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Everbridge Announces Fourth Quarter and Full Year 2018 Financial Results
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Fourth Quarter and Full Year Revenue Increased 43% and 41% Year-over-Year, Respectively

BURLINGTON, Mass.--(BUSINESS WIRE)--Feb. 19, 2019-- 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 fourth quarter and full fiscal year ended December 31, 2018.

“Our strong fourth quarter results were at the high end or above our guidance ranges for both revenue and profitability, providing a strong finish to a strong year, in which we generated 41% revenue growth,” said Jaime Ellertson, Chief Executive Officer and Chairman of Everbridge. “In the fourth quarter we saw continued momentum across our entire platform, and particular strength demonstrated by our Critical Event Management (CEM) products. We believe we are well-positioned to deliver further strong growth in 2019 with our CEM strategy extending our momentum in the marketplace and driving continued financial success as we further penetrate this multi-billion dollar market.”

Fourth Quarter 2018 Financial Highlights

  • Total revenue was $41.8 million, an increase of 43% compared to $29.2 million for the fourth quarter of 2017.
  • GAAP operating loss was $(8.4) million, compared to a GAAP operating loss of $(5.2) million for the fourth quarter of 2017.
  • Non-GAAP operating loss was $(1.4) million, compared to non-GAAP operating income of $0.1 million for the fourth quarter of 2017. Non-GAAP operating loss/income excludes stock-based compensation and amortization of intangible assets related to acquisitions.
  • GAAP net loss was $(9.8) million, compared to $(5.8) million for the fourth quarter of 2017. GAAP net loss per share was $(0.33), based on 29.7 million basic and diluted weighted average common shares outstanding, compared to $(0.20) for the fourth quarter of 2017, based on 28.3 million basic and diluted weighted average common shares outstanding.
  • Non-GAAP net loss was $(2.8) million, compared to $(0.5) million in the fourth quarter of 2017. Non-GAAP net loss per share was $(0.09), based on 29.7 million basic and diluted weighted average common shares outstanding, compared to $(0.02) for the fourth quarter of 2017, based on 28.3 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 $0.8 million, compared to $1.8 million in the fourth quarter of 2017. 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 $4.1 million compared to an inflow of $0.5 million for the fourth quarter of 2017.
  • Free cash flow was an inflow of $1.4 million compared to an outflow of $(1.4) million for the fourth quarter of 2017. Free cash flow is cash flow from operations, less cash used for capital expenditures and additions to capitalized software development costs.

Full Year 2018 Financial Highlights

  • Total revenue was $147.1 million, an increase of 41% compared to $104.4 million for 2017.
  • GAAP operating loss was $(42.1) million, compared to a GAAP operating loss of $(19.3) million for 2017.
  • Non-GAAP operating loss was $(10.3) million, compared to non-GAAP operating loss of $(6.2) million for 2017.
  • GAAP net loss was $(47.5) million, compared to $(19.6) million for 2017. GAAP net loss per share was $(1.63), based on 29.1 million basic and diluted weighted average common shares outstanding, compared to $(0.70) for 2017, based on 27.9 million basic and diluted weighted average common shares outstanding.
  • Non-GAAP net loss was $(15.8) million, compared to $(6.6) million in 2017. Non-GAAP net loss per share was $(0.54), based on 29.1 million basic and diluted weighted average common shares outstanding, compared to $(0.24) for 2017, based on 27.9 million basic and diluted weighted average common shares outstanding.
  • Adjusted EBITDA was $(2.7) million, compared to $0.1 million in 2017.
  • Cash flow from operations was an inflow of $3.3 million compared to an inflow of $4.9 million for 2017.
  • Free cash flow was an outflow of $(6.9) million compared to an outflow of $(3.0) million for 2017.
  • Cash, cash equivalents, and short-term investments as of December 31, 2018 totaled $105.5 million, compared to $145.7 million as of December 31, 2017.

