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Fourth Quarter and Full Year Revenue Increased 43% and 41% Year-over-Year, Respectively
“Our strong fourth quarter results were at the high end or above our
guidance ranges for both revenue and profitability, providing a strong
finish to a strong year, in which we generated 41% revenue growth,” said
Fourth Quarter 2018 Financial Highlights
-
Total revenue was
$41.8 million , an increase of 43% compared to$29.2 million for the fourth quarter of 2017. -
GAAP operating loss was
$(8.4) million , compared to a GAAP operating loss of$(5.2) million for the fourth quarter of 2017. -
Non-GAAP operating loss was
$(1.4) million , compared to non-GAAP operating income of$0.1 million for the fourth quarter of 2017. Non-GAAP operating loss/income excludes stock-based compensation and amortization of intangible assets related to acquisitions. -
GAAP net loss was
$(9.8) million , compared to$(5.8) million for the fourth quarter of 2017. GAAP net loss per share was$(0.33) , based on 29.7 million basic and diluted weighted average common shares outstanding, compared to$(0.20) for the fourth quarter of 2017, based on 28.3 million basic and diluted weighted average common shares outstanding. -
Non-GAAP net loss was
$(2.8) million , compared to$(0.5) million in the fourth quarter of 2017. Non-GAAP net loss per share was$(0.09) , based on 29.7 million basic and diluted weighted average common shares outstanding, compared to$(0.02) for the fourth quarter of 2017, based on 28.3 million basic and diluted weighted average common shares outstanding. Non-GAAP net loss excludes stock-based compensation and amortization of intangible assets related to acquisitions. -
Adjusted EBITDA was
$0.8 million , compared to$1.8 million in the fourth quarter of 2017. Adjusted EBITDA represents net loss before interest income and interest expense, income tax expense and benefit, depreciation and amortization expense and stock-based compensation expense. -
Cash flow from operations was an inflow of
$4.1 million compared to an inflow of$0.5 million for the fourth quarter of 2017. -
Free cash flow was an inflow of
$1.4 million compared to an outflow of$(1.4) million for the fourth quarter of 2017. Free cash flow is cash flow from operations, less cash used for capital expenditures and additions to capitalized software development costs.
Full Year 2018 Financial Highlights
-
Total revenue was
$147.1 million , an increase of 41% compared to$104.4 million for 2017. -
GAAP operating loss was
$(42.1) million , compared to a GAAP operating loss of$(19.3) million for 2017. -
Non-GAAP operating loss was
$(10.3) million , compared to non-GAAP operating loss of$(6.2) million for 2017. -
GAAP net loss was
$(47.5) million , compared to$(19.6) million for 2017. GAAP net loss per share was$(1.63) , based on 29.1 million basic and diluted weighted average common shares outstanding, compared to$(0.70) for 2017, based on 27.9 million basic and diluted weighted average common shares outstanding. -
Non-GAAP net loss was
$(15.8) million , compared to$(6.6) million in 2017. Non-GAAP net loss per share was$(0.54) , based on 29.1 million basic and diluted weighted average common shares outstanding, compared to$(0.24) for 2017, based on 27.9 million basic and diluted weighted average common shares outstanding. -
Adjusted EBITDA was
$(2.7) million , compared to$0.1 million in 2017. -
Cash flow from operations was an inflow of
$3.3 million compared to an inflow of$4.9 million for 2017. -
Free cash flow was an outflow of
$(6.9) million compared to an outflow of$(3.0) million for 2017. -
Cash, cash equivalents, and short-term investments as of
December 31, 2018 totaled$105.5 million , compared to$145.7 million as ofDecember 31, 2017 .
Recent Business Highlights
- Ended the fourth quarter with 4,422 global enterprise customers, up from 3,430 at the end of the fourth quarter of 2017.
-
Closed a public offering of 2,645,000 shares of common stock after the
end of the fourth quarter at a price to the public of
$55.25 per share. All of the shares were offered byEverbridge . -
Appointed
Sharon Rowlands to the Everbridge Board of Directors, expanding the operational experience and diversity of our board with executives that have led billion-dollar corporations. -
Announced a succession plan for its Chief Financial Officer.
Kenneth Goldman , who has served as Senior Vice President & Chief Financial Officer sinceApril 2015 , will retire in mid-2019.Patrick Brickley ,Everbridge Vice President of Finance & Accounting, will be promoted to the role of Senior Vice President & Chief Financial Officer upon Goldman’s retirement. As part of the planned CFO transition, Goldman will remain in a consulting advisory role with the company into 2020.
