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Everbridge Announces First Quarter 2024 Financial Results

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Everbridge, Inc. (Nasdaq: EVBG) reported a 3% year-over-year revenue increase to $111.4 million for the first quarter of 2024, with a GAAP net loss of $(20.1) million. Subscription services revenue increased by 7% to $105.3 million, while professional services revenue decreased by 36% to $6.1 million. The company's non-GAAP operating income was $8.2 million, with an adjusted EBITDA of $13.7 million. Cash flow from operations was $2.1 million, and annualized recurring revenue (ARR) stood at $416 million.

Positive
  • Subscription services revenue increased by 7% to $105.3 million for the first quarter of 2024.

  • The company added 26 new Critical Event Management (CEM) customers during the quarter.

  • Annualized Recurring Revenue (ARR) reached $416 million.

Negative
  • Professional services, software licenses, and other revenue decreased by 36% to $6.1 million.

  • The GAAP net loss for the first quarter of 2024 was $(20.1) million.

  • Cash flow from operations decreased to $2.1 million from $20.6 million in the first quarter of 2023.

Insights

Everbridge's reported increase in revenue to $111.4 million, a modest 3% growth, suggests the company is expanding, albeit at a slower pace than some investors may anticipate in the tech sector. The subscription services revenue, which grew by 7%, is a positive indicator of the company's recurring revenue stability. However, the sharp 36% decrease in revenue from professional services is a concern. It implies challenges in this segment that management will need to address to ensure balanced growth. The GAAP net loss increase to $(20.1) million and the widening GAAP diluted net loss per share signal potential red flags about the company's profitability and cost management. While non-GAAP measures provide a more favorable view, the discrepancy between GAAP and non-GAAP results could raise questions regarding the sustainability of reported earnings. The significant drop in operating cash flow from $20.6 million to $2.1 million is another area of worry, potentially indicating a deteriorating cash position which could affect the company's long-term investment in growth and innovation.

The increase in Annualized Recurring Revenue (ARR) to $416 million and the addition of 26 CEM customers are promising signs of market trust and product acceptance. The deal metrics, with 37 deals over $100,000, suggest that Everbridge is maintaining its capability to secure large contracts. However, one must consider the broader market context; in a post-pandemic environment, demand for critical event management solutions may evolve. Investors should monitor industry trends and competitive dynamics to gauge whether Everbridge's growth in ARR is keeping pace with market opportunities or if competitors are gaining an edge. Additionally, the reported decrease in adjusted free cash flow, particularly when adjusted for one-time cash payments, could indicate underlying challenges in the company's operation efficiency and capital allocation strategy.

BURLINGTON, Mass.--(BUSINESS WIRE)-- Everbridge, Inc. (Nasdaq: EVBG), the global leader in critical event management (CEM) and national public warning solutions, today announced its financial results for the first quarter ended March 31, 2024. Revenue for the first quarter was up 3% year-over-year to $111.4 million, and GAAP net loss was $(20.1) million, compared to $(14.6) million for the first quarter of 2023.

First Quarter 2024 Financial Highlights

  • Total revenue was $111.4 million, an increase of 3% compared to $108.3 million for the first quarter of 2023. Revenue from subscription services was $105.3 million, an increase of 7% compared to $98.8 million for the first quarter of 2023. Revenue from professional services, software licenses and other was $6.1 million, a decrease of 36% compared to $9.5 million for the first quarter of 2023.
  • GAAP operating loss was $(14.9) million, compared to $(15.4) million for the first quarter of 2023.
  • Non-GAAP operating income was $8.2 million, compared to $10.1 million for the first quarter of 2023.
  • GAAP net loss was $(20.1) million, compared to $(14.6) million for the first quarter of 2023. GAAP diluted net loss per share was $(0.49) based on 41.3 million diluted weighted average common shares outstanding, compared to $(0.36) for the first quarter of 2023, based on 40.3 million diluted weighted average common shares outstanding.
  • Non-GAAP net income was $8.0 million, compared to $10.8 million for the first quarter of 2023. Non-GAAP diluted net income per share was $0.18, based on 43.8 million diluted weighted average common shares outstanding, compared to $0.25 for the first quarter of 2023, based on 43.8 million diluted weighted average common shares outstanding.
  • Adjusted EBITDA was $13.7 million, compared to $15.9 million for the first quarter of 2023.
  • Cash flow from operations was an inflow of $2.1 million, compared to $20.6 million for the first quarter of 2023.
  • Adjusted for one-time cash payments related to our 2022 Strategic Realignment program, adjusted free cash flow was an inflow of $1.9 million, compared to $20.0 million for the first quarter of 2023.
  • Annualized Recurring Revenue (ARR) was $416 million, and 26 CEM customers were added during the quarter.
  • Deal metrics: 37 deals over $100,000; 6 deals over $500,000.

