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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 March 31, 2021

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 May 4, 2021, the registrant had 37,660,267 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

 

7

 

 

 

 

 

Notes to the Condensed Consolidated Financial Statements

 

8

 

 

 

 

Item 2.

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

 

37

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

50

 

 

 

 

Item 4.

Controls and Procedures

 

51

 

 

 

 

PART II.

OTHER INFORMATION

 

52

 

 

 

 

Item 1.

Legal Proceedings

 

52

 

 

 

 

Item 1A.

Risk Factors

 

52

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

54

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

55

 

 

 

 

Item 4.

Mine Safety Disclosures

 

55

 

 

 

 

Item 5.

Other Information

 

55

 

 

 

 

Item 6.

Exhibits

 

56

 

 

 

Signatures

 

57

 

 

 

 

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)

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

734,752

 

 

$

467,171

 

Restricted cash

 

 

4,667

 

 

 

4,667

 

Accounts receivable, net

 

 

84,810

 

 

 

94,376

 

Prepaid expenses

 

 

13,479

 

 

 

11,774

 

Deferred costs and other current assets

 

 

22,004

 

 

 

20,464

 

Total current assets

 

 

859,712

 

 

 

598,452

 

Property and equipment, net

 

 

8,501

 

 

 

7,774

 

Capitalized software development costs, net

 

 

16,787

 

 

 

16,329

 

Goodwill

 

 

234,779

 

 

 

187,411

 

Intangible assets, net

 

 

130,874

 

 

 

113,762

 

Restricted cash

 

 

3,788

 

 

 

3,792

 

Prepaid expenses

 

 

1,574

 

 

 

1,943

 

Deferred costs and other assets

 

 

32,188

 

 

 

31,481

 

Total assets

 

$

1,288,203

 

 

$

960,944

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

8,829

 

 

$

9,698

 

Accrued payroll and employee related liabilities

 

 

25,606

 

 

 

27,674

 

Accrued expenses

 

 

12,047

 

 

 

7,246

 

Deferred revenue

 

 

178,822

 

 

 

165,389

 

Contingent consideration liabilities

 

 

19,331

 

 

 

10,619

 

Other current liabilities

 

 

14,698

 

 

 

15,602

 

Total current liabilities

 

 

259,333

 

 

 

236,228

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Deferred revenue, noncurrent

 

 

5,637

 

 

 

4,738

 

Convertible senior notes

 

 

638,165

 

 

 

441,514

 

Deferred tax liabilities

 

 

13,608

 

 

 

10,065

 

Other long-term liabilities

 

 

14,880

 

 

 

16,094

 

Total liabilities

 

 

931,623

 

 

 

708,639

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

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

   as of March 31, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized, 37,612,199 and 35,449,447

   shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively

 

 

38

 

 

 

35

 

Additional paid-in capital

 

 

671,434

 

 

 

542,776

 

Accumulated deficit

 

 

(315,105

)

 

 

(293,316

)

Accumulated other comprehensive income

 

 

213

 

 

 

2,810

 

Total stockholders’ equity

 

 

356,580

 

 

 

252,305

 

Total liabilities and stockholders’ equity

 

$

1,288,203

 

 

$

960,944

 

 

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

March 31,

 

 

 

2021

 

 

2020

 

Revenue

 

$

82,210

 

 

$

58,900

 

Cost of revenue

 

 

25,280

 

 

 

20,889

 

Gross profit

 

 

56,930

 

 

 

38,011

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

34,527

 

 

 

29,588

 

Research and development

 

 

18,079

 

 

 

14,172

 

General and administrative

 

 

22,562

 

 

 

15,911

 

Total operating expenses

 

 

75,168

 

 

 

59,671

 

Operating loss

 

 

(18,238

)

 

 

(21,660

)

Other expense, net:

 

 

 

 

 

 

 

 

Interest and investment income

 

 

133

 

 

 

1,573

 

Interest expense

 

 

(6,560

)

 

 

(5,922

)

Loss on extinguishment of convertible notes and capped call modification

 

 

(2,888

)

 

 

 

Other expense, net

 

 

(49

)

 

 

(77

)

Total other expense, net

 

 

(9,364

)

 

 

(4,426

)

Loss before income taxes

 

 

(27,602

)

 

 

(26,086

)

Benefit from income taxes

 

 

5,813

 

 

 

701

 

Net loss

 

$

(21,789

)

 

$

(25,385

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

(0.60

)

 

$

(0.74

)

Diluted

 

$

(0.60

)

 

$

(0.74

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

36,386,819

 

 

 

34,075,071

 

Diluted

 

 

36,386,819

 

 

 

34,075,071

 

 

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

March 31,

 

 

 

2021

 

 

2020

 

Net loss

 

$

(21,789

)

 

$

(25,385

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of taxes

 

 

(2,597

)

 

 

(6,520

)

Total comprehensive loss

 

$

(24,386

)

 

$

(31,905

)

 

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

 

 

Total

 

Balance at December 31, 2020

 

 

35,449,447

 

 

$

35

 

 

$

542,776

 

 

$

(293,316

)

 

$

2,810

 

 

$

252,305

 

Issuance of common stock in connection with acquisition

 

 

162,820

 

 

 

 

 

 

23,032

 

 

 

 

 

 

 

 

 

23,032

 

Stock-based compensation

 

 

 

 

 

