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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

 

 

 

 

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

 

39

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

53

 

 

 

 

Item 4.

Controls and Procedures

 

54

 

 

 

 

PART II.

OTHER INFORMATION

 

56

 

 

 

 

Item 1.

Legal Proceedings

 

56

 

 

 

 

Item 1A.

Risk Factors

 

56

 

 

 

 

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)

 

 

 

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