Market Overview

Everbridge Announces Third Quarter 2017 Financial Results

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Third Quarter 2017 Revenue Increased 37% Year-over-Year

Everbridge,
Inc. (NASDAQ:EVBG), a global software company that provides critical
event management and enterprise safety applications to help keep people
safe and businesses running faster, today announced its financial
results for the third quarter ended September 30, 2017.

"Our strong performance in the third quarter produced revenue and
adjusted EBITDA that both exceeded the high end of our guidance ranges,"
said Jaime Ellertson, Chief Executive Officer and Chairman of
Everbridge. "Our third quarter was characterized by an increasing number
of large and multi-product deals, with more than 10 six-figure or larger
deals, including subscriptions for our new Critical Event Management
platform. While this growth in deal size helped to drive a 32% increase
in average sales price from a year ago, we also expanded our customer
base by a healthy 119 net new customers in the third quarter. With
growing demand for our critical event management and enterprise safety
solutions, we continue to strengthen our position in the marketplace and
remain confident in our ability to continue scaling our business as we
penetrate the large market opportunity ahead of us."

Third Quarter 2017 Financial Highlights

  • Total revenue was $27.3 million, an increase of 37% compared to $19.9
    million for the third quarter of 2016.
  • GAAP operating loss was $(4.4) million, compared to a GAAP operating
    loss of $(2.4) million for the third quarter of 2016.
  • Non-GAAP operating loss was $(0.7) million, an improvement from $(0.9)
    million for the third quarter of 2016. Non-GAAP operating loss
    excludes stock-based compensation and amortization of intangible
    assets related to acquisitions.
  • GAAP net loss was $(4.2) million, compared to $(2.6) million for the
    third quarter of 2016. GAAP net loss per share was $(0.15), based on
    28.1 million basic and diluted weighted average common shares
    outstanding, compared to $(0.18) for the third quarter of 2016, based
    on 14.8 million basic and diluted weighted average common shares
    outstanding.
  • Non-GAAP net loss was $(0.6) million, an improvement from $(1.1)
    million for the third quarter of 2016. Non-GAAP net loss per share was
    $(0.02), based on 28.1 million basic and diluted weighted average
    common shares outstanding, compared to $(0.07) for the third quarter
    of 2016, based on 14.8 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, an increase from $0.3 million for
    the third quarter of 2016. Adjusted EBITDA represents net loss or
    income 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 $6.7 million, compared to $8.2 million
    for the third quarter of 2016.
  • Free cash flow was $4.4 million, compared to $6.6 million for the
    third quarter of 2016. Free cash flow is cash flow from operations,
    less cash used for capital expenditures and additions to capitalized
    software development costs.

Recent Business Highlights

  • Ended the quarter with 3,560 global customers, up from 3,076 at the
    end of the third quarter of 2016.
  • Selected by the State of New York Office of Information Technology
    Services as its new mass notification service provider for its
    state-wide NY-ALERT program.
  • Launched Visual Command Center Version 6 to help organizations
    holistically envision and manage operating risks.

Business Outlook

Based on information available as of today, Everbridge is issuing
guidance for the fourth quarter and full year 2017 as indicated below.

       
     

Fourth Quarter 2017

   

Full Year 2017

Total Revenue

$28.4     to     $28.6 $103.5     to     $103.7

GAAP net income/(loss)

$(5.4) $(5.1) $(19.3) $(19.0)

GAAP net income/(loss) per share

$(0.19) $(0.18) $(0.69) $(0.68)

Non-GAAP net income/(loss)

$(0.7) $(0.4) $(6.8) $(6.5)

Non-GAAP net income/(loss) per share

$(0.02) $(0.01) $(0.24) $(0.23)

Basic and diluted weighted average shares outstanding

28.2 28.2 27.9 27.9

Adjusted EBITDA

$0.9 $1.2 $(0.8) $(0.5)
 

(All figures in millions, except per share)

Conference Call Information

   
What:

Everbridge Third Quarter 2017 Financial Results Conference Call

When:

Monday, November 6, 2017

Time: 4:30 p.m. ET
Live Call: (844) 413-0949, domestic
(216) 562-0459, international
Replay: (855) 859-2056, passcode 55241084, domestic
(404) 537-3406, passcode 55241084, international

Webcast (live & replay):

https://ir.everbridge.com

 

About Everbridge, Inc.

Everbridge,
Inc. (NASDAQ:EVBG) is the global leader in critical event management
and enterprise safety applications that automate and accelerate an
organization's operational response to critical events in order to keep
people safe and businesses running faster. During public safety threats
such as active shooter situations, terrorist attacks or severe weather
conditions, as well as critical business events such as IT outages or
cyber-attack incidents, over 3,500 global customers rely on the
company's SaaS-based platform to quickly and reliably aggregate and
assess threat data, locate people at risk and responders able to assist,
automate the execution of pre-defined communications processes, and
track progress on executing response plans. The company's platform sent
over 1.5 billion messages in 2016, and offers the ability to reach over
200 countries and territories with secure delivery to more than 100
different communication devices. The company's critical event management
and enterprise safety applications include Mass Notification, Incident
Management, IT Alerting, Safety Connection™, Community Engagement®,
Visual Command Center®, Crisis Commander® and
CareConverge™, and are easy-to-use and deploy, secure, highly scalable
and reliable. Everbridge serves 8 of the 10 largest U.S. cities, 8 of
the 10 largest U.S.-based investment banks, all four of the largest
global accounting firms, all 25 of the 25 busiest North American
airports and 6 of the 10 largest global automakers. Everbridge is based
in Boston and Los Angeles with additional offices in San Francisco,
Lansing, Beijing, London and Stockholm. For more information, visit www.everbridge.com,
read the company blog,
and follow on Twitter
and Facebook.

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 Everbridge's financial
condition and results of operations. We use these non-GAAP measures for
financial, operational and budgetary decision-making purposes, to
understand and evaluate our core operating performance and trends, and
to generate future operating plans. We believe that these non-GAAP
financial measures provide

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