

 

(371

)

Net loss

$

(12,921

)

$

(8,450

)

$

(39,118

)

$

(37,710

)

 
Net loss per share attributable to common stockholders:
Basic

$

(0.39

)

$

(0.29

)

$

(1.19

)

$

(1.30

)

Diluted

$

(0.39

)

$

(0.29

)

$

(1.19

)

$

(1.30

)

 
Weighted-average common shares outstanding:
Basic

 

33,524,771

 

 

29,460,156

 

 

32,941,826

 

 

28,918,304

 

Diluted

 

33,524,771

 

 

29,460,156

 

 

32,941,826

 

 

28,918,304

 

 
Other comprehensive income (loss):
Foreign currency translation adjustment, net of taxes

 

(2,049

)

 

81

 

 

(1,756

)

 

(2,570

)

Total comprehensive loss

$

(14,970

)

$

(8,369

)

$

(40,874

)

$

(40,280

)

 
Stock-based compensation expense included in the above:
(in thousands)

Three months ended September 30,

 

 

Nine months ended September 30,

2019

 

 

2018

 

 

2019

 

 

2018

 
Cost of revenue

$

509

 

$

312

 

$

1,356

 

$

1,877

 

Sales and marketing

 

2,423

 

 

1,180

 

 

7,338

 

 

7,147

 

Research and development

 

1,732

 

 

1,091

 

 

5,560

 

 

5,606

 

General and administrative

 

3,637

 

 

958

 

 

9,840

 

 

5,627

 

Total stock-based compensation

$

8,301

 

$

3,541

 

$

24,094

 

$

20,257

 

 
Consolidated Statements of Cash Flows(in thousands)(unaudited)
 

Three months ended September 30,

 

 

Nine months ended September 30,

2019

 

 

2018

 

 

2019

 

 

2018

Cash flows from operating activities:
Net loss

$

(12,921

)

$

(8,450

)

$

(39,118

)

$

(37,710

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization

 

5,492

 

 

3,844

 

 

13,192

 

 

10,172

 

Amortization of deferred costs

 

1,879

 

 

1,415

 

 

5,486

 

 

3,928

 

Accretion of interest on convertible senior notes

 

1,243

 

 

1,161

 

 

3,667

 

 

3,435

 

Provision for doubtful accounts and sales reserve

 

253

 

 

134

 

 

642

 

 

158

 

Stock-based compensation

 

8,301

 

 

3,495

 

 

24,094

 

 

20,007

 

Other non-cash adjustments

 

115

 

 

(52

)

 

(47

)

 

(345

)

Changes in operating assets and liabilities:
Accounts receivable

 

(7,018

)

 

(4,103

)

 

(8,405

)

 

1,524

 

Prepaid expenses

 

(1,683

)

 

(428

)

 

(5,144

)

 

(2,439

)

Deferred costs

 

(4,040

)

 

(2,793

)

 

(8,438

)

 

(6,991

)

Other assets

 

841

 

 

(579

)

 

924

 

 

(1,584

)

Accounts payable

 

3,649

 

 

(206

)

 

7,318

 

 

(113

)

Accrued payroll and employee related liabilities

 

4,838

 

 

1,804

 

 

1,974

 

 

2,109

 

Accrued expenses

 

423

 

 

(1,187

)

 

(296

)

 

(621

)

Deferred revenue

 

10,850

 

 

6,176

 

 

12,373

 

 

7,237

 

Other liabilities

 

121

 

 

445

 

 

632

 

 

457

 

Net cash provided by (used in) operating activities

 

12,343

 

 

676

 

 

8,854

 

 

(776

)

 
Cash flows from investing activities:
Capital expenditures

 

(542

)

 

(441

)

 

(4,417

)

 

(855

)

Proceeds from landlord reimbursement

 

1,143

 

Payment for acquisition of business, net of acquired cash

 

(51,655

)

 

(58,419

)

 

(35,857

)

Purchase of short-term investments

 

(26,777

)

 

(1,975

)

 

(57,709

)

Maturities of short-term investments

 

3,500

 

 

3,424

 

 

47,765

 

 

74,069

 

Additions to intangibles

 

(16

)

 

(184

)

Additions to capitalized software development costs

 

(1,918

)

 

