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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 March 31, 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 May 5, 2022, the registrant had 39,540,606 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

 

7

 

 

 

 

 

Notes to the Condensed Consolidated Financial Statements

 

8

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

34

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

48

 

 

 

 

Item 4.

Controls and Procedures

 

49

 

 

 

 

PART II.

OTHER INFORMATION

 

50

 

 

 

 

Item 1.

Legal Proceedings

 

50

 

 

 

 

Item 1A.

Risk Factors

 

51

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

51

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

52

 

 

 

 

Item 4.

Mine Safety Disclosures

 

52

 

 

 

 

Item 5.

Other Information

 

52

 

 

 

 

Item 6.

Exhibits

 

53

 

 

 

Signatures

 

54

 

 

 

 

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)

 

 

 

March 31, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

492,054

 

 

$

488,035

 

Restricted cash

 

 

2,088

 

 

 

3,880

 

Accounts receivable, net

 

 

109,484

 

 

 

120,995

 

Prepaid expenses

 

 

16,512

 

 

 

13,740

 

Deferred costs and other current assets

 

 

28,277

 

 

 

28,469

 

Total current assets

 

 

648,415

 

 

 

655,119

 

Property and equipment, net

 

 

12,521

 

 

 

12,185

 

Capitalized software development costs, net

 

 

24,501

 

 

 

22,720

 

Goodwill

 

 

525,264

 

 

 

531,163

 

Intangible assets, net

 

 

208,871

 

 

 

219,319

 

Restricted cash

 

 

867

 

 

 

843

 

Prepaid expenses

 

 

1,591

 

 

 

1,916

 

Deferred costs and other assets

 

 

36,268

 

 

 

35,750

 

Total assets

 

$

1,458,298

 

 

$

1,479,015

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

9,990

 

 

$

16,002

 

Accrued payroll and employee related liabilities

 

 

34,839

 

 

 

36,725

 

Accrued expenses

 

 

16,509

 

 

 

13,884

 

Deferred revenue

 

 

235,726

 

 

 

223,579

 

Convertible senior notes

 

 

8

 

 

 

8

 

Other current liabilities

 

 

14,281

 

 

 

14,132

 

Total current liabilities

 

 

311,353

 

 

 

304,330

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Deferred revenue, noncurrent

 

 

10,083

 

 

 

14,261

 

Convertible senior notes

 

 

809,690

 

 

 

665,695

 

Deferred tax liabilities

 

 

5,070

 

 

 

16,082

 

Other long-term liabilities

 

 

14,363

 

 

 

15,958

 

Total liabilities

 

 

1,150,559

 

 

 

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 March 31, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized, 39,504,354 and 39,389,733

   shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

 

 

40

 

 

 

39

 

Additional paid-in capital

 

 

675,984

 

 

 

853,664

 

Accumulated deficit

 

 

(360,023

)

 

 

(388,112

)

Accumulated other comprehensive loss

 

 

(8,262

)

 

 

(2,902

)

Total stockholders’ equity

 

 

307,739

 

 

 

462,689

 

Total liabilities and stockholders’ equity

 

$

1,458,298

 

 

$

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

March 31,

 

 

 

2022

 

 

2021

 

Revenue

 

$

100,375

 

 

$

82,210

 

Cost of revenue

 

 

31,857

 

 

 

25,280

 

Gross profit

 

 

68,518

 

 

 

56,930

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

41,816

 

 

 

34,527

 

Research and development

 

 

23,559

 

 

 

18,079

 

General and administrative

 

 

22,336

 

 

 

22,562

 

Total operating expenses

 

 

87,711

 

 

 

75,168

 

Operating loss

 

 

(19,193

)

 

 

(18,238

)

Other expense, net:

 

 

 

 

 

 

 

 

Interest and investment income

 

 

62

 

 

 

133

 

Interest expense

 

 

(1,300

)

 

 

(6,560

)

Loss on extinguishment of convertible notes and capped call modification

 

 

 

 

 

(2,888

)

Other income (expense), net

 

 

280

 

 

 

(49

)

Total other expense, net

 

 

(958

)

 

 

(9,364

)

Loss before income taxes

 

 

(20,151

)

 

 

(27,602

)

Benefit from income taxes

 

 

1,078

 

 

 

5,813

 

Net loss

 

$

(19,073

)

 

$

(21,789

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

 

 