About Everbridge

Everbridge (Nasdaq: EVBG) empowers enterprises and government organizations to anticipate, mitigate, respond to, and recover stronger from critical events. In today’s unpredictable world, resilient organizations minimize impact to people and operations, absorb stress, and return to productivity faster when deploying critical event management (CEM) technology. Everbridge digitizes organizational resilience by combining intelligent automation with the industry’s most comprehensive risk data to Keep People Safe and Organizations Running™. For more information, visit https://www.everbridge.com/, read the company blog, and follow on LinkedIn. Everbridge… Empowering Resilience.

Key Performance Metric

Annualized Recurring Revenue (ARR) is defined as the expected recurring revenue in the next twelve months from active customer contracts, assuming no increases or reductions in the subscriptions from that cohort of customers. Investors should not place undue reliance on ARR as an indicator of future or expected results. Our presentation of this metric may differ from similarly titled metrics presented by other companies and therefore comparability may be limited.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income/(loss), non-GAAP net income/(loss), non-GAAP net income/(loss) per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow and adjusted EBITDA margin.

Non-GAAP operating income excludes amortization of acquired intangible assets, stock-based compensation and costs related to the 2022 Strategic Realignment. Non-GAAP net income excludes amortization of acquired intangible assets, stock-based compensation, costs related to the 2022 Strategic Realignment, accretion of interest on convertible senior notes and the tax impact of such adjustments. EBITDA represents net loss before interest income and interest expense, income tax expense and benefit and depreciation and amortization expense. Adjusted EBITDA represents EBITDA as further adjusted for stock-based compensation expense and costs related to the 2022 Strategic Realignment. Free cash flow represents cash provided by operating activities minus cash used for capital expenditures and capitalized software development costs. Adjusted free cash flow represents free cash flow as further adjusted for cash payments for the 2022 Strategic Realignment.

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 useful information regarding past financial performance and future prospects, and permit us to more thoroughly analyze key financial metrics used to make operational decisions. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

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 may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. 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: our proposed acquisition by entities affiliated with Thoma Bravo, L.P. (“Thoma Bravo”); our expectation regarding the timing and completion of the proposed acquisition by entities affiliated with Thoma Bravo; the effect of recent changes in our senior management team on our business; our ability to maintain effective internal control over financial reporting and disclosure controls and procedures, including our ability to remediate the material weakness in internal control over financial reporting in the anticipated timeframe, if at all; the ability of our products and services to perform as intended and meet our customers’ expectations; our ability to successfully integrate businesses and assets that we may acquire; 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 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 U.S. Securities and Exchange Commission (SEC), including but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2023, which we filed with the SEC on February 27, 2024 and other subsequent filings with the SEC. The forward-looking statements included in this press release represent our views as of the date of this press release. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

All Everbridge products are trademarks of Everbridge, Inc. in the USA and other countries. All other product or company names mentioned are the property of their respective owners.