Business Outlook
Based on information available as of today,
First Quarter 2019 |
Full Year 2019 |
|||||||||||||
Total Revenue |
$42.0 | to | $42.3 | $195.1 | to | $196.6 | ||||||||
GAAP net income/(loss) |
$(17.3) | $(16.8) | $(55.0) | $(54.0) | ||||||||||
GAAP net income/(loss) per share |
$(0.54) | $(0.53) | $(1.68) | $(1.65) | ||||||||||
Non-GAAP net income/(loss) |
$(6.0) | $(5.7) | $(9.6) | $(8.6) | ||||||||||
Non-GAAP net income/(loss) per share |
$(0.19) | $(0.18) | $(0.29) | $(0.26) | ||||||||||
Basic and diluted weighted average shares outstanding |
32.0 | 32.0 | 32.8 | 32.8 | ||||||||||
Adjusted EBITDA |
$(2.7) | $(2.4) | $4.0 | $5.0 | ||||||||||
(All figures in millions, except per share data) |
||||||||||||||
Conference Call Information |
||
What: | Everbridge Fourth Quarter and Full Year 2018 Financial Results Conference Call | |
When: | Tuesday, February 19, 2019 | |
Time: | 4:30 p.m. ET | |
Live Call: | (866) 439-5043, domestic | |
(409) 220-9843, international | ||
Replay: | (855) 859-2056, passcode 9098295, domestic | |
(404) 537-3406, passcode 9098295, international | ||
Webcast (live & replay): | ||
About
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP sales and marketing, non-GAAP research and development, non-GAAP general and administrative, non-GAAP operating expenses, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) per share, adjusted EBITDA, and free cash flow.
We believe that these non-GAAP measures of financial results provide
useful information to management and investors regarding certain
financial and business trends relating to
We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures, which are included in this press release, and not to rely on any single financial measure to evaluate our business.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to, statements
regarding the anticipated opportunity and trends for growth in our
critical communications and enterprise safety applications and our
overall business, our market opportunity, our expectations regarding
sales of our products, our goal to maintain market leadership and extend
the markets in which we compete for customers, and our expected
financial results for the first quarter of 2019 and the full fiscal year
2019. These forward-looking statements are made as of the date of this
press release and were based on current expectations, estimates,
forecasts and projections as well as the beliefs and assumptions of
management. Words such as "expect," "anticipate," "should," "believe,"
"target," "project," "goals," "estimate," "potential," "predict," "may,"
"will," "could," "intend," variations of these terms or the negative of
these terms and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements are subject to a
number of risks and uncertainties, many of which involve factors or
circumstances that are beyond our control. Our actual results could
differ materially from those stated or implied in forward-looking
statements due to a number of factors, including but not limited to: the
ability of our products and services to perform as intended and meet our
customers’ expectations; our ability to attract new customers and retain
and increase sales to existing customers; our ability to increase sales
of our Mass Notification application and/or ability to increase sales of
our other applications; developments in the market for targeted and
contextually relevant critical communications or the associated
regulatory environment; our estimates of market opportunity and
forecasts of market growth may prove to be inaccurate; we have not been
profitable on a consistent basis historically and may not achieve or
maintain profitability in the future; the lengthy and unpredictable
