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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, 2022

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 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 4, 2022, the registrant had 39,732,676 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

 

37

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

53

 

 

 

 

Item 4.

Controls and Procedures

 

54

 

 

 

 

PART II.

OTHER INFORMATION

 

55

 

 

 

 

Item 1.

Legal Proceedings

 

55

 

 

 

 

Item 1A.

Risk Factors

 

55

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

55

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

55

 

 

 

 

Item 4.

Mine Safety Disclosures

 

55

 

 

 

 

Item 5.

Other Information

 

56

 

 

 

 

Item 6.

Exhibits

 

57

 

 

 

Signatures

 

58

 

 

 

 

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, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

474,634

 

 

$

488,035

 

Restricted cash

 

 

2,029

 

 

 

3,880

 

Accounts receivable, net

 

 

97,781

 

 

 

120,995

 

Prepaid expenses

 

 

15,948

 

 

 

13,740

 

Deferred costs and other current assets

 

 

28,159

 

 

 

28,469

 

Total current assets

 

 

618,551

 

 

 

655,119

 

Property and equipment, net

 

 

10,688

 

 

 

12,185

 

Capitalized software development costs, net

 

 

25,547

 

 

 

22,720

 

Goodwill

 

 

507,818

 

 

 

531,163

 

Intangible assets, net

 

 

192,711

 

 

 

219,319

 

Restricted cash

 

 

816

 

 

 

843

 

Prepaid expenses

 

 

1,776

 

 

 

1,916

 

Deferred costs and other assets

 

 

31,822

 

 

 

35,750

 

Total assets

 

$

1,389,729

 

 

$

1,479,015

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

11,240

 

 

$

16,002

 

Accrued payroll and employee related liabilities

 

 

28,542

 

 

 

36,725

 

Accrued expenses

 

 

14,761

 

 

 

13,884

 

Deferred revenue

 

 

221,782

 

 

 

223,579

 

Convertible senior notes

 

 

8

 

 

 

8

 

Other current liabilities

 

 

13,442

 

 

 

14,132

 

Total current liabilities

 

 

289,775

 

 

 

304,330

 

Long-term liabilities:

 

 

 

 

 

 

Deferred revenue, noncurrent

 

 

11,452

 

 

 

14,261

 

Convertible senior notes

 

 

810,855

 

 

 

665,695

 

Deferred tax liabilities

 

 

3,798

 

 

 

16,082

 

Other long-term liabilities

 

 

10,558

 

 

 

15,958

 

Total liabilities

 

 

1,126,438

 

 

 

1,016,326

 

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, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized, 39,677,100 and 39,389,733
   shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

 

40

 

 

 

39

 

Additional paid-in capital

 

 

690,903

 

 

 

853,664

 

Accumulated deficit

 

 

(396,205

)

 

 

(388,112

)

Accumulated other comprehensive loss

 

 

(31,447

)

 

 

(2,902

)

Total stockholders’ equity

 

 

263,291

 

 

 

462,689

 

Total liabilities and stockholders’ equity

 

$

1,389,729

 

 

$

1,479,015

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

$

102,986

 

 

$

86,649

 

 

$

203,361

 

 

$

168,859

 

Cost of revenue

 

 

33,239

 

 

 

27,665

 

 

 

65,096

 

 

 

52,945

 

Gross profit

 

 

69,747

 

 

 

58,984

 

 

 

138,265

 

 

 

115,914

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

45,359

 

 

 

41,483

 

 

 

87,175

 

 

 

76,010

 

Research and development

 

 

26,619

 

 

 

20,251

 

 

 

50,178

 

 

 

38,330

 

General and administrative

 

 

27,093

 

 

 

24,664

 

 

 

49,429

 

 

 

47,226

 

Restructuring

 

 

6,742

 

 

 

 

 

 

6,742

 

 

 

 

Total operating expenses

 

 

105,813

 

 

 

86,398

 

 

 

193,524

 

 

 

161,566

 

Operating loss

 

 

(36,066

)

 

 

(27,414

)

 

 

(55,259

)

 

 

(45,652

)

