Everbridge Announces Second Quarter 2019 Financial Results

Second Quarter Revenue Increased 35% Year-over-Year

BURLINGTON, Mass.–(BUSINESS WIRE)–Everbridge, Inc. (NASDAQ: EVBG), the global leader in critical event management and enterprise safety software applications to help keep people safe and businesses running, today announced its financial results for the second quarter ended June 30, 2019.

“We had a strong second quarter performance with revenue and profitability that exceeded the high-end of our guidance ranges,” said Jaime Ellertson, Executive Chairman of Everbridge. “These results were driven by continued demand for our Critical Event Management platform, expanding deal sizes, and increasing multi-product wins. Our recently announced NC4 acquisition strengthens our leadership position in this market and positions us to further capitalize on the multi-billion dollar opportunity we see ahead of us.”

Second Quarter 2019 Financial Highlights

  • Total revenue was $48.4 million, an increase of 35% compared to $35.8 million for the second quarter of 2018.
  • GAAP operating loss was $(11.6) million, compared to a GAAP operating loss of $(15.6) million for the second quarter of 2018.
  • Non-GAAP operating loss was $(2.0) million, compared to non-GAAP operating loss of $(3.7) million for the second quarter of 2018. Non-GAAP operating loss excludes stock-based compensation and amortization of intangible assets related to acquisitions.
  • GAAP net loss was $(12.1) million, compared to $(16.9) million for the second quarter of 2018. GAAP net loss per share was $(0.37), based on 33.0 million basic and diluted weighted average common shares outstanding, compared to $(0.59) for the second quarter of 2018, based on 28.8 million basic and diluted weighted average common shares outstanding.
  • Non-GAAP net loss was $(2.4) million, compared to $(5.1) million in the second quarter of 2018. Non-GAAP net loss per share was $(0.07), based on 33.0 million basic and diluted weighted average common shares outstanding, compared to $(0.18) for the second quarter of 2018, based on 28.8 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 $0.4 million, compared to a loss of $(1.8) million in the second 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 outflow of $12.2 million, compared to an outflow of $9.0 million for the second quarter of 2018.
  • Free cash flow was an outflow of $15.2 million, compared to an outflow of $11.2 million for the second 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 second quarter with 4,667 global enterprise customers, up from 4,158 at the end of the second quarter of 2018.
  • Appointed David Meredith as Chief Executive Officer and member of the Everbridge Board of Directors, effective July 15, 2019. Meredith brings over 25 years of executive leadership experience across leading multi-billion-dollar cloud managed services providers and software companies. He succeeded long-time CEO Jaime Ellertson who has transitioned to the role of Executive Chairman of the Everbridge Board.
  • Received prestigious ISO 27001 certification, the international standard outlining best practices for information security management systems. Compliance with this standard demonstrates Everbridge’s global commitment to a repeatable, continuously improving, risk-based security program.
  • Achieved Cloud Computing Compliance Controls Catalogue (C5) accreditation from the Federal Office for Information Security in Germany. Everbridge is the first and only U.S.-based emergency notification provider to achieve C5 accreditation, a required assessment for working with the public sector in Germany.
  • Announced the acquisition of NC4, a leading global provider of threat intelligence solutions. The acquisition creates the industry’s only end-to-end critical event management and threat assessment platform to keep people safe and business operations running.

Business Outlook

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

 

Third Quarter 2019

Full Year 2019

Total Revenue

$51.3

 

to

 

$51.6

 

$198.4

 

to

 

$199.0

GAAP net income/(loss)

$(14.8)

 

 

 

$(14.5)

 

$(52.9)

 

 

 

$(51.9)

GAAP net income/(loss) per share

$(0.45)

 

 

 

$(0.44)

 

$(1.58)

 

 

 

$(1.55)

Non-GAAP net income/(loss)

$(2.1)

 

 

 

$(1.8)

 

$(8.4)

 

 

 

$(7.4)

Non-GAAP net income/(loss) per share

$(0.06)

 

 

 

$(0.05)

 

$(0.25)

 

 

 

$(0.22)

Basic and diluted weighted average shares outstanding

33.2

 

 

 

33.2

 

33.4

 

 

 

33.4

Adjusted EBITDA

$1.2

 

 

 

$1.5

 

$4.2

 

 

 

$5.2

(All figures in millions, except per share data)

Conference Call Information

What:

Everbridge Second Quarter 2019 Financial Results Conference Call

When:

Monday, August 5, 2019

Time:

4:30 p.m. ET

Live Call:

 

(866) 439-5043, domestic

(409) 220-9843, international

Replay:

(855) 859-2056, passcode 9275765, domestic

(404) 537-3406, passcode 9275765, international

Webcast (live & replay):

https://edge.media-server.com/mmc/p/cb4tbqua

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 including IT outages, cyber-attacks or other incidents such as product recalls or supply-chain interruptions, nearly 4,700 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 over 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, the Bahamas, 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, Beijing, Bangalore, Kolkata, London, Munich, Oslo, Singapore, Stockholm and Tilburg. 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, 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 third 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)
June 30, 2019 December 31, 2018
 
Current assets:
Cash and cash equivalents

$

235,130

 

$

59,978

 

Restricted cash

 

94

 

 

90

 

Short-term investments

 

3,496

 

 

45,541

 

Accounts receivable, net

 

42,400

 

 

41,107

 

Prepaid expenses

 

8,358

 

 

4,890

 

Deferred costs

 

6,867

 

 

6,503

 

Other current assets

 

2,739

 

 

4,406

 

Total current assets

 

299,084

 

 

162,515

 

Property and equipment, net

 

6,034

 

 

4,650

 

Capitalized software development costs, net

 

13,850

 

 

12,893

 

Goodwill

 

51,466

 

 

48,382

 

Intangible assets, net

 

25,242

 

 

23,197

 

Deferred costs

 

10,692

 

 

10,265

 

Restricted cash

 

3,031

 

 

 

Other assets

 

15,180

 

 

278

 

Total assets

$

424,579

 

$

262,180

 

 
Current liabilities:
Accounts payable

$

5,126

 

$

2,719

 

Accrued payroll and employee related liabilities

 

14,244

 

 

17,108

 

Accrued expenses

 

4,892

 

 

5,565

 

Deferred revenue

 

95,046

 

 

92,738

 

Note payable

 

 

 

427

 

Other current liabilities

 

5,443

 

 

1,490

 

Total current liabilities

 

124,751

 

 

120,047

 

Long-term liabilities:
Deferred revenue, noncurrent

 

2,993

 

 

2,898

 

Convertible debt

 

96,521

 

 

94,097

 

Deferred tax liabilities

 

1,105

 

 

1,032

 

Other long term liabilities

 

13,669

 

 

1,948

 

Total liabilities

$

239,039

 

$

220,022

 

 
Stockholders’ equity:
Common stock

 

33

 

 

30

 

Additional paid-in capital

 

364,149

 

 

194,866

 

Accumulated deficit

 

(173,867

)

 

(147,670

)

Accumulated other comprehensive loss

 

(4,775

)

 

(5,068

)

Total stockholders’ equity

 

185,540

 

 

42,158

 

Total liabilities and stockholders’ equity

$

424,579

 

$

262,180

 

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

Three months ended

 

 

Six months ended

June 30,

 

 

June 30,

2019

 

2018

 

 

2019

 

2018

 
Revenue

$

48,405

 

$

35,822

 

$

91,224

 

$

66,341

 

Cost of revenue

 

14,739

 

 

11,532

 

 

28,720

 

 

21,192

 

Gross profit

 

33,666

 

 

24,290

 

 

62,504

 

 

45,149

 

 

69.55

%

 

67.81

%

 

68.52

%

 

68.06

%

Operating expenses:
Sales and marketing

 

22,015

 

 

19,179

 

 

42,086

 

 

34,955

 

Research and development

 

12,802

 

 

12,027

 

 

24,287

 

 

20,198

 

General and administrative

 

10,464

 

 

8,635

 

 

21,022

 

 

16,479

 

Total operating expenses

 

45,281

 

 

39,841

 

 

87,395

 

 

71,632

 

Operating loss

 

(11,615

)

 

(15,551

)

 

(24,891

)

 

(26,483

)

 
Other income (expense):
Interest and investment income

 

1,332

 

 

400

 

 

2,509

 

 

856

 

Interest expense

 

(1,654

)

 

(1,572

)

 

(3,289

)

 

(3,144

)

Other income (expense), net

 

12

 

 

(6

)

 

(94

)

 

(204

)

Total other income (expense), net

 

(310

)

 

(1,178

)

 

(874

)

 

(2,492

)