Recent Business Highlights

  • Ended the fourth quarter with 4,422 global enterprise customers, up from 3,430 at the end of the fourth quarter of 2017.
  • Closed a public offering of 2,645,000 shares of common stock after the end of the fourth quarter at a price to the public of $55.25 per share. All of the shares were offered by Everbridge.
  • Appointed Sharon Rowlands to the Everbridge Board of Directors, expanding the operational experience and diversity of our board with executives that have led billion-dollar corporations.
  • Announced a succession plan for its Chief Financial Officer. Kenneth Goldman, who has served as Senior Vice President & Chief Financial Officer since April 2015, will retire in mid-2019. Patrick Brickley, Everbridge Vice President of Finance & Accounting, will be promoted to the role of Senior Vice President & Chief Financial Officer upon Goldman’s retirement. As part of the planned CFO transition, Goldman will remain in a consulting advisory role with the company into 2020.

Business Outlook

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

       
     

First Quarter 2019

   

Full Year 2019

Total Revenue

$42.0   to   $42.3 $195.1   to   $196.6

GAAP net income/(loss)

$(17.3) $(16.8) $(55.0) $(54.0)

GAAP net income/(loss) per share

$(0.54) $(0.53) $(1.68) $(1.65)

Non-GAAP net income/(loss)

$(6.0) $(5.7) $(9.6) $(8.6)

Non-GAAP net income/(loss) per share

$(0.19) $(0.18) $(0.29) $(0.26)

Basic and diluted weighted average shares outstanding

32.0 32.0 32.8 32.8

Adjusted EBITDA

$(2.7) $(2.4) $4.0 $5.0
 

(All figures in millions, except per share data)

 

Conference Call Information

 
What:   Everbridge Fourth Quarter and Full Year 2018 Financial Results Conference Call
When: Tuesday, February 19, 2019
Time: 4:30 p.m. ET
Live Call: (866) 439-5043, domestic
(409) 220-9843, international
Replay: (855) 859-2056, passcode 9098295, domestic
(404) 537-3406, passcode 9098295, international
Webcast (live & replay):

https://edge.media-server.com/m6/p/7fkr8cqq

 

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, over 4,400 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 Sweden, the Netherlands, the Bahamas, Singapore, Greece, Cambodia, 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®, Crisis Commander®, Community Engagement™ and Secure Messaging. Everbridge serves nine of the 10 largest U.S. cities, 9 of the 10 largest U.S.-based investment banks, all 25 of the 25 busiest North American airports, six of the 10 largest global consulting firms, six of the 10 largest global automakers, all four of the largest global accounting firms, four of the 10 largest U.S.-based health care providers and four 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, 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 first 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, 2017 filed with the SEC on March 12, 2018. 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,
2018

 

December 31,
2017

 
Current assets:
Cash and cash equivalents $ 59,978 $ 102,754
Restricted cash 90 297
Short-term investments 45,541 42,908
Accounts receivable, net 41,107 31,699
Prepaid expenses 4,890 2,563
Deferred costs 6,503 2,429
Other current assets   4,489       811  
Total current assets 162,598 183,461
Property and equipment, net 4,650 2,796
Capitalized software development costs, net 12,893 10,005
Goodwill

48,382

31,328

Intangible assets, net 23,197 8,634
Deferred costs 10,265 -
Other assets   195       189  
Total assets $

262,180

    $ 236,413  
 
Current liabilities:
Accounts payable $ 2,719 $ 2,446
Accrued payroll and employee related liabilities 17,108 11,111
Accrued expenses 5,565 1,825
Deferred revenue 92,738 70,090
Notes payable 427 -
Contingent consideration liabilities - 682
Other current liabilities   1,490       808  
Total current liabilities 120,047 86,962
Long-term liabilities:
Deferred revenue, noncurrent 2,898 2,982
Convertible senior notes 94,097 89,481
Deferred tax liabilities 1,032 482
Other long term liabilities   1,948       515  
Total liabilities 220,022 180,422
 
