Financial News

Everbridge Announces First Quarter 2023 Financial Results

Company Delivers Solid First Quarter Revenue and Improved Profitability

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, 2023. Revenue for the first quarter was up 8% year-over-year to $108.3 million, and GAAP net loss improved to $(14.6) million from $(19.1) million.

“The first quarter marked a solid start to the year,” said David Wagner, Everbridge’s President and CEO. “We delivered another steady sequential increase in ARR and solid growth in our adjusted EBITDA. During the quarter, we also introduced an evolution of our brand representing our commitment to delivering organizational resilience for businesses and governments around the world. Our execution continues to improve and we believe we are well positioned to deliver increasing shareholder value.”

Patrick Brickley, Everbridge’s CFO, added, “Our focus on fiscal discipline drove meaningful increases in profitability and cash flow in the first quarter. Our healthy retention rates reflect the value we are delivering through our platform. Based on the strategic initiatives that we continue to execute and improve upon, we are confident in meeting our year-end goals.”

First Quarter 2023 Financial Highlights

  • Total revenue was $108.3 million, an increase of 8% compared to $100.4 million for the first quarter of 2022.
  • GAAP operating loss was $(15.4) million, compared to $(19.2) million for the first quarter of 2022.
  • Non-GAAP operating income was $10.1 million, compared to non-GAAP operating loss of $(1.6) million for the first quarter of 2022.
  • GAAP net loss was $(14.6) million, compared to GAAP net loss of $(19.1) million for the first quarter of 2022. GAAP diluted net loss per share was $(0.36), based on 40.3 million diluted weighted average common shares outstanding, compared to $(0.48) for the first quarter of 2022, based on 39.4 million diluted weighted average common shares outstanding.
  • Non-GAAP net income was $10.8 million, compared to non-GAAP net loss of $(0.6) million in the first quarter of 2022. Non-GAAP diluted net income per share was $0.25, based on 43.8 million diluted weighted average common shares outstanding, compared to non-GAAP diluted net loss per share of $(0.02) for the first quarter of 2022, based on 39.4 million diluted weighted average common shares outstanding.
  • Adjusted EBITDA was $15.9 million, compared to $2.6 million in the first quarter of 2022.
  • Cash flow from operations was an inflow of $20.6 million, compared to $7.7 million for the first quarter of 2022.
  • Adjusted for one-time cash payments related to our 2022 Strategic Realignment program, Adjusted Free Cash Flow was an inflow of $20.0 million for the first quarter of 2023.

Recent Business Highlights

  • ARR was $388 million, up 10% year-over-year.
  • Ended the first quarter with 6,500 global enterprise customers, down 13 sequentially but up 4% year-over-year, reflecting planned divestitures and other end-of-life products discussed during 2022.
  • CEM customer count increased to 335, up 28 sequentially and 64% year-over-year.
  • Unveiled an evolution of our corporate brand and the commemoration of our 20-year anniversary of empowering resilience. The evolved brand represents the company’s commitment to empowering enterprises and government organizations with the ability to anticipate, mitigate, respond to, and recover stronger from incidents of all kinds – physical and digital.
  • Announced the completed deployment of the company’s countrywide population alerting system in six European nations – Germany, United Kingdom, Spain, Denmark, Norway, and Estonia, protecting a combined population of more than 200 million residents.
  • Presented unique industry research identifying only 24% of over 200 surveyed global organizations have a strong Travel Risk Management (TRM) program in place as defined by TRM Standard ISO 31030.
  • Reported that the Republic of Mauritius completed implementation of the company’s population alerting solution to help keep 1.3 million residents and over 1.4 million annual tourists safe.
  • Provided the Boston Athletic Association with the platform to communicate critical event updates and safety information to thousands of staff and volunteers during the 127th running of the Boston Marathon.
  • Recognized with a 2023 Platinum Govies Government Security Award for its Control Center product that correlates events from disparate safety and security systems into a common operating picture.

Financial Outlook

Based on information available as of today, Everbridge is issuing guidance for the second quarter and full year 2023 as indicated below.

 

 

 

 

 

 

 

 

 

 

 

 

 

Full Year 2023 Guidance

 

 

Second Quarter 2023

 

 

Full Year 2023

 

 

Issued February 22, 2023

 

Revenue

$

110.0

 

to

$

110.5

 

 

$

456.0

 

to

$

462.0

 

 

$

456.0

 

to

$

462.0

 

Revenue growth

 

7

%

 

 

7

%

 

 

6

%

 

 

7

%

 

 

6

%

 

 

7

%

GAAP net loss

$

(16.8

)

 

$

(16.3

)

 

$

(47.6

)

 

$

(45.6

)

 

$

(47.6

)

 

$

(45.6

)

GAAP net loss per share

$

(0.41

)

 

$

(0.40

)

 

$

(1.17

)

 

$

(1.12

)

 

$

(1.17

)

 

$

(1.12

)

Non-GAAP net income

$

11.5

 

 

$

12.0

 

 

$

65.8

 

 

$

67.8

 

 

$

65.8

 

 

$

67.8

 

Non-GAAP net income per share

$

0.26

 

 

$

0.27

 

 

$

1.48

 

 

$

1.52

 

 

$

1.48

 

 

$

1.52

 

Adjusted EBITDA

$

16.5

 

 

$

17.2

 

 

$

84.0

 

 

$

86.0

 

 

$

84.0

 

 

$

86.0

 

(All figures in millions, except per share data)

Conference Call Information

 

What:

 

Everbridge’s First Quarter 2023 Financial Results Conference Call

When:

 

Tuesday, May 9, 2023

Time:

 

8:30 a.m. ET

Live Call:

