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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-37874

 

Everbridge, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

 

26-2919312

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

25 Corporate Drive, Suite 400

Burlington, Massachusetts

 

01803

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (818) 230-9700

Securities registered pursuant to Section 12(b) of the Securities Act:

Title of each class

 

Trading symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value

 

EVBG

 

The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.

As of November 3, 2020, the registrant had 34,955,945 shares of common stock issued and outstanding.

 

 

 

 

 


 

EVERBRIDGE, INC. AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS

 

 

 

 

Page

 

 

 

 

PART I.

FINANCIAL INFORMATION

 

3

 

 

 

 

Item 1.

Condensed Consolidated Financial Statements (unaudited)

 

3

 

 

 

 

 

Condensed Consolidated Balance Sheets

 

3

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

4

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss

 

5

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

6

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

8

 

 

 

 

 

Notes to the Condensed Consolidated Financial Statements

 

9

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

38

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

52

 

 

 

 

Item 4.

Controls and Procedures

 

53

 

 

 

 

PART II.

OTHER INFORMATION

 

54

 

 

 

 

Item 1.

Legal Proceedings

 

54

 

 

 

 

Item 1A.

Risk Factors

 

54

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

58

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

59

 

 

 

 

Item 4.

Mine Safety Disclosures

 

59

 

 

 

 

Item 5.

Other Information

 

59

 

 

 

 

Item 6.

Exhibits

 

60

 

 

 

Signatures

 

61

 

 

 

 

2


 

PART I—FINANCIAL INFORMATION

Item 1.

Condensed Consolidated Financial Statements (Unaudited).

EVERBRIDGE, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands, except share data)

(unaudited)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

468,908

 

 

$

531,575

 

Restricted cash

 

 

4,767

 

 

 

4,737

 

Accounts receivable, net

 

 

80,927

 

 

 

68,642

 

Prepaid expenses

 

 

12,049

 

 

 

6,675

 

Deferred costs and other current assets

 

 

20,286

 

 

 

13,501

 

Total current assets

 

 

586,937

 

 

 

625,130

 

Property and equipment, net

 

 

7,254

 

 

 

6,284

 

Capitalized software development costs, net

 

 

15,952

 

 

 

14,287

 

Goodwill

 

 

183,548

 

 

 

91,421

 

Intangible assets, net

 

 

98,923

 

 

 

67,100

 

Restricted cash

 

 

3,558

 

 

 

3,350

 

Prepaid expenses

 

 

2,437

 

 

 

2,009

 

Deferred costs and other assets

 

 

31,944

 

 

 

27,715

 

Total assets

 

$

930,553

 

 

$

837,296

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

10,232

 

 

$

7,808

 

Accrued payroll and employee related liabilities

 

 

28,140

 

 

 

22,248

 

Accrued expenses

 

 

6,188

 

 

 

4,496

 

Deferred revenue

 

 

144,341

 

 

 

129,995

 

Contingent consideration liabilities

 

 

7,996

 

 

 

 

Other current liabilities

 

 

10,366

 

 

 

4,819

 

Total current liabilities

 

 

207,263

 

 

 

169,366

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Deferred revenue, noncurrent

 

 

4,789

 

 

 

3,471

 

Convertible senior notes

 

 

445,915

 

 

 

430,282

 

Deferred tax liabilities

 

 

10,343

 

 

 

2,002

 

Other long-term liabilities

 

 

16,266

 

 

 

11,863

 

Total liabilities

 

 

684,576

 

 

 

616,984

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, par value $0.001, 10,000,000 shares authorized, no shares issued or outstanding

   as of September 30, 2020 and December 31, 2019, respectively

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized, 34,946,958 and 33,848,627

   shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively

 

 

35

 

 

 

34

 

Additional paid-in capital

 

 

521,141

 

 

 

425,945

 

Accumulated deficit

 

 

(268,730

)

 

 

(199,920

)

Accumulated other comprehensive loss

 

 

(6,469

)

 

 

(5,747

)

Total stockholders’ equity

 

 

245,977

 

 

 

220,312

 

Total liabilities and stockholders’ equity

 

$

930,553

 

 

$

837,296

 

 

See accompanying notes to condensed consolidated financial statements.

 

3


 

EVERBRIDGE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

71,256

 

 

$

52,547

 

 

$

195,533

 

 

$

143,771

 

Cost of revenue

 

 

20,885

 

 

 

16,454

 

 

 

61,197

 

 

 

45,174

 

Gross profit

 

 

50,371

 

 

 

36,093

 

 

 

134,336

 

 

 

98,597

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

31,395

 

 

 

21,903

 

 

 

89,724

 

 

 

63,989

 

Research and development

 

 

16,948

 

 

 

12,877

 

 

 

46,057

 

 

 

37,164

 

General and administrative

 

 

19,766

 

 

 

13,435

 

 

 

52,476

 

 

 

34,457

 

Total operating expenses

 

 

68,109

 

 

 

48,215

 

 

 

188,257

 

 

 

135,610

 

Operating loss

 

 

(17,738

)

 

 

(12,122

)

 

 

(53,921

)

 

 

(37,013

)

Other expense, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and investment income

 

 

107

 

 

 

1,032

 

 

 

1,915

 

 

 

3,541

 

Interest expense

 

 

(6,062

)

 

 

(1,697

)

 

 

(17,982

)

 

 

(4,986

)

Other expense, net

 

 

(239

)

 

 

(35

)

 

 

(754

)

 

 

(129

)

Total other expense, net

 

 

(6,194

)

 