Stockholders' equity:
Common stock 30 28
Additional paid-in capital 194,866 164,995
Accumulated deficit (147,670 ) (109,252 )
Accumulated other comprehensive income (loss)  

(5,068

)     220  
Total stockholders' equity  

42,158

      55,991  
Total liabilities and stockholders' equity $

262,180

    $ 236,413  
 
           
Consolidated Statements of Comprehensive Loss
(in thousands, except share and per share data)
(unaudited)
Three months ended Twelve months ended
December 31, December 31,
  2018       2017     2018       2017  
 
Revenue $ 41,828 $ 29,175 $ 147,094 $ 104,352
Cost of revenue   13,322       8,534     46,810       31,503  
Gross profit 28,506 20,641 100,284 72,849
68.15 % 70.75 % 68.18 % 69.81 %
Operating expenses:
Sales and marketing 18,305 13,409 69,608 46,998
Research and development 10,757 6,159 41,305 22,241
General and administrative   7,853       6,255     31,462       22,895  
Total operating expenses   36,915       25,823     142,375       92,134  
Operating loss (8,409 ) (5,182 ) (42,091 ) (19,285 )
 
Other income (expense):
Interest and investment income 526 241 1,842 475
Interest expense (1,610 ) (686 ) (6,346 ) (691 )
Other expense, net   113       (25 )   (124 )     (86 )
Total other income (expense), net   (971 )     (470 )   (4,628 )     (302 )
Loss before income taxes (9,380 ) (5,652 ) (46,719 ) (19,587 )
Provision for income taxes   (425 )     (112 )   (796 )     (47 )
Net loss $ (9,805 )   $ (5,764 ) $ (47,515 )   $ (19,634 )
 
Net loss per share attributable to common stockholders:
Basic $ (0.33 ) $ (0.20 ) $ (1.63 ) $ (0.70 )
Diluted $ (0.33 ) $ (0.20 ) $ (1.63 ) $ (0.70 )
 
Weighted-average common shares outstanding:
Basic 29,667,995 28,286,286 29,107,267 27,862,375
Diluted 29,667,995 28,286,286 29,107,267 27,862,375
 
Other comprehensive income (loss):

Foreign currency translation adjustment, net of taxes

 

(2,718

)     200    

(5,288

)     523  
Total comprehensive loss $

(12,523

)   $ (5,564 ) $

(52,803

)   $ (19,111 )
 
 
Stock-based compensation expense included in the above:
(in thousands)
Three months ended Twelve months ended
December 31, December 31,
  2018       2017     2018       2017  
 
Cost of revenue $ 429 $ 312 $ 2,306 $ 578
Sales and marketing 2,135 1,169 9,282 2,419
Research and development 1,500 776 7,106 1,514
General and administrative   1,504       2,170     7,131       4,788  
Total stock-based compensation $ 5,568     $ 4,427   $ 25,825     $ 9,299  
 
           
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three months ended Twelve months ended
December 31, December 31,
  2018       2017     2018       2017  
Cash flows from operating activities:
Net loss $ (9,805 ) $ (5,764 ) $ (47,515 ) $ (19,634 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 3,521 2,561 13,693 10,207
Amortization of deferred costs 1,544 1,807 5,472 5,947
Loss on disposal of assets - - 112 15
Deferred income taxes 24 (109 ) 125 (47 )
Accretion of interest on convertible senior notes 1,181 493 4,616 493
Non-cash investment income (190 ) (130 ) (498 ) (204 )
Provision for doubtful accounts and sales return reserve 94 49 252 637
Change in fair value of contingent consideration - (1,020 ) (250 ) (1,020 )
Stock-based compensation 5,582 4,380 25,589 9,218
Increase (decrease) in operating assets and liabilities:
Accounts receivable, net (4,147 ) (9,476 ) (2,623 ) (13,067 )
Prepaid expenses 487 1,001 (1,952 ) (551 )
Deferred costs (1,294 ) (305 ) (8,285 ) (89 )
Other assets (2,430 ) (1,307 ) (4,014 ) (6,643 )
Accounts payable (1,150 ) (910 ) (1,263 ) (90 )
Accrued payroll and employee related liabilities 2,577 1,333 4,686 3,596
Accrued expenses 919 (78 ) 298 (132 )
Deferred revenue 5,927 8,577 13,164 16,378
Other liabilities   1,231       (618 )   1,688       (151 )
Net cash provided by operating activities   4,071       484     3,295       4,863  
 