Loss before income taxes

 

(11,925

)

 

(16,729

)

 

(25,765

)

 

(28,975

)

Income taxes, net

 

(138

)

 

(189

)

 

(432

)

 

(285

)

Net loss

$

(12,063

)

$

(16,918

)

$

(26,197

)

$

(29,260

)

 
Net loss per share attributable to common stockholders:
Basic

$

(0.37

)

$

(0.59

)

$

(0.80

)

$

(1.02

)

Diluted

$

(0.37

)

$

(0.59

)

$

(0.80

)

$

(1.02

)

 
Weighted-average common shares outstanding:
Basic

 

33,015,861

 

 

28,848,809

 

 

32,645,522

 

 

28,642,887

 

Diluted

 

33,015,861

 

 

28,848,809

 

 

32,645,522

 

 

28,642,887

 

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

 

271

 

 

(2,384

)

 

293

 

 

(2,651

)

Total comprehensive loss

$

(11,792

)

$

(19,302

)

$

(25,904

)

$

(31,911

)

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

Three months ended

 

 

Six months ended

June 30,

 

 

June 30,

2019

 

2018

 

 

2019

 

2018

 
Cost of revenue

$

412

 

$

940

 

$

847

 

$

1,565

 

Sales and marketing

 

2,547

 

 

3,532

 

 

4,915

 

 

5,967

 

Research and development

 

2,418

 

 

3,205

 

 

3,828

 

 

4,515

 

General and administrative

 

2,631

 

 

2,345

 

 

6,203

 

 

4,669

 

Total stock-based compensation

$

8,008

 

$

10,022

 

$

15,793

 

$

16,716

 

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

Three months ended

 

 

Six months ended

June 30,

 

 

June 30,

2019

 

2018

 

 

2019

 

2018

Cash flows from operating activities:
Net loss

$

(12,063

)

$

(16,918

)

$

(26,197

)

$

(29,260

)

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization

 

3,995

 

 

3,690

 

 

7,700

 

 

6,328

 

Amortization of deferred costs

 

2,009

 

 

1,280

 

 

3,607

 

 

2,513

 

Loss on disposal of assets

 

 

 

 

 

 

 

84

 

Deferred income taxes

 

42

 

 

67

 

 

83

 

 

101

 

Accretion of interest on convertible senior notes

 

1,223

 

 

1,140

 

 

2,424

 

 

2,274

 

Non-cash investment income

 

(56

)

 

(69

)

 

(245

)

 

(228

)

Provision for doubtful accounts and sales return reserve

 

241

 

 

216

 

 

389

 

 

24

 

Change in fair value of contingent consideration

 

 

 

(250

)

 

 

 

(250

)

Stock-based compensation

 

8,008

 

 

9,926

 

 

15,793

 

 

16,512

 

Increase (decrease) in operating assets and liabilities:
Accounts receivable, net

 

(6,930

)

 

(3,968

)

 

(1,387

)

 

5,627

 

Prepaid expenses

 

772

 

 

(360

)

 

(3,461

)

 

(2,011

)

Deferred costs

 

(2,171

)

 

(1,975

)

 

(4,398

)

 

(4,198

)

Other assets

 

(2,070

)

 

1,013

 

 

83

 

 

(1,005

)

Accounts payable

 

(443

)

 

(609

)

 

3,669

 

 

93

 

Accrued payroll and employee related liabilities

 

(4,069

)

 

(4,097

)

 

(2,864

)

 

305

 

Accrued expenses

 

346

 

 

(818

)

 

(719

)

 

566

 

Deferred revenue

 

(1,244

)

 

3,133

 

 

1,523

 

 

1,061

 

Other liabilities

 

234

 

 

(361

)

 

511

 

 

12

 

Net cash used in operating activities

 

(12,176

)

 

(8,960

)

 

(3,489

)

 

(1,452

)

 
Cash flows from investing activities:
Capital expenditures

 

(1,102

)

 

(161

)

 

(3,875

)

 

(414

)

Proceeds from landlord reimbursement

 

1,143

 

 

 

 

1,143

 

 

 

Additions to capitalized software development costs

 

(1,931

)

 

(2,039

)

 

(3,949

)

 

(4,038

)

Payment for acquisition of business, net of acquired cash

 

(6,764

)

 

(35,549

)

 

(6,764

)

 

(35,857

)

Additions to intangibles

 

 

 