 

(700

)

 

 

(16,821

)

 

 

(1,574

)

Loss before income taxes

 

 

(23,932

)

 

 

(12,822

)

 

 

(70,742

)

 

 

(38,587

)

Benefit from (provision for) income taxes

 

 

(273

)

 

 

(99

)

 

 

1,932

 

 

 

(531

)

Net loss

 

$

(24,205

)

 

$

(12,921

)

 

$

(68,810

)

 

$

(39,118

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.70

)

 

$

(0.39

)

 

$

(2.00

)

 

$

(1.19

)

Diluted

 

$

(0.70

)

 

$

(0.39

)

 

$

(2.00

)

 

$

(1.19

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

34,738,572

 

 

 

33,524,771

 

 

 

34,406,665

 

 

 

32,941,826

 

Diluted

 

 

34,738,572

 

 

 

33,524,771

 

 

 

34,406,665

 

 

 

32,941,826

 

 

See accompanying notes to condensed consolidated financial statements.

4


 

EVERBRIDGE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)

(unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(24,205

)

 

$

(12,921

)

 

$

(68,810

)

 

$

(39,118

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of taxes

 

 

3,455

 

 

 

(2,049

)

 

 

(722

)

 

 

(1,756

)

Total comprehensive loss

 

$

(20,750

)

 

$

(14,970

)

 

$

(69,532

)

 

$

(40,874

)

 

See accompanying notes to condensed consolidated financial statements.

 

 

5


 

EVERBRIDGE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(in thousands, except share data)

(unaudited)

 

 

 

Common stock

 

 

Additional

paid-in

 

 

Accumulated

 

 

Accumulated-

other

comprehensive

 

 

 

 

 

 

 

Shares

 

 

Par value

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

Total

 

Balance at December 31, 2019

 

 

33,848,627

 

 

$

34

 

 

$

425,945

 

 

$

(199,920

)

 

$

(5,747

)

 

$

220,312

 

Issuance of common stock in connection

   with acquisitions

 

 

301,941

 

 

 

 

 

 

30,434

 

 

 

 

 

 

 

 

 

30,434

 

Stock-based compensation

 

 

 

 

 

 

 

 

10,368

 

 

 

 

 

 

 

 

 

10,368

 

Vesting of restricted stock units

 

 

44,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units withheld to

   settle employee tax withholding liability

 

 

(4,483

)

 

 

 

 

 

(400

)

 

 

 

 

 

 

 

 

(400

)

Exercise of stock options

 

 

126,374

 

 

 

 

 

 

2,989

 

 

 

 

 

 

 

 

 

2,989

 

Issuance of shares under employee

   stock purchase plan

 

 

30,943

 

 

 

 

 

 

1,710

 

 

 

 

 

 

 

 

 

1,710

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,520

)

 

 

(6,520

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(25,385

)

 

 

 

 

 

(25,385

)

Balance at March 31, 2020

 

 

34,348,008

 

 

 

34

 

 

 

471,046

 

 

 

(225,305

)

 

 

(12,267

)

 

 

233,508

 

Issuance of common stock in connection

   with acquisition

 

 

38,425

 

 

 

 

 

 

5,074

 

 

 

 

 

 

 

 

 

5,074

 

Stock-based compensation

 

 

 

 

 

 

 

 

11,372

 

 

 

 

 

 

 

 

 

11,372

 

Vesting of restricted stock units

 

 

21,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units withheld to

   settle employee tax withholding liability

 

 

(3,980

)

 

 

 

 

 

(527

)

 

 

 

 

 

 

 

 

(527

)

Exercise of stock options

 

 

59,841

 

 

 

 

 

 

1,596

 

 

 

 

 

 

 

 

 

1,596

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,343

 

 

 

2,343

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(19,220

)

 

 

 

 

 

(19,220

)

Balance at June 30, 2020

 

 

34,463,801

 

 

 

34

 

 

 

488,561

 

 

 

(244,525

)

 

 

(9,924

)

 

 

234,146

 

Issuance of common stock in connection

   with acquisition

 

 

121,858

 

 

 

 

 

 

17,685

 

 

 

 

 

 

 

 

 

17,685

 

Stock-based compensation

 

 

 

 

 

 

 

 

13,442

 

 

 

 

 

 

 

 

 

13,442

 

Vesting of restricted stock units

 

 

247,669

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock units withheld to

   settle employee tax withholding liability

 

 

(23,618

)

 

 

 

 

 

(3,342

)

 

 

 

 

 

 

 

 

(3,342

)

Exercise of stock options

 

 

88,974

 

 

 

1

 

 

 

2,178

 

 

 

 

 

 

 

 

 

2,179

 

Issuance of shares under employee

   stock purchase plan

 

 

18,376

 

 

 

 

 

 

1,679

 

 

 

 

 

 

 

 

 

1,679

 

Settlement of convertible notes due 2022

 

 

29,898

 

 

 

 

 

 

938

 

 

 

 

 

 

 

 

 

938

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,455

 

 

 

3,455

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(24,205

)

 

 

 

 

 

(24,205

)

Balance at September 30, 2020

 

 

34,946,958

 

 

$

35

 

 

$

521,141

 

 

$

(268,730

)

 

$

(6,469

)

 

$

245,977

 

6


 

 

 

 

Common stock

 

 

Additional

paid-in

 

 

Accumulated

 

 

Accumulated-

other

comprehensive

 

 

 

 

 

 

 

Shares

 

 

Par value

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

Total

 

Balance at December 31, 2018

 

 

29,700,192

 

 

$

30