sales cycles for new customers; nature of our business exposes us to
inherent liability risks; our ability to attract, integrate and retain
qualified personnel; our ability to successfully integrate businesses
and assets that we have acquired or may acquire in the future; our
ability to maintain successful relationships with our channel partners
and technology partners; our ability to manage our growth effectively;
our ability to respond to competitive pressures; potential liability
related to privacy and security of personally identifiable information;
our ability to protect our intellectual property rights, and the other
risks detailed in our risk factors discussed in filings with the
All
Consolidated Balance Sheets | |||||||||
(in thousands) | |||||||||
(unaudited) | |||||||||
December 31, |
December 31, |
||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 59,978 | $ | 102,754 | |||||
Restricted cash | 90 | 297 | |||||||
Short-term investments | 45,541 | 42,908 | |||||||
Accounts receivable, net | 41,107 | 31,699 | |||||||
Prepaid expenses | 4,890 | 2,563 | |||||||
Deferred costs | 6,503 | 2,429 | |||||||
Other current assets | 4,489 | 811 | |||||||
Total current assets | 162,598 | 183,461 | |||||||
Property and equipment, net | 4,650 | 2,796 | |||||||
Capitalized software development costs, net | 12,893 | 10,005 | |||||||
Goodwill |
48,382 |
31,328 |
|||||||
Intangible assets, net | 23,197 | 8,634 | |||||||
Deferred costs | 10,265 | - | |||||||
Other assets | 195 | 189 | |||||||
Total assets | $ |
262,180 |
$ | 236,413 | |||||
Current liabilities: | |||||||||
Accounts payable | $ | 2,719 | $ | 2,446 | |||||
Accrued payroll and employee related liabilities | 17,108 | 11,111 | |||||||
Accrued expenses | 5,565 | 1,825 | |||||||
Deferred revenue | 92,738 | 70,090 | |||||||
Notes payable | 427 | - | |||||||
Contingent consideration liabilities | - | 682 | |||||||
Other current liabilities | 1,490 | 808 | |||||||
Total current liabilities | 120,047 | 86,962 | |||||||
Long-term liabilities: | |||||||||
Deferred revenue, noncurrent | 2,898 | 2,982 | |||||||
Convertible senior notes | 94,097 | 89,481 | |||||||
Deferred tax liabilities | 1,032 | 482 | |||||||
Other long term liabilities | 1,948 | 515 | |||||||
Total liabilities | 220,022 | 180,422 | |||||||
Stockholders' equity: | |||||||||
Common stock | 30 | 28 | |||||||
Additional paid-in capital | 194,866 | 164,995 | |||||||
Accumulated deficit | (147,670 | ) | (109,252 | ) | |||||
Accumulated other comprehensive income (loss) |
(5,068 |
) | 220 | ||||||
Total stockholders' equity |
42,158 |
55,991 | |||||||
Total liabilities and stockholders' equity | $ |
262,180 |
$ | 236,413 | |||||
Consolidated Statements of Comprehensive Loss | ||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Revenue | $ | 41,828 | $ | 29,175 | $ | 147,094 | $ | 104,352 | ||||||||||
Cost of revenue | 13,322 | 8,534 | 46,810 | 31,503 | ||||||||||||||
Gross profit | 28,506 | 20,641 | 100,284 | 72,849 | ||||||||||||||
68.15 | % | 70.75 | % | 68.18 | % | 69.81 | % | |||||||||||
Operating expenses: | ||||||||||||||||||
Sales and marketing | 18,305 | 13,409 | 69,608 | 46,998 | ||||||||||||||
Research and development | 10,757 | 6,159 | 41,305 | 22,241 | ||||||||||||||
General and administrative | 7,853 | 6,255 | 31,462 | 22,895 | ||||||||||||||
Total operating expenses | 36,915 | 25,823 | 142,375 | 92,134 | ||||||||||||||
Operating loss | (8,409 | ) | (5,182 | ) | (42,091 | ) | (19,285 | ) | ||||||||||
Other income (expense): | ||||||||||||||||||
Interest and investment income | 526 | 241 | 1,842 | 475 | ||||||||||||||
Interest expense | (1,610 | ) | (686 | ) | (6,346 | ) | (691 | ) | ||||||||||
Other expense, net | 113 | (25 | ) | (124 | ) | (86 | ) | |||||||||||