(32

)

 

 

 

(168

)

Purchase of short-term investments

 

 

 

 

 

(1,975

)

 

(30,932

)

Maturities of short-term investments

 

19,515

 

 

45,145

 

 

44,265

 

 

70,645

 

Net cash provided by (used in) investing activities

 

10,861

 

 

7,364

 

 

28,845

 

 

(764

)

 
Cash flows from financing activities:
RSUs withheld to settle employee tax withholding liability

 

(116

)

 

(2,750

)

 

(449

)

 

(3,772

)

Payment of contingent consideration

 

 

 

(431

)

 

 

 

(431

)

Payments on notes payable

 

(375

)

 

 

 

(427

)

 

 

Payments on finance lease obligations

 

 

 

 

 

(121

)

 

 

Proceeds from public offering, net of costs

 

(5

)

 

 

 

139,110

 

 

 

Payments of debt issuance costs

 

 

 

 

 

 

 

(84

)

Proceeds from employee stock purchase plan

 

 

 

 

 

1,283

 

 

881

 

Proceeds from stock option exercises

 

4,741

 

 

4,369

 

 

13,487

 

 

5,835

 

Net cash provided by financing activities

 

4,245

 

 

1,188

 

 

152,883

 

 

2,429

 

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

 

(24

)

 

(626

)

 

(52

)

 

(665

)

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

 

2,906

 

 

(1,034

)

 

178,187

 

 

(452

)

 
Cash, cash equivalents and restricted cash, beginning of period

 

235,349

 

 

103,633

 

 

60,068

 

 

103,051

 

Cash, cash equivalents and restricted cash, end of period

$

238,255

 

$

102,599

 

$

238,255

 

$

102,599

 

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

Three months ended

 

 

Six months ended

June 30,

 

 

June 30,

2019

 

2018

 

 

2019

 

2018

 
Cost of revenue

$

14,739

 

$

11,532

 

$

28,720

 

$

21,192

 

Amortization of acquired intangibles

 

(357

)

 

(381

)

 

(690

)

 

(633

)

Stock-based compensation

 

(412

)

 

(940

)

 

(847

)

 

(1,565

)

Non-GAAP cost of revenue

 

13,970

 

 

10,211

 

 

27,183

 

 

18,994

 

 
Gross profit

 

33,666

 

 

24,290

 

 

62,504

 

 

45,149

 

Amortization of acquired intangibles

 

357

 

 

381

 

 

690

 

 

633

 

Stock-based compensation

 

412

 

 

940

 

 

847

 

 

1,565

 

Non-GAAP gross profit

 

34,435

 

 

25,611

 

 

64,041

 

 

47,347

 

Non-GAAP gross margin

 

71.14

%

 

71.50

%

 

70.20

%

 

71.37

%

 
Sales and marketing

 

22,015

 

 

19,179

 

 

42,086

 

 

34,955

 

Stock-based compensation

 

(2,547

)

 

(3,532

)

 

(4,915

)

 

(5,967

)

Non-GAAP sales and marketing

 

19,468

 

 

15,647

 

 

37,171

 

 

28,988

 

 
Research and development

 

12,802

 

 

12,027

 

 

24,287

 

 

20,198

 

Stock-based compensation

 

(2,418

)

 

(3,205

)

 

(3,828

)

 

(4,515

)

Non-GAAP research and development

 

10,384

 

 

8,822

 

 

20,459

 

 

15,683

 

 
General and administrative

 

10,464

 

 

8,635

 

 

21,022

 

 

16,479

 

Amortization of acquired intangibles

 

(1,255

)

 

(1,426

)

 

(2,552

)

 

(1,997

)

Stock-based compensation

 

(2,631

)

 

(2,345

)

 

(6,203

)

 

(4,669

)

Non-GAAP general and administrative

 

6,578

 

 

4,864

 

 

12,267

 

 

9,813

 

 
Total operating expenses

 

45,281

 

 

39,841

 

 

87,395

 

 

71,632

 

Amortization of acquired intangibles

 

(1,255

)

 

(1,426

)

 

(2,552

)

 

(1,997

)

Stock-based compensation

 

(7,596

)

 

(9,082

)

 

(14,946

)

 

(15,151

)

Non-GAAP operating expenses

$

36,430

 

$

29,333

 

$

69,897

 

$

54,484

 

 
Operating loss

$

(11,615

)

