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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 September 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 November 3, 2021, the registrant had 38,562,142 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

 

40

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

54

 

 

 

 

Item 4.

Controls and Procedures

 

55

 

 

 

 

PART II.

OTHER INFORMATION

 

57

 

 

 

 

Item 1.

Legal Proceedings

 

57

 

 

 

 

Item 1A.

Risk Factors

 

57

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

62

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

62

 

 

 

 

Item 4.

Mine Safety Disclosures

 

62

 

 

 

 

Item 5.

Other Information

 

62

 

 

 

 

Item 6.

Exhibits

 

63

 

 

 

Signatures

 

64

 

 

 

 

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, 2021

 

 

December 31, 2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

546,522

 

 

$

467,171

 

Restricted cash

 

 

4,666

 

 

 

4,667

 

Accounts receivable, net

 

 

86,211

 

 

 

94,376

 

Prepaid expenses

 

 

12,520

 

 

 

11,774

 

Deferred costs and other current assets

 

 

27,448

 

 

 

20,464

 

Total current assets

 

 

677,367

 

 

 

598,452

 

Property and equipment, net

 

 

10,772

 

 

 

7,774

 

Capitalized software development costs, net

 

 

19,144

 

 

 

16,329

 

Goodwill

 

 

403,626

 

 

 

187,411

 

Intangible assets, net

 

 

204,612

 

 

 

113,762

 

Restricted cash

 

 

3,778

 

 

 

3,792

 

Prepaid expenses

 

 

1,561

 

 

 

1,943

 

Deferred costs and other assets

 

 

36,621

 

 

 

31,481

 

Total assets

 

$

1,357,481

 

 

$

960,944

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

7,634

 

 

$

9,698

 

Accrued payroll and employee related liabilities

 

 

28,368

 

 

 

27,674

 

Accrued expenses

 

 

11,866

 

 

 

7,246

 

Deferred revenue

 

 

202,800

 

 

 

165,389

 

Contingent consideration liabilities

 

 

 

 

 

10,619

 

Other current liabilities

 

 

11,120

 

 

 

15,602

 

Total current liabilities

 

 

261,788

 

 

 

236,228

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Deferred revenue, noncurrent

 

 

11,271

 

 

 

4,738

 

Convertible senior notes

 

 

656,183

 

 

 

441,514

 

Deferred tax liabilities

 

 

12,531

 

 

 

10,065

 

Other long-term liabilities

 

 

16,926

 

 

 

16,094

 

Total liabilities

 

 

958,699

 

 

 

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 September 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized, 38,549,185 and 35,449,447

   shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

39

 

 

 

35

 

Additional paid-in capital

 

 

777,998

 

 

 

542,776

 

Accumulated deficit

 

 

(377,604

)

 

 

(293,316

)

Accumulated other comprehensive income (loss)

 

 

(1,651

)

 

 

2,810

 

Total stockholders’ equity

 

 

398,782

 

 

 

252,305

 

Total liabilities and stockholders’ equity

 

$

1,357,481

 

 

$

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

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

96,746

 

 

$

71,256

 

 

$

265,605

 

 

$

195,533

 

Cost of revenue

 

 

30,310

 

 

 

20,885

 

 

 

83,255

 

 

 

61,197

 

Gross profit

 

 

66,436

 

 

 

50,371

 

 

 

182,350

 

 

 

134,336

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

42,426

 

 

 

31,395

 

 

 

118,436

 

 

 

89,724

 

Research and development

 

 

23,197

 

 

 

16,948

 

 

 

61,527

 

 

 

46,057

 

General and administrative

 

 

19,904

 

 

 

19,766

 

 

 

67,130

 

 

 

52,476

 

Total operating expenses

 

 

85,527

 

 

 

68,109

 

 

 

247,093

 

 

 

188,257

 

Operating loss

 

 

(19,091

)

 

 

(17,738

)

 

 

(64,743

)

 

 

(53,921

)

Other expense, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and investment income

 

 

83

 

 

 

107

 

 

 

316

 

 

 

1,915

 

Interest expense

 

 

(9,792

)

 

 

(6,062

)

 

 

(26,007

)

 

 

(17,982

)

Loss on extinguishment of convertible notes and capped call modification

 

 

 

 

 

(44

)

 

 

(2,925

)

 

 

(44

)

Other expense, net

 

 

(623

)

 

 

(195

)

 

 

(1,274

)

 

 

(710

)

Total other expense, net

 

 

(10,332

)

 

 

(6,194

)

 

 

(29,890

)

 

 

(16,821

)

Loss before income taxes

 

 

(29,423

)

 

 

(23,932

)

 

 

(94,633

)

 

 

(70,742

)

Benefit from (provision for) income taxes

 

 

745

 

 

 

(273

)

 

 

10,345

 

 

 

1,932

 

Net loss

 

$

(28,678

)

 

$

(24,205

)

 

$

(84,288

)

 

$

(68,810

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.75

)

 

$

(0.70

)

 

$

(2.24

)

 

$

(2.00

)

Diluted

 

$

(0.75

)

 

$

(0.70

)

 

$

(2.24

)

 

$

(2.00

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

38,407,313

 

 

 

34,738,572

 

 

 

37,610,147

 

 

 

34,406,665

 

Diluted

 

 

38,407,313

 

 

 

34,738,572

 

 

 

37,610,147

 

 

 

34,406,665

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(28,678

)

 

$

(24,205

)

 

$

(84,288

)

 

$

(68,810

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of taxes

 

 

(3,095

)

 

 

3,455

 

 

 

(4,461

)

 

 

(722

)

Total comprehensive loss

 

$

(31,773

)

 

$

(20,750

)

 

$

(88,749

)

 

$

(69,532

)

 

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, 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

 

Issuance of common stock for acquisition-related deferred consideration

 

 

12,390

 

 

 

 

 

 

1,773

 

 

 

 

 

 

 

 

 

1,773

 

Issuance of common stock for contingent consideration

 

 

45,726

 

 

 

 

 

 

6,457

 

 

 

 

 

 

 

 

 

6,457

 

Stock-based compensation

 

 

 

 

 

 

 

 

17,632

 

 

 

 

 

 

 

 

 

17,632

 

Vesting of restricted stock units and performance-based

   restricted stock units

 

 

178,221

 

 

 

1