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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 June 30, 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 ☒
As of August 3, 2021, the registrant had 38,385,479 shares of common stock issued and outstanding.
EVERBRIDGE, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
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)
|
|
June 30, 2021 |
|
|
December 31, 2020 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
559,851 |
|
|
$ |
467,171 |
|
Restricted cash |
|
|
4,666 |
|
|
|
4,667 |
|
Accounts receivable, net |
|
|
83,183 |
|
|
|
94,376 |
|
Prepaid expenses |
|
|
13,301 |
|
|
|
11,774 |
|
Deferred costs and other current assets |
|
|
21,348 |
|
|
|
20,464 |
|
Total current assets |
|
|
682,349 |
|
|
|
598,452 |
|
Property and equipment, net |
|
|
9,567 |
|
|
|
7,774 |
|
Capitalized software development costs, net |
|
|
18,368 |
|
|
|
16,329 |
|
Goodwill |
|
|
405,223 |
|
|
|
187,411 |
|
Intangible assets, net |
|
|
216,723 |
|
|
|
113,762 |
|
Restricted cash |
|
|
3,785 |
|
|
|
3,792 |
|
Prepaid expenses |
|
|
1,795 |
|
|
|
1,943 |
|
Deferred costs and other assets |
|
|
37,214 |
|
|
|
31,481 |
|
Total assets |
|
$ |
1,375,024 |
|
|
$ |
960,944 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
10,964 |
|
|
$ |
9,698 |
|
Accrued payroll and employee related liabilities |
|
|
26,860 |
|
|
|
27,674 |
|
Accrued expenses |
|
|
10,235 |
|
|
|
7,246 |
|
Deferred revenue |
|
|
196,481 |
|
|
|
165,389 |
|
Contingent consideration liabilities |
|
|
18,775 |
|
|
|
10,619 |
|
Other current liabilities |
|
|
14,376 |
|
|
|
15,602 |
|
Total current liabilities |
|
|
277,691 |
|
|
|
236,228 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred revenue, noncurrent |
|
|
13,509 |
|
|
|
4,738 |
|
Convertible senior notes |
|
|
646,533 |
|
|
|
441,514 |
|
Deferred tax liabilities |
|
|
14,022 |
|
|
|
10,065 |
|
Other long-term liabilities |
|
|
17,940 |
|
|
|
16,094 |
|
Total liabilities |
|
|
969,695 |
|
|
|
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 June 30, 2021 and December 31, 2020, respectively |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value, 100,000,000 shares authorized, 38,288,685 and 35,449,447
shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively |
|
|
38 |
|
|
|
35 |
|
Additional paid-in capital |
|
|
752,773 |
|
|
|
542,776 |
|
Accumulated deficit |
|
|
(348,926 |
) |
|
|
(293,316 |
) |
Accumulated other comprehensive income |
|
|
1,444 |
|
|
|
2,810 |
|
Total stockholders’ equity |
|
|
405,329 |
|
|
|
252,305 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,375,024 |
|
|
$ |
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
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Revenue |
|
$ |
86,649 |
|
|
$ |
65,377 |
|
|
$ |
168,859 |
|
|
$ |
124,277 |
|
Cost of revenue |
|
|
27,665 |
|
|
|
19,423 |
|
|
|
52,945 |
|
|
|
40,312 |
|
Gross profit |
|
|
58,984 |
|
|
|
45,954 |
|
|
|
115,914 |
|
|
|
83,965 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
41,483 |
|
|
|
28,741 |
|
|
|
76,010 |
|
|
|
58,329 |
|
Research and development |
|
|
20,251 |
|
|
|
14,937 |
|
|
|
38,330 |
|
|
|
29,109 |
|
General and administrative |
|
|
24,664 |
|
|
|
16,799 |
|
|
|
47,226 |
|
|
|
32,710 |