$

(15,551

)

$

(24,891

)

$

(26,483

)

Amortization of acquired intangibles

 

1,612

 

 

1,807

 

 

3,242

 

 

2,630

 

Stock-based compensation

 

8,008

 

 

10,022

 

 

15,793

 

 

16,716

 

Non-GAAP operating loss

$

(1,995

)

$

(3,722

)

$

(5,856

)

$

(7,137

)

 
Net loss

$

(12,063

)

$

(16,918

)

$

(26,197

)

$

(29,260

)

Amortization of acquired intangibles

 

1,612

 

 

1,807

 

 

3,242

 

 

2,630

 

Stock-based compensation

 

8,008

 

 

10,022

 

 

15,793

 

 

16,716

 

Non-GAAP net loss

$

(2,443

)

$

(5,089

)

$

(7,162

)

$

(9,914

)

 
Weighted average common shares outstanding, basic and diluted

 

33,015,861

 

 

28,848,809

 

 

32,645,522

 

 

28,642,887

 

 
Non-GAAP net loss per share

$

(0.07

)

$

(0.18

)

$

(0.22

)

$

(0.35

)

 
Net loss

$

(12,063

)

$

(16,918

)

$

(26,197

)

$

(29,260

)

Interest (income) expense, net

 

322

 

 

1,172

 

 

780

 

 

2,288

 

Income taxes, net

 

138

 

 

189

 

 

432

 

 

285

 

Depreciation and amortization

 

3,995

 

 

3,690

 

 

7,700

 

 

6,328

 

EBITDA

 

(7,608

)

 

(11,867

)

 

(17,285

)

 

(20,359

)

Stock-based compensation

 

8,008

 

 

10,022

 

 

15,793

 

 

16,716

 

Adjusted EBITDA

$

400

 

$

(1,845

)

$

(1,492

)

$

(3,643

)

 
Net cash used in operating activities

$

(12,176

)

$

(8,960

)

$

(3,489

)

$

(1,452

)

Capital expenditures

 

(1,102

)

 

(161

)

 

(3,875

)

 

(414

)

Additions to capitalized software development costs

 

(1,931

)

 

(2,039

)

 

(3,949

)

 

(4,038

)

Free cash flow

$

(15,209

)

$

(11,160

)

$

(11,313

)

$

(5,904

)

(Continued) Reconciliation of GAAP measures to non-GAAP measures
(in millions, except share and per share data)
(unaudited)
Business outlook:

Three months ended

 

 

Year ended

September 30, 2019

 

 

December 31, 2019

Low end

 

High end

 

 

Low end

 

High end

 
Net loss

$

(14.8

)

$

(14.5

)

$

(52.9

)

$

(51.9

)

Amortization of acquired intangibles

 

1.7

 

 

1.7

 

 

7.0

 

 

7.0

 

Stock-based compensation

 

11.0

 

 

11.0

 

 

37.5

 

 

37.5

 

Non-GAAP net loss

$

(2.1

)

$

(1.8

)

$

(8.4

)

$

(7.4

)

 
Weighted average common shares outstanding, basic and diluted

 

33,200,000

 

 

33,200,000

 

 

33,400,000

 

 

33,400,000

 

 
Net loss per share

$

(0.45

)

$

(0.44

)

$

(1.58

)

$

(1.55

)

Non-GAAP net loss per share

$

(0.06

)

$

(0.05

)

$

(0.25

)

$

(0.22

)

 
Net loss

$

(14.8

)

$

(14.5

)

$

(52.9

)

$

(51.9

)

Interest (income) expense, net

 

0.6

 

 

0.6

 

 

2.2

 

 

2.2

 

Income taxes, net

 

0.2

 

 

0.2

 

 

1.0

 

 

1.0

 

Depreciation and amortization

 

4.2

 

 

4.2

 

 

16.4

 

 

16.4

 

EBITDA

 

(9.8

)

 

(9.5

)

 

(33.3

)

 

(32.3

)

Stock-based compensation

 

11.0

 

 

11.0

 

 

37.5

 

 

37.5

 

Adjusted EBITDA

$

1.2

 

$

1.5

 

$

4.2

 

$

5.2

 

Contacts

Investor Contact:

Garo Toomajanian

ICR

ir@everbridge.com

818-230-9712

Media Contact:

Jeff Young

Everbridge

jeff.young@everbridge.com

781-859-4116

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