Consolidated Balance Sheets
(in thousands)
(unaudited)

 

March 31,

 

December 31,

 

 

2024

 

 

 

2023

 

Current assets:

 

 

 

Cash and cash equivalents

$

121,432

 

 

$

122,440

 

Restricted cash

 

2,097

 

 

 

2,120

 

Accounts receivable, net

 

101,720

 

 

 

119,389

 

Prepaid expenses

 

13,826

 

 

 

12,880

 

Deferred costs and other current assets

 

31,365

 

 

 

36,604

 

Total current assets

 

270,440

 

 

 

293,433

 

Property and equipment, net

 

7,369

 

 

 

8,305

 

Capitalized software development costs, net

 

31,334

 

 

 

31,630

 

Goodwill

 

512,545

 

 

 

517,184

 

Intangible assets, net

 

120,809

 

 

 

130,264

 

Restricted cash

 

790

 

 

 

811

 

Prepaid expenses

 

1,053

 

 

 

902

 

Deferred costs and other assets

 

44,123

 

 

 

43,356

 

Total assets

$

988,463

 

 

$

1,025,885

 

Current liabilities:

 

 

 

Accounts payable

$

8,113

 

 

$

15,013

 

Accrued payroll and employee related liabilities

 

30,987

 

 

 

32,824

 

Accrued expenses

 

18,003

 

 

 

36,346

 

Deferred revenue

 

248,511

 

 

 

242,789

 

Convertible senior notes, current

 

63,201

 

 

 

63,110

 

Other current liabilities

 

7,687

 

 

 

8,918

 

Total current liabilities

 

376,502

 

 

 

399,000

 

Long-term liabilities:

 

 

 

Deferred revenue, noncurrent

 

5,627

 

 

 

6,429

 

Convertible senior notes, noncurrent

 

296,989

 

 

 

296,561

 

Deferred tax liabilities

 

4,882

 

 

 

4,318

 

Other long-term liabilities

 

16,307

 

 

 

17,268

 

Total liabilities

 

700,307

 

 

 

723,576

 

Stockholders' equity:

 

 

 

Common stock

 

42

 

 

 

41

 

Additional paid-in capital

 

783,732

 

 

 

771,779

 

Accumulated deficit

 

(469,497

)

 

 

(449,429

)

Accumulated other comprehensive loss

 

(26,121

)

 

 

(20,082

)

Total stockholders' equity

 

288,156

 

 

 

302,309

 

Total liabilities and stockholders' equity

$

988,463

 

 

$

1,025,885

 

Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
(unaudited)

 

Three Months Ended

 

March 31,

 

 

2024

 

 

 

2023

 

Revenue

$

111,429

 

 

$

108,268

 

Cost of revenue

 

32,444

 

 

 

31,981

 

Gross profit

 

78,985

 

 

 

76,287

 

Gross margin

 

70.88

%

 

 

70.46

%

Operating expenses:

 

 

 

Sales and marketing

 

37,118

 

 

 

42,188

 

Research and development

 

22,848

 

 

 

25,004

 

General and administrative

 

31,541

 

 

 

24,466

 

Restructuring

 

2,344

 

 

 

21

 

Total operating expenses

 

93,851

 

 

 

91,679

 

Operating loss

 

(14,866

)

 

 

(15,392

)

Other income, net

 

 

 

Interest and investment income

 

1,084

 

 

 

1,737

 

Interest expense

 

(539

)

 

 

(769

)

Other income (expense), net

 

(396

)

 

 

618

 

Total other income, net

 

149

 

 

 

1,586

 

Loss before income taxes

 

(14,717

)

 

 

(13,806

)

Provision for income taxes

 

(5,351

)

 

 

(842

)

Net loss

$

(20,068

)

 

$

(14,648

)

Net loss per share attributable to common stockholders:

 

 

 

Basic

$

(0.49

)

 

$

(0.36

)

Diluted

$

(0.49

)

 

$

(0.36

)

Weighted-average common shares outstanding:

 

 

 

Basic

 

41,330,475

 

 

 

40,274,069

 

Diluted

 

41,330,475

 

 

 

40,274,069

 

Other comprehensive income (loss):

 

 

 