|
Total operating expenses |
|
|
86,398 |
|
|
|
60,477 |
|
|
|
161,566 |
|
|
|
120,148 |
|
Operating loss |
|
|
(27,414 |
) |
|
|
(14,523 |
) |
|
|
(45,652 |
) |
|
|
(36,183 |
) |
Other expense, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and investment income |
|
|
100 |
|
|
|
235 |
|
|
|
233 |
|
|
|
1,808 |
|
Interest expense |
|
|
(9,655 |
) |
|
|
(5,998 |
) |
|
|
(16,215 |
) |
|
|
(11,920 |
) |
Loss on extinguishment of convertible notes and capped call modification |
|
|
(37 |
) |
|
|
— |
|
|
|
(2,925 |
) |
|
|
— |
|
Other expense, net |
|
|
(602 |
) |
|
|
(438 |
) |
|
|
(651 |
) |
|
|
(515 |
) |
Total other expense, net |
|
|
(10,194 |
) |
|
|
(6,201 |
) |
|
|
(19,558 |
) |
|
|
(10,627 |
) |
Loss before income taxes |
|
|
(37,608 |
) |
|
|
(20,724 |
) |
|
|
(65,210 |
) |
|
|
(46,810 |
) |
Benefit from income taxes |
|
|
3,787 |
|
|
|
1,504 |
|
|
|
9,600 |
|
|
|
2,205 |
|
Net loss |
|
$ |
(33,821 |
) |
|
$ |
(19,220 |
) |
|
$ |
(55,610 |
) |
|
$ |
(44,605 |
) |
Net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.89 |
) |
|
$ |
(0.56 |
) |
|
$ |
(1.49 |
) |
|
$ |
(1.30 |
) |
Diluted |
|
$ |
(0.89 |
) |
|
$ |
(0.56 |
) |
|
$ |
(1.49 |
) |
|
$ |
(1.30 |
) |
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
38,014,107 |
|
|
|
34,402,704 |
|
|
|
37,204,958 |
|
|
|
34,238,887 |
|
Diluted |
|
|
38,014,107 |
|
|
|
34,402,704 |
|
|
|
37,204,958 |
|
|
|
34,238,887 |
|
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
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net loss |
|
$ |
(33,821 |
) |
|
$ |
(19,220 |
) |
|
$ |
(55,610 |
) |
|
$ |
(44,605 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of taxes |
|
|
1,231 |
|
|
|
2,343 |
|
|
|
(1,366 |
) |
|
|
(4,177 |
) |
Total comprehensive loss |
|
$ |
(32,590 |
) |
|
$ |
(16,877 |
) |
|
$ |
(56,976 |
) |
|
$ |
(48,782 |
) |
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 |
) |
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 |
|
Issuance of common stock in connection with acquisition |
|
|
555,332 |
|
|
|
— |
|
|
|
64,482 |
|
|
|
— |
|
|
|
— |
|
|
|
64,482 |
|
Issuance of common stock for contingent consideration |
|
|
6,188 |
|
|
|
— |
|
|
|
720 |
|
|
|
— |
|
|
|
— |
|
|
|
720 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
15,635 |
|
|
|
— |
|
|
|
— |
|
|
|
15,635 |
|
Vesting of restricted stock units and performance-based
restricted stock units |
|
|
65,364 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restricted stock units and performance-based
restricted stock units withheld to settle employee
tax withholding liability |
|
|
(9,929 |
) |
|
|
— |
|
|
|
(1,233 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,233 |
) |
Exercise of stock options |
|
|
22,898 |
|
|
|
— |
|
|
|
559 |
|
|
|
— |
|
|
|
— |
|
|
|
559 |
|
Settlement of convertible notes due 2022 |
|
|
36,633 |
|
|
|
— |
|
|
|
1,176 |
|
|
|
— |
|
|
|
— |
|
|
|
1,176 |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,231 |
|
|
|
1,231 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(33,821 |
) |
|
|
— |
|
|
|
(33,821 |
) |
Balance at June 30, 2021 |
|
|
38,288,685 |
|
|
$ |
38 |
|
|
$ |
752,773 |
|
|
$ |
(348,926 |
) |
|
$ |
1,444 |
|
|
$ |
405,329 |
|
6
|
|
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 |
|
|