(2,684

)

 

(5,867

)

 

(6,722

)

Net cash used in investing activities

 

(50,615

)

 

(26,494

)

 

(21,770

)

 

(27,258

)

 
Cash flows from financing activities:
Restricted stock units withheld to settle employee tax withholding liability

 

(4,082

)

 

(4,149

)

 

(4,531

)

 

(7,921

)

Proceeds from public offering, net of costs

 

139,110

 

Proceeds from employee stock purchase plan

 

1,054

 

 

877

 

 

2,337

 

 

1,758

 

Proceeds from stock option exercises

 

2,335

 

 

2,986

 

 

15,822

 

 

8,821

 

Other

 

(120

)

 

(548

)

 

(635

)

Net cash provided by (used in) financing activities

 

(693

)

 

(406

)

 

152,190

 

 

2,023

 

 
Effect of exchange rates on cash, cash equivalents and restricted cash

 

(175

)

 

(81

)

 

(227

)

 

(746

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(39,140

)

 

(26,305

)

 

139,047

 

 

(26,757

)

 
Cash, cash equivalents and restricted cash—beginning of period

 

238,255

 

 

102,599

 

 

60,068

 

 

103,051

 

Cash, cash equivalents and restricted cash—end of period

$

199,115

 

$

76,294

 

$

199,115

 

$

76,294

 

 
Reconciliation of GAAP measures to non-GAAP measures(in thousands, except share and per share data)(unaudited)
 

Three months ended September 30,

 

 

Nine months ended September 30,

2019

 

 

2018

 

 

2019

 

 

2018

 
Cost of revenue

$

16,454

 

$

12,296

 

$

45,174

 

$

33,488

 

Amortization of acquired intangibles

 

(640

)

 

(389

)

 

(1,330

)

 

(1,022

)

Stock-based compensation

 

(509

)

 

(312

)

 

(1,356

)

 

(1,877

)

Non-GAAP cost of revenue

$

15,305

 

$

11,595

 

$

42,488

 

$

30,589

 

 
Gross profit

$

36,093

 

$

26,629

 

$

98,597

 

$

71,778

 

Amortization of acquired intangibles

 

640

 

 

389

 

 

1,330

 

 

1,022

 

Stock-based compensation

 

509

 

 

312

 

 

1,356

 

 

1,877

 

Non-GAAP gross profit

$

37,242

 

$

27,330

 

$

101,283

 

$

74,677

 

Non-GAAP gross margin

 

70.87

%

 

70.21

%

 

70.45

%

 

70.94

%

 
Sales and marketing

$

21,903

 

$

16,348

 

$

63,989

 

$

51,303

 

Stock-based compensation

 

(2,423

)

 

(1,180

)

 

(7,338

)

 

(7,147

)

Non-GAAP sales and marketing

$

19,480

 

$

15,168

 

$

56,651

 

$

44,156

 

 
Research and development

$

12,877

 

$

10,350

 

$

37,164

 

$

30,548

 

Stock-based compensation

 

(1,732

)

 

(1,091

)

 

(5,560

)

 

(5,606

)

Non-GAAP research and development

$

11,145

 

$

9,259

 

$

31,604

 

$

24,942

 

 
General and administrative

$

13,435

 

$

7,130

 

$

34,457

 

$

23,609

 

Amortization of acquired intangibles

 

(2,530

)

 

(1,464

)

 

(5,082

)

 

(3,461

)

Stock-based compensation

 

(3,637

)

 

(958

)

 

(9,840

)

 

(5,627

)

Non-GAAP general and administrative

$

7,268

 

$

4,708

 

$

19,535

 

$

14,521

 

 
Total operating expenses

$

48,215

 

$

33,828

 

$

135,610

 

$

105,460

 

Amortization of acquired intangibles

 

(2,530

)

 

(1,464

)

 

(5,082

)

 

(3,461

)

Stock-based compensation

 

(7,792

)

 

(3,229

)

 

(22,738

)

 

(18,380

)

Non-GAAP operating expenses

$

37,893

 

$

29,135

 

$

107,790

 

$

83,619

 

 
Operating loss

$

(12,122

)

$

(7,199

)

$

(37,013

)

$

(33,682

)

Amortization of acquired intangibles

 