Other expense, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and investment income

 

 

679

 

 

 

100

 

 

 

741

 

 

 

233

 

Interest expense

 

 

(1,307

)

 

 

(9,655

)

 

 

(2,607

)

 

 

(16,215

)

Loss on extinguishment of convertible notes and capped call modification

 

 

 

 

 

(37

)

 

 

 

 

 

(2,925

)

Other income (expense), net

 

 

(189

)

 

 

(602

)

 

 

91

 

 

 

(651

)

Total other expense, net

 

 

(817

)

 

 

(10,194

)

 

 

(1,775

)

 

 

(19,558

)

Loss before income taxes

 

 

(36,883

)

 

 

(37,608

)

 

 

(57,034

)

 

 

(65,210

)

Benefit from income taxes

 

 

701

 

 

 

3,787

 

 

 

1,779

 

 

 

9,600

 

Net loss

 

$

(36,182

)

 

$

(33,821

)

 

$

(55,255

)

 

$

(55,610

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.91

)

 

$

(0.89

)

 

$

(1.40

)

 

$

(1.49

)

Diluted

 

$

(0.91

)

 

$

(0.89

)

 

$

(1.40

)

 

$

(1.49

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

39,571,647

 

 

 

38,014,107

 

 

 

39,501,058

 

 

 

37,204,958

 

Diluted

 

 

39,571,647

 

 

 

38,014,107

 

 

 

39,501,058

 

 

 

37,204,958

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

 

$

(36,182

)

 

$

(33,821

)

 

$

(55,255

)

 

$

(55,610

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of taxes

 

 

(23,185

)

 

 

1,231

 

 

 

(28,545

)

 

 

(1,366

)

Total comprehensive loss

 

$

(59,367

)

 

$

(32,590

)

 

$

(83,800

)

 

$

(56,976

)

 

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

 

 

loss

 

 

Total

 

Balance at December 31, 2021

 

 

39,389,733

 

 

$

39

 

 

$

853,664

 

 

$

(388,112

)

 

$

(2,902

)

 

$

462,689

 

Cumulative effect of adoption of
   ASU 2020-06, net of taxes

 

 

 

 

 

 

 

 

(185,141

)

 

 

47,162

 

 

 

 

 

 

(137,979

)

Stock-based compensation

 

 

 

 

 

 

 

 

6,314

 

 

 

 

 

 

 

 

 

6,314

 

Vesting of restricted stock units and performance-based
   restricted stock units

 

 

68,560

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Stock award shares withheld to settle employee tax
   withholding liability

 

 

(13,411

)

 

 

 

 

 

(572

)

 

 

 

 

 

 

 

 

(572

)

Exercise of stock options

 

 

725

 

 

 

 

 

 

17

 

 

 

 

 

 

 

 

 

17

 

Issuance of shares under employee stock purchase plan

 

 

58,747

 

 

 

 

 

 

1,702

 

 

 

 

 

 

 

 

 

1,702

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,360

)

 

 

(5,360

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(19,073

)

 

 

 

 

 

(19,073

)

Balance at March 31, 2022

 

 

39,504,354

 

 

 

40

 

 

 

675,984

 

 

 

(360,023

)

 

 

(8,262

)

 

 

307,739

 

Stock-based compensation

 

 

 

 

 

 

 

 

16,578

 

 

 

 

 

 

 

 

 

16,578

 

Vesting of restricted stock units and performance-based
   restricted stock units

 

 

219,765

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock award shares withheld to settle employee tax
   withholding liability

 

 

(50,305

)

 

 

 

 

 

(1,724

)

 

 

 

 

 

 

 

 

(1,724

)

Exercise of stock options

 

 

3,286

 

 

 

 

 

 

65

 

 

 

 

 

 

 

 

 

65

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,185

)

 

 

(23,185

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(36,182

)

 

 

 

 

 

(36,182

)

Balance at June 30, 2022

 

 

39,677,100

 

 

$

40

 

 

$

690,903

 

 

$

(396,205

)

 

$

(31,447

)

 

$

263,291

 

 

 

6


 

 

 

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