Foreign currency translation adjustment

 

(6,039

)

 

 

2,426

 

Total comprehensive loss

$

(26,107

)

 

$

(12,222

)

 

 

 

 

 

 

 

 

Stock-based compensation expense included in the above:

(in thousands)

 

 

 

 

Three Months Ended

 

March 31,

 

 

2024

 

 

 

2023

 

Cost of revenue

$

1,287

 

 

$

1,655

 

Sales and marketing

 

4,067

 

 

 

4,747

 

Research and development

 

2,639

 

 

 

3,726

 

General and administrative

 

3,419

 

 

 

3,321

 

Total stock-based compensation

$

11,412

 

 

$

13,449

 

Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

 

Three Months Ended

 

 

March 31,

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

Net loss

$

(20,068

)

 

$

(14,648

)

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

 

 

 

 

 

Depreciation and amortization

 

14,447

 

 

 

14,774

 

Amortization of deferred costs

 

4,860

 

 

 

4,514

 

Deferred income taxes

 

(35

)

 

 

(501

)

Accretion of interest on convertible senior notes

 

519

 

 

 

715

 

(Gain) loss on disposal of assets

 

1

 

 

 

(352

)

Provision for credit losses and sales reserve

 

441

 

 

 

1,635

 

Stock-based compensation

 

11,412

 

 

 

13,449

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

17,853

 

 

 

11,994

 

Prepaid expenses

 

(1,097

)

 

 

(2,465

)

Deferred costs

 

(4,621

)

 

 

(5,909

)

Other assets

 

3,000

 

 

 

(597

)

Accounts payable

 

(6,539

)

 

 

(1,732

)

Accrued payroll and employee related liabilities

 

(1,837

)

 

 

(1,652

)

Accrued expenses

 

(18,343

)

 

 

(797

)

Deferred revenue

 

4,316

 

 

 

3,589

 

Other liabilities

 

(2,167

)

 

 

(1,442

)

Net cash provided by operating activities

 

2,142

 

 

 

20,575

 

Cash flows from investing activities:

 

 

 

 

 

Capital expenditures

 

(247

)

 

 

(575

)

Proceeds from landlord reimbursement

 

2,006

 

 

 

 

Proceeds from sale of assets

 

13

 

 

 

4,289

 

Additions to capitalized software development costs

 

(3,958

)

 

 

(4,112

)

Net cash used in investing activities

 

(2,186

)

 

 

(398

)

Cash flows from financing activities:

 

 

 

 

 

Payments associated with shares withheld to settle employee tax withholding liability

 

(2,164

)

 

 

(1,866

)

Proceeds from employee stock purchase plan

 

1,853

 

 

 

2,546

 

Proceeds from stock option exercises

 

53

 

 

 

1,263

 

Other

 

(18

)

 

 

(19

)

Net cash provided by (used in) financing activities

 

(276

)

 

 

1,924

 

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

 

(732

)

 

 

63

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(1,052

)

 

 

22,164

 

Cash, cash equivalents and restricted cash—beginning of period

 

125,371

 

 

 

201,594

 

Cash, cash equivalents and restricted cash—end of period

$

124,319

 

 

$

223,758

 

Reconciliation of GAAP measures to non-GAAP measures
(unaudited)

The following table reconciles our GAAP gross profit to non-GAAP gross profit (in thousands):

 

Three Months Ended

 

 

March 31,

 

 

2024

 

 

2023

 

Gross profit

$

78,985

 

 

$

76,287

 

Amortization of acquired intangibles

 

1,521

 

 

 

2,385

 

Stock-based compensation

 

1,287

 

 

 

1,655

 

2022 Strategic Realignment

 

65

 

 

 

341

 

Non-GAAP gross profit

$

81,858

 

 

$

80,668

 

The following table reconciles our GAAP gross margin to non-GAAP gross margin(1):

 

Three Months Ended

 

 

March 31,

 

 

2024

 

2023

 

Gross margin

 

70.9

%

 

 

70.5

%

Amortization of acquired intangibles margin

 

1.4

%

 

 

2.2

%

Stock-based compensation margin

 

1.2

%

 

 

1.5

%

2022 Strategic Realignment margin

 

0.1

%

 

 

0.3

%

Non-GAAP gross margin

 

73.5

%

 

 

74.5

%

(1) Columns may not add up due to rounding.