 

Basic

 

$

(0.48

)

 

$

(0.60

)

Diluted

 

$

(0.48

)

 

$

(0.60

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

39,429,686

 

 

 

36,386,819

 

Diluted

 

 

39,429,686

 

 

 

36,386,819

 

 

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

March 31,

 

 

 

2022

 

 

2021

 

Net loss

 

$

(19,073

)

 

$

(21,789

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

Foreign currency translation adjustment, net of taxes

 

 

(5,360

)

 

 

(2,597

)

Total comprehensive loss

 

$

(24,433

)

 

$

(24,386

)

 

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

 

Shares withheld related to net share settlement of

   stock awards

 

 

(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

 

 

 

 

 

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

 

Shares withheld related to net share settlement of

   stock awards

 

 

(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

 

See accompanying notes to condensed consolidated financial statements.

 

 

6


 

 

EVERBRIDGE, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(19,073

)

 

$

(21,789

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

15,434

 

 

 

10,843

 

Amortization of deferred costs

 

 

3,963

 

 

 

3,722

 

Deferred income taxes

 

 

(6,553

)

 

 

(6,701

)

Accretion of interest on convertible senior notes

 

 

1,158

 

 

 

6,313

 

Loss on extinguishment of convertible notes and capped call modification

 

 

 

 

 

2,888

 

Provision for credit losses and sales reserve

 

 

213

 

 

 

1,562

 

Stock-based compensation

 

 

6,084

 

 

 

12,685

 

Other non-cash adjustments

 

 

(52

)

 

 

(147

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

11,420

 

 

 

11,482

 

Prepaid expenses

 

 

(2,447

)

 

 

(1,221

)

Deferred costs

 

 

(6,221

)

 

 

(3,450

)

Other assets

 

 

1,819

 

 

 

(2,768

)

Accounts payable

 

 

(6,124

)

 

 

(911

)

Accrued payroll and employee related liabilities

 

 

(1,862

)

 

 

(2,130

)

Accrued expenses

 

 

3,246

 

 

 

3,012

 

Deferred revenue

 

 

8,036

 

 

 

8,373

 

Other liabilities

 

 

(1,339

)

 

 

(1,955

)

Net cash provided by operating activities

 

 

7,702

 

 

 

19,808

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(1,847

)

 

 

(1,812

)

Payment for acquisition of business, net of acquired cash

 

 

(47

)

 

 

(32,401

)

Additions to capitalized software development costs

 

 

(4,330

)

 

 

(2,495

)

Net cash used in investing activities

 

 

(6,224

)

 

 

(36,708

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes

 

 

 

 

 

375,000

 

Payments of debt issuance costs

 

 

 

 

 

(9,562

)

Purchase of convertible notes capped call hedge

 

 

 

 

 

(35,100

)

Repurchase of convertible notes

 

 

 

 

 

(58,641

)

Proceeds from termination of convertible notes capped call hedge

 

 

 

 

 

10,650

 

Stock award shares withheld to settle employee tax withholding liability

 

 

(571

)

 

 

(1,610

)

Proceeds from employee stock purchase plan

 

 

1,702

 

 

 

2,451

 

Proceeds from stock option exercises

 

 

17

 

 

 

1,604

 

Other

 

 

(19

)

 

 

 

Net cash provided by financing activities

 

 

1,129

 

 

 

284,792

 

Effect of exchange rates on cash, cash equivalents and restricted cash

 

 

(356

)

 

 

(315

)

Net increase in cash, cash equivalents and restricted cash

 

 

2,251

 

 

 

267,577

 

Cash, cash equivalents and restricted cash—beginning of period

 

 

492,758

 

 

 

475,630

 

Cash, cash equivalents and restricted cash—end of period

 

$

495,009

 

 

$

743,207

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

Interest

 

$

 

 

$

318

 

Taxes, net of refunds received

 

 

335

 

 

 

674

 

Supplemental disclosure of non-cash activities:

 

 

 

 

 

 

 

 

Common stock issued in connection with acquisition

 

 

 

 

 

23,032

 

Contingent consideration in connection with acquisition

 

 

 

 

 

9,135

 

Common stock issued in connection with settlement of convertible notes

 

 

 

 

 

15,650

 

Debt issuance costs included in accrued expenses

 

 

 

 

 

1,078

 

Capitalized assets included in accounts payable and accrued expenses