Total other income (expense), net | (971 | ) | (470 | ) | (4,628 | ) | (302 | ) | ||||||||||
Loss before income taxes | (9,380 | ) | (5,652 | ) | (46,719 | ) | (19,587 | ) | ||||||||||
Provision for income taxes | (425 | ) | (112 | ) | (796 | ) | (47 | ) | ||||||||||
Net loss | $ | (9,805 | ) | $ | (5,764 | ) | $ | (47,515 | ) | $ | (19,634 | ) | ||||||
Net loss per share attributable to common stockholders: | ||||||||||||||||||
Basic | $ | (0.33 | ) | $ | (0.20 | ) | $ | (1.63 | ) | $ | (0.70 | ) | ||||||
Diluted | $ | (0.33 | ) | $ | (0.20 | ) | $ | (1.63 | ) | $ | (0.70 | ) | ||||||
Weighted-average common shares outstanding: | ||||||||||||||||||
Basic | 29,667,995 | 28,286,286 | 29,107,267 | 27,862,375 | ||||||||||||||
Diluted | 29,667,995 | 28,286,286 | 29,107,267 | 27,862,375 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||
Foreign currency translation adjustment, net of taxes |
(2,718 |
) | 200 |
(5,288 |
) | 523 | ||||||||||||
Total comprehensive loss | $ |
(12,523 |
) | $ | (5,564 | ) | $ |
(52,803 |
) | $ | (19,111 | ) | ||||||
Stock-based compensation expense included in the above: | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Cost of revenue | $ | 429 | $ | 312 | $ | 2,306 | $ | 578 | ||||||||||
Sales and marketing | 2,135 | 1,169 | 9,282 | 2,419 | ||||||||||||||
Research and development | 1,500 | 776 | 7,106 | 1,514 | ||||||||||||||
General and administrative | 1,504 | 2,170 | 7,131 | 4,788 | ||||||||||||||
Total stock-based compensation | $ | 5,568 | $ | 4,427 | $ | 25,825 | $ | 9,299 | ||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||
(in thousands) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||
Net loss | $ | (9,805 | ) | $ | (5,764 | ) | $ | (47,515 | ) | $ | (19,634 | ) | ||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||||
Depreciation and amortization | 3,521 | 2,561 | 13,693 | 10,207 | ||||||||||||||
Amortization of deferred costs | 1,544 | 1,807 | 5,472 | 5,947 | ||||||||||||||
Loss on disposal of assets | - | - | 112 | 15 | ||||||||||||||
Deferred income taxes | 24 | (109 | ) | 125 | (47 | ) | ||||||||||||
Accretion of interest on convertible senior notes | 1,181 | 493 | 4,616 | 493 | ||||||||||||||
Non-cash investment income | (190 | ) | (130 | ) | (498 | ) | (204 | ) | ||||||||||
Provision for doubtful accounts and sales return reserve | 94 | 49 | 252 | 637 | ||||||||||||||
Change in fair value of contingent consideration | - | (1,020 | ) | (250 | ) | (1,020 | ) | |||||||||||
Stock-based compensation | 5,582 | 4,380 | 25,589 | 9,218 | ||||||||||||||
Increase (decrease) in operating assets and liabilities: | ||||||||||||||||||
Accounts receivable, net | (4,147 | ) | (9,476 | ) | (2,623 | ) | (13,067 | ) | ||||||||||
Prepaid expenses | 487 | 1,001 | (1,952 | ) | (551 | ) | ||||||||||||
Deferred costs | (1,294 | ) | (305 | ) | (8,285 | ) | (89 | ) | ||||||||||
Other assets | (2,430 | ) | (1,307 | ) | (4,014 | ) | (6,643 | ) | ||||||||||
Accounts payable | (1,150 | ) | (910 | ) | (1,263 | ) | (90 | ) | ||||||||||
Accrued payroll and employee related liabilities | 2,577 | 1,333 | 4,686 | 3,596 | ||||||||||||||
Accrued expenses | 919 | (78 | ) | 298 | (132 | ) | ||||||||||||
Deferred revenue | 5,927 | 8,577 | 13,164 | 16,378 | ||||||||||||||
Other liabilities | 1,231 | (618 | ) | 1,688 | (151 | ) | ||||||||||||
Net cash provided by operating activities | 4,071 | 484 | 3,295 | 4,863 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||
Capital expenditures | (866 | ) | (330 | ) | (1,721 | ) | (1,667 | ) | ||||||||||
Proceeds from sale of leaseback transaction | - | - | - | 794 | ||||||||||||||
Additions to capitalized software development costs | (1,777 | ) | (1,574 | ) | (8,499 | ) | (6,160 | ) | ||||||||||
Additions to intangibles | (17 | ) | - | (201 | ) | - | ||||||||||||