 

The following table reconciles our GAAP operating loss to non-GAAP operating income (in thousands):

 

 

Three Months Ended

 

 

March 31,

 

 

2024

 

 

2023

 

Operating loss

$

(14,866

)

 

$

(15,392

)

Amortization of acquired intangibles

 

8,583

 

 

 

9,648

 

Stock-based compensation

 

11,412

 

 

 

13,449

 

2022 Strategic Realignment

 

3,083

 

 

 

2,405

 

Non-GAAP operating income

$

8,212

 

 

$

10,110

 

The following table reconciles our GAAP net loss to non-GAAP net income:

 

 

Three Months Ended

 

 

March 31,

 

 

2024

 

 

2023

 

Net loss

$

(20,068

)

 

$

(14,648

)

Amortization of acquired intangibles

 

8,583

 

 

 

9,648

 

Stock-based compensation

 

11,412

 

 

 

13,449

 

2022 Strategic Realignment

 

3,083

 

 

 

2,404

 

Accretion of interest on convertible senior notes

 

519

 

 

 

715

 

Income tax adjustments

 

4,444

 

 

 

(737

)

Non-GAAP net income

$

7,973

 

 

$

10,831

 

Reconciliation of GAAP measures to non-GAAP measures (Continued)
(unaudited)
The following table reconciles our GAAP net loss per basic share to non-GAAP net income per basic share(1):

 

 

Three Months Ended

 

 

March 31,

 

 

2024

 

 

2023

 

Net loss per basic share⁽ᵃ⁾

$

(0.49

)

 

$

(0.36

)

Amortization of acquired intangibles per basic share⁽ᵇ⁾

 

0.21

 

 

 

0.24

 

Stock-based compensation per basic share⁽ᵇ⁾

 

0.28

 

 

 

0.33

 

2022 Strategic Realignment per basic share⁽ᵇ⁾

 

0.07

 

 

 

0.06

 

Accretion of interest on convertible senior notes per basic share⁽ᵇ⁾

 

0.01

 

 

 

0.02

 

Income tax adjustments per basic share⁽ᵇ⁾

 

0.11

 

 

 

(0.02

)

Non-GAAP net income per basic share⁽ᵇ⁾

$

0.19

 

 

$

0.27

 

(1) Amounts may not add up due to rounding.

 

The following table reconciles our GAAP net loss per diluted share to non-GAAP net income per diluted share(1):

 

 

Three Months Ended

 

 

March 31,

 

 

2024

 

 

2023

 

Net loss per diluted share⁽ᵃ⁾

$

(0.49

)

 

$

(0.36

)

 

 

 

 

 

 

Amortization of acquired intangibles per diluted share⁽ᵇ⁾

 

0.20

 

 

 

0.22

 

Stock-based compensation per diluted share⁽ᵇ⁾

 

0.26

 

 

 

0.31

 

2022 Strategic Realignment per diluted share⁽ᵇ⁾

 

0.07

 

 

 

0.05

 

Accretion of interest on convertible senior notes per diluted share⁽ᵇ⁾

 

0.01

 

 

 

0.02

 

Income tax adjustments per diluted share⁽ᵇ⁾

 

0.10

 

 

 

(0.02

)

Non-GAAP net income per diluted share⁽ᵇ⁾

$

0.18

 

 

$

0.25

 

(1) Amounts may not add up due to differences in GAAP and non-GAAP net income (loss) and diluted shares.

