Everbridge (EVBG) Q2 2022 Earnings Results

By Amit Chowdhry ● Aug 11, 2022
  • Everbridge, Inc. (NASDAQ: EVBG) recently announced its Q2 2022 earnings results. These are the details.

Everbridge, Inc. (NASDAQ: EVBG) recently announced its Q2 2022 earnings results. Below are the highlights.

Q2 2022 Financial Summary

— Total revenue was $103 million, an increase of 19% compared to $86.6 million for the second quarter of 2021.

— GAAP operating loss was $(36.1) million, compared to a GAAP operating loss of $(27.4) million for the second quarter of 2021.

— Non-GAAP operating profit was $1.0 million, compared to non-GAAP operating loss of $(1.9) million for the second quarter of 2021.

— GAAP net loss was $(36.2) million, compared to $(33.8) million for the second quarter of 2021. GAAP net loss per share was $(0.91), based on 39.6 million basic and diluted weighted average common shares outstanding, compared to $(0.89) for the second quarter of 2021, based on 38.0 million basic and diluted weighted average common shares outstanding.

— Non-GAAP net income was $1.5 million, compared to non-GAAP net income of $1.5 million in the second quarter of 2021. Non-GAAP diluted net income per share was $0.03, based on 46.0 million diluted weighted average common shares outstanding, compared to non-GAAP diluted net income per share of $0.03 for the second quarter of 2021, based on 45.1 million diluted weighted average common shares outstanding.

— Adjusted EBITDA was $4.8 million, compared to $0.5 million in the second quarter of 2021.

— Cash flow from operations was an outflow of $(9.9) million, compared to an outflow of $(5.1) million for the second quarter of 2021.

— Adjusted free cash flow was an outflow of $(7.6) million compared to an outflow of $(9.0) million for the second quarter of 2021.

KEY QUOTES:

“I am excited to join Everbridge at this important moment in the Company’s evolution. Everbridge is a pioneer and the clear industry leader in Critical Event Management and Public Warning. Everbridge offers powerful solutions for positive change with the ability to keep people safe and businesses running smoothly. I look forward to partnering with Patrick, Vernon and the entire Everbridge team to build on our commitment to growth, sustainable profitability, and increased shareholder value.”

— David Wagner, Everbridge’s recently appointed President and CEO

“We delivered strong second quarter results and large enterprise deal momentum, demonstrating that our recent actions to streamline, integrate, and reduce complexity across our product portfolio are beginning to pay off for our customers. We are looking forward to sustaining our progress in the second half of the year as we continue to expand our go-to-market channels and partnerships for our strategic CEM bundles and extend our global leadership in Public Warning systems.”

— Vernon Irvin, Executive Vice President and Chief Revenue Officer

“At the half-way point in the year, we have achieved planned milestones related to our strategic realignment of resources outlined at the start of 2022. We are on track to achieve mid-teens adjusted EBITDA margin exiting the year and remain focused on driving sustainable revenue growth with increasing profitability.”

— Patrick Brickley, Executive Vice President and Chief Financial Officer