Payment for acquisition of business, net of acquired cash | - | - | (35,857 | ) | (21,235 | ) | ||||||||||||
Purchase of short-term investments | (29,495 | ) | (30,809 | ) | (87,204 | ) | (60,764 | ) | ||||||||||
Maturities of short-term investments | 11,000 | 12,060 | 85,069 | 18,060 | ||||||||||||||
Net cash used in investing activities | (21,155 | ) | (20,653 | ) | (48,413 | ) | (70,972 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||
RSUs withheld to settle employee tax withholding liability | (4 | ) | - | (7,925 | ) | - | ||||||||||||
Principal payments on capital leases | (38 | ) | - | (99 | ) | - | ||||||||||||
Payment of contingent consideration | - | - | (431 | ) | (3,750 | ) | ||||||||||||
Payment on note payable | - | - | (59 | ) | - | |||||||||||||
Proceeds from follow on offering, net | - | - | - | 10,444 | ||||||||||||||
Proceeds from issuance of convertible notes | - | 115,000 | - | 115,000 | ||||||||||||||
Payments of public offering costs | (276 | ) | - | (276 | ) | (872 | ) | |||||||||||
Payments of debt issuance costs | - | (3,794 | ) | (84 | ) | (3,834 | ) | |||||||||||
Purchase of convertible note capped call hedge | - | (12,922 | ) | (12,922 | ) | |||||||||||||
Proceeds from employee stock purchase plan | 65 | - | 1,823 | 1,540 | ||||||||||||||
Proceeds from stock option exercises | 1,329 | 782 | 10,150 | 2,869 | ||||||||||||||
Net cash provided by financing activities | 1,076 | 99,066 | 3,099 | 108,475 | ||||||||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (218 | ) | 229 | (964 | ) | (80 | ) | |||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (16,226 | ) | 79,126 | (42,983 | ) | 42,286 | ||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 76,294 | 23,925 | 103,051 | 60,765 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 60,068 | $ | 103,051 | $ | 60,068 | $ | 103,051 | ||||||||||
Reconciliation of GAAP measures to non-GAAP measures | ||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Cost of revenue | $ | 13,322 | $ | 8,534 | $ | 46,810 | $ | 31,503 | ||||||||||
Amortization of acquired intangibles | (246 | ) | (289 | ) | (1,268 | ) | (1,614 | ) | ||||||||||
Stock-based compensation | (429 | ) | (312 | ) | (2,306 | ) | (578 | ) | ||||||||||
Non-GAAP cost of revenue | 12,647 | 7,933 | 43,236 | 29,311 | ||||||||||||||
Gross profit | 28,506 | 20,641 | 100,284 | 72,849 | ||||||||||||||
Amortization of acquired intangibles | 246 | 289 | 1,268 | 1,614 | ||||||||||||||
Stock-based compensation | 429 | 312 | 2,306 | 578 | ||||||||||||||
Non-GAAP gross profit | 29,181 | 21,242 | 103,858 | 75,041 | ||||||||||||||
Non-GAAP gross margin | 69.76 | % | 72.81 | % | 70.61 | % | 71.91 | % | ||||||||||
Sales and marketing | 18,305 | 13,409 | 69,608 | 46,998 | ||||||||||||||
Stock-based compensation | (2,135 | ) | (1,169 | ) | (9,282 | ) | (2,419 | ) | ||||||||||
Non-GAAP sales and marketing | 16,170 | 12,240 | 60,326 | 44,579 | ||||||||||||||
Research and development | 10,757 | 6,159 | 41,305 | 22,241 | ||||||||||||||
Stock-based compensation | (1,500 | ) | (776 | ) | (7,106 | ) | (1,514 | ) | ||||||||||
Non-GAAP research and development | 9,257 | 5,383 | 34,199 | 20,727 | ||||||||||||||
General and administrative | 7,853 | 6,255 | 31,462 | 22,895 | ||||||||||||||
Amortization of acquired intangibles | (1,206 | ) | (561 | ) | (4,667 | ) | (2,123 | ) | ||||||||||
Stock-based compensation | (1,504 | ) | (2,170 | ) | (7,131 | ) | (4,788 | ) | ||||||||||
Non-GAAP general and administrative | 5,143 | 3,524 | 19,664 | 15,984 | ||||||||||||||
Total operating expenses | 36,915 | 25,823 | 142,375 | 92,134 | ||||||||||||||
Amortization of acquired intangibles | (1,206 | ) | (561 | ) | (4,667 | ) | (2,123 | ) | ||||||||||