 

(a) GAAP weighted-average common shares outstanding:

 

 

 

 

 

Basic

 

41,330,475

 

 

 

40,274,069

 

Diluted

 

41,330,475

 

 

 

40,274,069

 

(b) Non-GAAP weighted-average common shares outstanding:

 

 

 

 

 

Basic

 

41,330,475

 

 

 

40,274,069

 

Diluted

 

43,792,612

 

 

 

43,767,021

 

GAAP diluted weighted-average shares include dilutive potential common shares related to stock-based compensation grants. Non-GAAP diluted weighted-average shares include dilutive potential common shares related to convertible notes and stock-based compensation grants.

Reconciliation of GAAP measures to non-GAAP measures (Continued)
(unaudited)

The following tables reconcile our GAAP net loss to EBITDA and adjusted EBITDA, net cash provided by operating activities to free cash flow and adjusted free cash flow and net loss margin to EBITDA margin and adjusted EBITDA margin (dollars in thousands):

 

Three Months Ended

 

 

March 31,

 

 

2024

 

 

2023

 

Net loss

$

(20,068

)

 

$

(14,648

)

Interest and investment expense, net

 

(545

)

 

 

(968

)

Provision for income taxes

 

5,351

 

 

 

842

 

Depreciation and amortization

 

14,447

 

 

 

14,774

 

EBITDA

 

(815

)

 

 

 

Stock-based compensation

 

11,412

 

 

 

13,449

 

2022 Strategic Realignment

 

3,083

 

 

 

2,404

 

Adjusted EBITDA

$

13,680

 

 

$

15,853

 

 

 

 

 

 

 

Net cash provided by operating activities

$

2,142

 

 

$

20,575

 

Capital expenditures

 

(247

)

 

 

(575

)

Capitalized software development costs

 

(3,958

)

 

 

(4,112

)

Free cash flow

 

(2,063

)

 

 

15,888

 

Cash payments for 2022 Strategic Realignment

 

3,923

 

 

 

4,121

 

Adjusted free cash flow

$

1,860

 

 

$

20,009

 

 

 

 

 

 

 

Net loss margin

 

(18.0

)%

 

 

(13.5

)%

Interest and investment expense, net margin

 

(0.5

)%

 

 

(0.9

)%

Provision for income taxes margin

 

4.8

%

 

 

0.8

%

Depreciation and amortization margin

 

13.0

%

 

 

13.6

%

EBITDA margin

 

(0.7

)%

 

 

 

Stock-based compensation margin

 

10.2

%

 

 

12.4

%

2022 Strategic Realignment margin

 

2.8

%

 

 

2.2

%

Adjusted EBITDA margin

 

12.3

%

 

 

14.6

%

(margin % columns may not add up due to rounding)

 

 

 

 

 

Remaining Performance Obligations as of March 31, 2024
(in millions)

 

 

Remaining Performance Obligations

 

 

Remaining Performance Obligations
Next Twelve Months

 

Subscription and other contracts

$

488

 

 

$

302

 

Professional services contracts

 

10

 

 

 

9

 

 

Everbridge Contacts:



Investors:

Nandan Amladi

Investor Relations

nandan.amladi@everbridge.com

617-665-7197



Media:

Jeff Young

Media Relations

jeff.young@everbridge.com

781-859-4116

Source: Everbridge, Inc.

FAQ

What was Everbridge's revenue for the first quarter of 2024?

Everbridge reported a revenue of $111.4 million for the first quarter of 2024.

What was the GAAP net loss for Everbridge in the first quarter of 2024?

Everbridge had a GAAP net loss of $(20.1) million for the first quarter of 2024.

How did Everbridge's subscription services revenue perform in the first quarter of 2024?

Subscription services revenue increased by 7% to $105.3 million in the first quarter of 2024.

What was the annualized recurring revenue (ARR) for Everbridge in the first quarter of 2024?

Everbridge's Annualized Recurring Revenue (ARR) was $416 million in the first quarter of 2024.

How many CEM customers did Everbridge add during the first quarter of 2024?

Everbridge added 26 Critical Event Management (CEM) customers during the first quarter of 2024.

Everbridge, Inc.

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