Cash flows from investing activities:
Capital expenditures (866 ) (330 ) (1,721 ) (1,667 )
Proceeds from sale of leaseback transaction - - - 794
Additions to capitalized software development costs (1,777 ) (1,574 ) (8,499 ) (6,160 )
Additions to intangibles (17 ) - (201 ) -
Payment for acquisition of business, net of acquired cash - - (35,857 ) (21,235 )
Purchase of short-term investments (29,495 ) (30,809 ) (87,204 ) (60,764 )
Maturities of short-term investments   11,000       12,060     85,069       18,060  
Net cash used in investing activities   (21,155 )     (20,653 )   (48,413 )     (70,972 )
 
Cash flows from financing activities:
RSUs withheld to settle employee tax withholding liability (4 ) - (7,925 ) -
Principal payments on capital leases (38 ) - (99 ) -
Payment of contingent consideration - - (431 ) (3,750 )
Payment on note payable - - (59 ) -
Proceeds from follow on offering, net - - - 10,444
Proceeds from issuance of convertible notes - 115,000 - 115,000
Payments of public offering costs (276 ) - (276 ) (872 )
Payments of debt issuance costs - (3,794 ) (84 ) (3,834 )
Purchase of convertible note capped call hedge - (12,922 ) (12,922 )
Proceeds from employee stock purchase plan 65 - 1,823 1,540
Proceeds from stock option exercises   1,329       782     10,150       2,869  
Net cash provided by financing activities   1,076       99,066     3,099       108,475  
 
Effect of exchange rates on cash, cash equivalents and restricted cash   (218 )     229     (964 )     (80 )
Net (decrease) increase in cash, cash equivalents and restricted cash (16,226 ) 79,126 (42,983 ) 42,286
 
Cash, cash equivalents and restricted cash, beginning of period   76,294       23,925     103,051       60,765  
Cash, cash equivalents and restricted cash, end of period $ 60,068     $ 103,051   $ 60,068     $ 103,051  
 
           
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,
  2018       2017     2018       2017  
 
Cost of revenue $ 13,322 $ 8,534 $ 46,810 $ 31,503
Amortization of acquired intangibles (246 ) (289 ) (1,268 ) (1,614 )
Stock-based compensation   (429 )     (312 )   (2,306 )     (578 )
Non-GAAP cost of revenue 12,647 7,933 43,236 29,311
 
Gross profit 28,506 20,641 100,284 72,849
Amortization of acquired intangibles 246 289 1,268 1,614
Stock-based compensation   429       312     2,306       578  
Non-GAAP gross profit 29,181 21,242 103,858 75,041
Non-GAAP gross margin 69.76 % 72.81 % 70.61 % 71.91 %
 
Sales and marketing 18,305 13,409 69,608 46,998
Stock-based compensation   (2,135 )     (1,169 )   (9,282 )     (2,419 )
Non-GAAP sales and marketing 16,170 12,240 60,326 44,579
 
Research and development 10,757 6,159 41,305 22,241
Stock-based compensation   (1,500 )     (776 )   (7,106 )     (1,514 )
Non-GAAP research and development 9,257 5,383 34,199 20,727
 
General and administrative 7,853 6,255 31,462 22,895
Amortization of acquired intangibles (1,206 ) (561 ) (4,667 ) (2,123 )
Stock-based compensation   (1,504 )     (2,170 )   (7,131 )     (4,788 )
Non-GAAP general and administrative 5,143 3,524 19,664 15,984
 