3,170

 

 

1,853

 

 

6,412

 

 

4,483

 

Stock-based compensation

 

8,301

 

 

3,541

 

 

24,094

 

 

20,257

 

Non-GAAP operating loss

$

(651

)

$

(1,805

)

$

(6,507

)

$

(8,942

)

 
Net loss

$

(12,921

)

$

(8,450

)

$

(39,118

)

$

(37,710

)

Amortization of acquired intangibles

 

3,170

 

 

1,853

 

 

6,412

 

 

4,483

 

Stock-based compensation

 

8,301

 

 

3,541

 

 

24,094

 

 

20,257

 

Non-GAAP net loss

$

(1,450

)

$

(3,056

)

$

(8,612

)

$

(12,970

)

 
Weighted average common shares outstanding, basic and diluted

 

33,524,771

 

 

29,460,156

 

 

32,941,826

 

 

28,918,304

 

 
Non-GAAP net loss per share

$

(0.04

)

$

(0.10

)

$

(0.26

)

$

(0.45

)

 
Net loss

$

(12,921

)

$

(8,450

)

$

(39,118

)

$

(37,710

)

Interest and investment (income) expense, net

 

665

 

 

1,132

 

 

1,445

 

 

3,420

 

Income taxes, net

 

99

 

 

86

 

 

531

 

 

371

 

Depreciation and amortization

 

5,492

 

 

3,844

 

 

13,192

 

 

10,172

 

EBITDA

 

(6,665

)

 

(3,388

)

 

(23,950

)

 

(23,747

)

Stock-based compensation

 

8,301

 

 

3,541

 

 

24,094

 

 

20,257

 

Adjusted EBITDA

$

1,636

 

$

153

 

$

144

 

$

(3,490

)

 
Net cash provided by (used in) operating activities

$

12,343

 

$

676

 

$

8,854

 

$

(776

)

Capital expenditures

 

(542

)

 

(441

)

 

(4,417

)

 

(855

)

Additions to capitalized software development costs

 

(1,918

)

 

(2,684

)

 

(5,867

)

 

(6,722

)

Free cash flow

$

9,883

 

$

(2,449

)

$

(1,430

)

$

(8,353

)

 
(Continued) Reconciliation of GAAP measures to non-GAAP measures(in millions, except share and per share data)(unaudited)
 
Business outlook: Three months endedDecember 31, 2019 Year endedDecember 31, 2019
Low end High end Low end High end
 
Net loss

$

(15.9

)

$

(15.6

)

$

(55.0

)

$

(54.7

)

Amortization of acquired intangibles

 

6.1

 

 

6.1

 

 

12.5

 

 

12.5

 

Stock-based compensation

 

11.1

 

 

11.1

 

 

35.2

 

 

35.2

 

Non-GAAP net loss

$

1.3

 

$

1.6

 

$

(7.3

)

$

(7.0

)

 
Weighted average common shares outstanding, basic and diluted

 

34,000,000

 

 

34,000,000

 

 

33,000,000

 

 

33,000,000

 

 
Net loss per share

$

(0.47

)

$

(0.46

)

$

(1.67

)

$

(1.66

)

Non-GAAP net loss per share

$

0.04

 

$

0.05

 

$

(0.22

)

$

(0.21

)

 
Net loss

$

(15.9

)

$

(15.6

)

$

(55.0

)

$

(54.7

)

Interest (income) expense, net

 

0.8

 

 

0.8

 

 

2.2

 

 

2.2

 

Income taxes, net

 

0.2

 

 

0.2

 

 

0.7

 

 

0.7

 

Depreciation and amortization

 

8.7

 

 

8.7

 

 

21.9

 

 

21.9

 

EBITDA

 

(6.2

)

 

(5.9

)

 

(30.2

)

 

(29.9

)

Stock-based compensation

 

11.1

 

 

11.1

 

 

35.2

 

 

35.2

 

Adjusted EBITDA

$

4.9

 

$

5.2

 

$

5.0

 

$

5.3

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20191104005966/en/

Media Contact: Jeff Young Everbridge jeff.young@everbridge.com 781-859-4116 Investor Contact: Garo Toomajanian ICR ir@everbridge.com 818-230-9712

Source: Everbridge, Inc.

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