Everbridge Announces Strong Second Quarter 2021

Everbridge, Inc. (NASDAQ: EVBG), the global leader in critical event management (CEM), today announced its financial results for the second quarter ended June 30, 2021.

“We delivered strong second quarter results, building off the momentum we established at the beginning of the year,” said David Meredith, Chief Executive Officer of Everbridge. “Both revenue and profitability exceeded our guidance, and we capitalized on growing demand for our CEM suite and our Public Warning capabilities. We completed a record 19 CEM transactions in the second quarter, which drove a record average selling price in the second quarter. With a growing number of digital and physical critical events, our mission is more important now than ever before. We are looking forward to sustaining our momentum in the second half of the year and our confidence is reflected in our increased guidance for the year, as we continue to execute on our strategy and further penetrate the fast-growing critical event management market.”

Second Quarter 2021 Financial Highlights

Total revenue was $86.6 million, an increase of 33% compared to $65.4 million for the second quarter of 2020.
GAAP operating loss was $(27.4) million, compared to $(14.5) million for the second quarter of 2020.
Non-GAAP operating loss was $(1.9) million, compared to non-GAAP operating income of $1.5 million for the second quarter of 2020.
GAAP net loss was $(33.8) million, compared to $(19.2) million for the second quarter of 2020. GAAP net loss per share was $(0.89), based on 38.0 million basic and diluted weighted average common shares outstanding, compared to $(0.56) for the second quarter of 2020, based on 34.4 million basic and diluted weighted average common shares outstanding.
Non-GAAP net income was $1.5 million, compared to non-GAAP net income of $1.2 million in the second quarter of 2020. Non-GAAP diluted net income per share was $0.03, based on 45.1 million diluted weighted average common shares outstanding, compared to non-GAAP diluted net income per share of $0.03 for the second quarter of 2020, based on 35.7 million diluted weighted average common shares outstanding.
Adjusted EBITDA was $0.5 million, compared to $3.6 million in the second quarter of 2020.
Cash flow from operations was an outflow of $(5.1) million, compared to an outflow of $(3.9) million for the second quarter of 2020.
Free cash flow was an outflow of $(9.0) million, compared to an outflow of $(7.2) million for the second quarter of 2020.

Recent Business Highlights

Ended the second quarter with 5,890 global enterprise customers, up from 5,340 at the end of the second quarter of 2020.
Launched the industry’s first Critical Event Management (CEM) Certification™ Program for assessing an organization’s enterprise resilience, and announced Discover, Goldman Sachs, NBCUniversal, Dow and Alexion among the FORTUNE 500^TM leaders earning the prestigious Best in Enterprise Resilience^TM designation through their rigorous CEM Certification^TM benchmarking.
Reinforced Everbridge’s position as a leader in critical event management by hosting the third of our COVID-19: Road to Recovery symposiums which have brought together tens of thousands of executives from 150 countries across business, healthcare, and government. The virtual leadership summit in May featured marquee keynote speakers including the 42^nd President of the United States Bill Clinton, as well as former United States Secretary of State Dr. Madeleine K. Albright, Chairman & Editor-In-Chief of Forbes Media Steve Forbes, Co-Founder of Apollo Global Management and owner of the Philadelphia 76ers Josh Harris, and a special address by Director-General of the World Health Organization (WHO) Dr. Tedros Adhanom Ghebreyesus.
Announced that Estonia, home to 1.3 million residents and a popular destination for 3.2 million annual tourists, and one of the world’s most advanced digital societies, selected Everbridge’s countrywide Public Warning solution to help keep its residents and visitors safe and informed in the event of an emergency.
Successfully deployed Everbridge Public Warning Cell Broadcast technology at three of the largest Mobile Network Operators in the United Kingdom, as a key technology component of the UK Government’s first-ever, nationwide emergency alerting system, planned for rollout later this year.
Announced a next-generation 911 solution designed to improve emergency dispatch in the United States. Through a partnership with RapidSOS, Everbridge 911 Connect™, an extension of the company’s CEM for Public Safety solutions, delivers enhanced location accuracy and provides unique caller identification information on wireless 911 calls, leveraging an expanded life safety database of over 250 million residential and business contacts.
Announced a partnership with Tech Data, a leading global IT distribution and solutions aggregator serving more than 125,000 partners, to help organizations automate the response to, and build resilience against, critical events while opening new routes to market for Everbridge.
Partnered with WizNucleus, a leading provider of cyber and physical security solutions to nuclear and electric grid customers, to increase digital and physical security for some of the world’s largest nuclear, electric, and other utility companies and expand CEM adoption within the energy industry.