Stock-based compensation | (5,139 | ) | (4,115 | ) | (23,519 | ) | (8,721 | ) | ||||||||||
Non-GAAP operating expenses | $ | 30,570 | $ | 21,147 | $ | 114,189 | $ | 81,290 | ||||||||||
Operating loss | $ | (8,409 | ) | $ | (5,182 | ) | $ | (42,091 | ) | $ | (19,285 | ) | ||||||
Amortization of acquired intangibles | 1,452 | 850 | 5,935 | 3,737 | ||||||||||||||
Stock-based compensation | 5,568 | 4,427 | 25,825 | 9,299 | ||||||||||||||
Non-GAAP operating income (loss) | $ | (1,389 | ) | $ | 95 | $ | (10,331 | ) | $ | (6,249 | ) | |||||||
Net loss | $ | (9,805 | ) | $ | (5,764 | ) | $ | (47,515 | ) | $ | (19,634 | ) | ||||||
Amortization of acquired intangibles | 1,452 | 850 | 5,935 | 3,737 | ||||||||||||||
Stock-based compensation | 5,568 | 4,427 | 25,825 | 9,299 | ||||||||||||||
Non-GAAP net loss | $ | (2,785 | ) | $ | (487 | ) | $ | (15,755 | ) | $ | (6,598 | ) | ||||||
Weighted average common shares outstanding, basic and diluted | 29,667,995 | 28,286,286 | 29,107,267 | 27,862,375 | ||||||||||||||
Non-GAAP net loss per share | $ | (0.09 | ) | $ | (0.02 | ) | $ | (0.54 | ) | $ | (0.24 | ) | ||||||
Net loss | $ | (9,805 | ) | $ | (5,764 | ) | $ | (47,515 | ) | $ | (19,634 | ) | ||||||
Interest and investment (income) expense, net | 1,084 | 445 | 4,504 | 216 | ||||||||||||||
Income taxes, net | 425 | 112 | 796 | 47 | ||||||||||||||
Depreciation and amortization | 3,521 | 2,561 | 13,693 | 10,207 | ||||||||||||||
EBITDA | (4,775 | ) | (2,646 | ) | (28,522 | ) | (9,164 | ) | ||||||||||
Stock-based compensation | 5,568 | 4,427 | 25,825 | 9,299 | ||||||||||||||
Adjusted EBITDA | $ | 793 | $ | 1,781 | $ | (2,697 | ) | $ | 135 | |||||||||
Net cash provided by (used in) operating activities | $ | 4,071 | $ | 484 | $ | 3,295 | $ | 4,863 | ||||||||||
Capital expenditures | (866 | ) | (330 | ) | (1,721 | ) | (1,667 | ) | ||||||||||
Additions to capitalized software development costs | (1,777 | ) | (1,574 | ) | (8,499 | ) | (6,160 | ) | ||||||||||
Free cash inflow (outflow) | $ | 1,428 | $ | (1,420 | ) | $ | (6,925 | ) | $ | (2,964 | ) |
(Continued) Reconciliation of GAAP measures to non-GAAP measures | ||||||||||||||||||
(in millions, except share and per share data) | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
Business outlook: | Three months ended | Year ended | ||||||||||||||||
March 31, 2019 | December 31, 2019 | |||||||||||||||||
Low end | High end | Low end | High end | |||||||||||||||
Net loss | $ | (17.3 | ) | $ | (16.8 | ) | $ | (55.0 | ) | $ | (54.0 | ) | ||||||
Amortization of acquired intangibles | 1.7 | 1.7 | 5.8 | 5.8 | ||||||||||||||
Stock-based compensation | 9.6 | 9.4 | 39.6 | 39.6 | ||||||||||||||
Non-GAAP net loss | $ | (6.0 | ) | $ | (5.7 | ) | $ | (9.6 | ) | $ | (8.6 | ) | ||||||
Weighted average common shares outstanding, basic and diluted | 32,000,000 | 32,000,000 | 32,800,000 | 32,800,000 | ||||||||||||||
Net loss per share | $ | (0.54 | ) | $ | (0.53 | ) | $ | (1.68 | ) | $ | (1.65 | ) | ||||||
Non-GAAP net loss per share | $ | (0.19 | ) | $ | (0.18 | ) | $ | (0.29 | ) | $ | (0.26 | ) | ||||||
Net loss | $ | (17.3 | ) | $ | (16.8 | ) | $ | (55.0 | ) | $ | (54.0 | ) | ||||||
Interest (income) expense, net | 0.9 | 0.9 | 3.8 | 3.8 | ||||||||||||||
Income taxes, net | 0.1 | 0.1 | 0.4 | 0.4 | ||||||||||||||
Depreciation and amortization | 4.0 | 4.0 | 15.2 | 15.2 | ||||||||||||||
EBITDA | (12.3 | ) | (11.8 | ) | (35.6 | ) | (34.6 | ) | ||||||||||
Stock-based compensation | 9.6 | 9.4 | 39.6 | 39.6 | ||||||||||||||
Adjusted EBITDA | $ | (2.7 | ) | $ | (2.4 | ) | $ | 4.0 | $ | 5.0 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20190219005996/en/
Source:
Media Contact:
Jeff Young
Everbridge
jeff.young@everbridge.com
781-859-4116
Investor Contact:
Garo Toomajanian
ICR
ir@everbridge.com
818-230-9712