 

 

 

12,770

 

 

 

 

 

 

 

 

 

12,770

 

Vesting of restricted stock units and performance-based

   restricted stock units

 

 

64,304

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Restricted stock units and performance-based

   restricted stock units withheld to settle employee

   tax withholding liability

 

 

(11,649

)

 

 

 

 

 

(1,611

)

 

 

 

 

 

 

 

 

(1,611

)

Exercise of stock options

 

 

52,955

 

 

 

 

 

 

1,604

 

 

 

 

 

 

 

 

 

1,604

 

Issuance of shares under employee stock purchase plan

 

 

23,499

 

 

 

 

 

 

2,451

 

 

 

 

 

 

 

 

 

2,451

 

Equity component of convertible notes due 2026, net of

   allocated issuance costs and taxes

 

 

 

 

 

 

 

 

99,000

 

 

 

 

 

 

 

 

 

99,000

 

Purchase of capped call hedge for the convertible notes due

   2026, including issuance costs

 

 

 

 

 

 

 

 

(35,124

)

 

 

 

 

 

 

 

 

(35,124

)

Equity component of settlement of convertible notes due 2022

 

 

1,870,823

 

 

 

2

 

 

 

15,650

 

 

 

 

 

 

 

 

 

15,652

 

Termination and modification of capped call hedge for

   convertible notes due 2022

 

 

 

 

 

 

 

 

10,886

 

 

 

 

 

 

 

 

 

10,886

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,597

)

 

 

(2,597

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(21,789

)

 

 

 

 

 

(21,789

)

Balance at March 31, 2021

 

 

37,612,199

 

 

$

38

 

 

$

671,434

 

 

$

(315,105

)

 

$

213

 

 

$

356,580

 

 

 

 

Common stock

 

 

Additional

paid-in

 

 

Accumulated

 

 

Accumulated-

other

comprehensive

 

 

 

 

 

 

 

Shares

 

 

Par value

 

 

capital

 

 

deficit

 

 

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

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

6


 

 

EVERBRIDGE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(21,789

)

 

$

(25,385

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

10,843

 

 

 

6,656

 

Amortization of deferred costs

 

 

3,722

 

 

 

2,922

 

Deferred income taxes

 

 

(6,701

)

 

 

(1,246

)

Accretion of interest on debt

 

 

6,313

 

 

 

5,436

 

Loss on extinguishment of convertible notes and capped call modification

 

 

2,888

 

 

 

 

Provision for credit losses and sales reserve

 

 

1,562

 

 

 

925

 

Stock-based compensation

 

 

12,685

 

 

 

10,310

 

Other non-cash adjustments

 

 

(147

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

11,482

 

 

 

445

 

Prepaid expenses

 

 

(1,221

)

 

 

(3,057

)

Deferred costs

 

 

(3,450

)

 

 

(4,720

)

Other assets

 

 

(2,768

)

 

 

(4,069

)

Accounts payable

 

 

(911

)

 

 

(1,072

)

Accrued payroll and employee related liabilities

 

 

(2,130

)

 

 

3,221

 

Accrued expenses

 

 

3,012

 

 

 

1,732

 

Deferred revenue

 

 

8,373

 

 

 

5,118

 

Other liabilities

 

 

(1,955

)

 

 

3,585

 

Net cash provided by operating activities

 

 

19,808

 

 

 

801

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(1,812

)

 

 

(524

)

Payments for acquisition of business, net of acquired cash

 

 

(32,401

)

 

 

(34,941

)

Additions to capitalized software development costs

 

 

(2,495

)

 

 

(2,004

)

Net cash used in investing activities

 

 

(36,708

)

 

 

(37,469

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes

 

 

375,000

 

 

 

 

Payments of debt issuance costs

 

 

(9,562

)

 

 

(131

)

Purchase of convertible notes capped call hedge

 

 

(35,100

)

 

 

 

Repurchase of convertible notes

 

 

(58,641

)

 

 

 

Proceeds from termination of convertible notes capped call hedge

 

 

10,650

 

 

 

 

Restricted stock units withheld to settle employee tax withholding liability

 

 

(1,610

)

 

 

(400

)

Proceeds from employee stock purchase plan

 

 

2,451

 

 

 

1,710

 

Proceeds from stock option exercises

 

 

1,604

 

 

 

2,989

 

Net cash provided by financing activities

 

 

284,792

 

 

 

4,168

 

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

 

 

(315

)

 

 

(666

)

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

 

 

267,577

 

 

 

(33,166

)

Cash, cash equivalents and restricted cash—beginning of period

 

 

475,630

 

 

 

539,662

 

Cash, cash equivalents and restricted cash—end of period

 

$

743,207

 

 

$

506,496

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest

 

$

318

 

 

$

184

 

Taxes, net of refunds received

 

 

674

 

 

 

 

Supplemental disclosure of non-cash activities:

 

 

 

 

 

 

 

 

Common stock issued in connection with acquisitions

 

 

23,032

 

 

 

30,434

 

Contingent consideration in connection with acquisitions

 

 

9,135

 

 

 

2,530

 

Common stock issued in connection with settlement of convertible notes

 

 

15,650

 

 

 

 

Debt issuance costs included in accrued expenses

 

 

1,078

 

 

 

 

Stock-based compensation capitalized for software development costs

 

 

85

 

 

 

58

 

Other non-cash activities