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Everbridge Announces Fourth Quarter and Full Year 2022 Financial Results

  • 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

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 provided

by 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.

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