Total operating expenses 36,915 25,823 142,375 92,134
Amortization of acquired intangibles (1,206 ) (561 ) (4,667 ) (2,123 )
Stock-based compensation   (5,139 )     (4,115 )   (23,519 )     (8,721 )
Non-GAAP operating expenses $ 30,570 $ 21,147 $ 114,189 $ 81,290
 
Operating loss $ (8,409 ) $ (5,182 ) $ (42,091 ) $ (19,285 )
Amortization of acquired intangibles 1,452 850 5,935 3,737
Stock-based compensation   5,568       4,427     25,825       9,299  
Non-GAAP operating income (loss) $ (1,389 ) $ 95 $ (10,331 ) $ (6,249 )
 
Net loss $ (9,805 ) $ (5,764 ) $ (47,515 ) $ (19,634 )
Amortization of acquired intangibles 1,452 850 5,935 3,737
Stock-based compensation   5,568       4,427     25,825       9,299  
Non-GAAP net loss $ (2,785 ) $ (487 ) $ (15,755 ) $ (6,598 )
 
Weighted average common shares outstanding, basic and diluted 29,667,995 28,286,286 29,107,267 27,862,375
 
Non-GAAP net loss per share $ (0.09 ) $ (0.02 ) $ (0.54 ) $ (0.24 )
 
Net loss $ (9,805 ) $ (5,764 ) $ (47,515 ) $ (19,634 )
Interest and investment (income) expense, net 1,084 445 4,504 216
Income taxes, net 425 112 796 47
Depreciation and amortization   3,521       2,561     13,693       10,207  
EBITDA (4,775 ) (2,646 ) (28,522 ) (9,164 )
Stock-based compensation   5,568       4,427     25,825       9,299  
Adjusted EBITDA $ 793 $ 1,781 $ (2,697 ) $ 135
 
Net cash provided by (used in) operating activities $ 4,071 $ 484 $ 3,295 $ 4,863
Capital expenditures (866 ) (330 ) (1,721 ) (1,667 )
Additions to capitalized software development costs   (1,777 )     (1,574 )   (8,499 )     (6,160 )
Free cash inflow (outflow) $ 1,428 $ (1,420 ) $ (6,925 ) $ (2,964 )
           
(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
March 31, 2019 December 31, 2019
Low end   High end Low end   High end
 
Net loss $ (17.3 ) $ (16.8 ) $ (55.0 ) $ (54.0 )
Amortization of acquired intangibles 1.7 1.7 5.8 5.8
Stock-based compensation   9.6       9.4     39.6       39.6  
Non-GAAP net loss $ (6.0 ) $ (5.7 ) $ (9.6 ) $ (8.6 )
 
Weighted average common shares outstanding, basic and diluted 32,000,000 32,000,000 32,800,000 32,800,000
 
Net loss per share $ (0.54 ) $ (0.53 ) $ (1.68 ) $ (1.65 )
Non-GAAP net loss per share $ (0.19 ) $ (0.18 ) $ (0.29 ) $ (0.26 )
 
Net loss $ (17.3 ) $ (16.8 ) $ (55.0 ) $ (54.0 )
Interest (income) expense, net 0.9 0.9 3.8 3.8
Income taxes, net 0.1 0.1 0.4 0.4
Depreciation and amortization   4.0       4.0     15.2       15.2  
EBITDA (12.3 ) (11.8 ) (35.6 ) (34.6 )
Stock-based compensation   9.6       9.4     39.6       39.6  
Adjusted EBITDA $ (2.7 ) $ (2.4 ) $ 4.0 $ 5.0

Source: Everbridge, Inc.

Media Contact:
Jeff Young
Everbridge
jeff.young@everbridge.com
781-859-4116

Investor Contact:
Garo Toomajanian
ICR
ir@everbridge.com
818-230-9712