 

(833) 685-0904 Domestic

 

 

(412) 317-5740 International

Replay:

 

(877) 344-7529 Passcode 6763646, Domestic

 

 

(412) 317-0088 Passcode 6763646, International

Webcast:

 

https://edge.media-server.com/mmc/p/6zwtn9bd (live and replay)

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 Twitter. 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/(loss) excludes amortization of acquired intangible assets, stock-based compensation, costs related to the 2022 Strategic Realignment and change in fair value of contingent consideration. Non-GAAP net income/(loss) excludes amortization of acquired intangible assets, stock-based compensation, costs related to the 2022 Strategic Realignment, change in fair value of contingent consideration, accretion of interest on convertible senior notes, gain (loss) on extinguishment of debt, capped call modification and change in fair value and the tax impact of such adjustments. EBITDA represents net income/(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, costs related to the 2022 Strategic Realignment, change in fair value of contingent consideration and gain (loss) on extinguishment of debt, capped call modification and change in fair value. Free cash flow represents cash provided by (used in) 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 contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding the anticipated opportunity and trends for growth in our critical communications and enterprise safety applications and our overall business, our market opportunity, our expectations regarding sales of our products, our goal to maintain market leadership and extend the markets in which we compete for customers, and anticipated impact on financial results for the second quarter of 2023 and the full fiscal year 2023. These 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: 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, 2022 filed with the SEC on February 24, 2023 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,

 

 

2023

 

 

2022

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

220,880

 

 

$

198,725

 

Restricted cash

 

2,063

 

 

 

2,046

 

Accounts receivable, net

 

107,054

 

 

 

119,986

 

Prepaid expenses

 

15,789

 

 

 

13,133

 

Assets held for sale

 

 

 

 

6,485

 

Deferred costs and other current assets

 

34,139

 

 

 

31,866

 

Total current assets

 

379,925

 

 

 

372,241

 

Property and equipment, net

 

8,388

 

 

 

8,993

 

Capitalized software development costs, net

 

28,192

 

 

 

27,370

 

Goodwill

 

510,962

 

 

 

508,781

 

Intangible assets, net

 

156,761

 

 

 

166,177

 

Restricted cash

 

815

 

 

 

823

 

Prepaid expenses

 

1,442

 

 

 

1,709

 

Deferred costs and other assets

 

39,826

 

 

 

39,570

 

Total assets

$

1,126,311

 

 

$

1,125,664

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

9,289

 

 

$

10,854

 

Accrued payroll and employee related liabilities

 

29,523

 

 

 

31,175

 

Accrued expenses

 

12,778

 

 

 

13,566

 

Deferred revenue

 

238,135

 

 

 

233,106

 

Liabilities held for sale

 

 

 

 

2,062

 

Other current liabilities

 

9,640

 

 

 

10,644

 

Total current liabilities

 

299,365

 

 

 

301,407

 

Long-term liabilities:

 

 

 

 

 

Deferred revenue, noncurrent

 

8,684

 

 

 

9,278

 

Convertible senior notes

 

501,013

 

 

 

500,298

 

Deferred tax liabilities

 

5,714

 

 

 

6,236

 

Other long-term liabilities

 

18,772

 

 

 

19,334

 

Total liabilities

 

833,548

 

 

 

836,553

 

Stockholders' equity:

 

 

 

 

 

Common stock

 

40

 

 

 

40

 

Additional paid-in capital

 

737,017

 

 

 

721,143

 

Accumulated deficit

 

(416,772

)

 

 

(402,124

)

Accumulated other comprehensive loss

 

(27,522

)

 

 

(29,948

)

Total stockholders' equity

 

292,763

 

 

 

289,111

 

Total liabilities and stockholders' equity

$

1,126,311

 

 

$

1,125,664

 

 

Consolidated Statements of Operations and Comprehensive Loss

 

(in thousands, except share and per share data)

(unaudited)

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

 

2022

 

Revenue

$

108,268

 

 

$

100,375

 

Cost of revenue

 

31,981

 

 

 

31,857

 

Gross profit

 

76,287

 

 

 

68,518

 

Gross margin

 

70.46

%

 

 

68.26

%

Operating expenses:

 

 

 

 

 

Sales and marketing

 

42,188

 

 

 

41,816

 

Research and development

 

25,004

 

 

 

23,559

 

General and administrative

 

24,466

 

 

 

22,336

 

Restructuring

 

21

 

 

 

 

Total operating expenses

 

91,679

 

 

 

87,711

 

Operating loss

 

(15,392

)

 

 

(19,193

)

Other income (expense), net:

 

 

 

 

 

Interest and investment income

 

1,737

 

 

 

62

 

Interest expense

 

(769

)

 

 

(1,300

)

Other income, net

 

618

 

 

 

280

 

Total other income (expense), net

 

1,586

 

 

 

(958

)

Loss before income taxes

 

(13,806

)

 

 

(20,151

)

(Provision for) benefit from income taxes

 

(842

)

 

 

1,078

 

Net loss

$

(14,648

)

 

$

(19,073

)

Net loss per share attributable to common stockholders:

 

 

 

 

 

Basic

$

(0.36

)

 

$

(0.48

)

Diluted

$

(0.36

)

 

$

(0.48

)

Weighted-average common shares outstanding:

 

 

 

 

 

Basic

 

40,274,069

 

 

 

39,429,686

 

Diluted

 

40,274,069

 

 

 

39,429,686

 

Other comprehensive loss:

 

 

 

 

 

Foreign currency translation adjustment

 

2,426

 

 

 

(5,360

)

Total comprehensive loss

$

(12,222

)

 

$

(24,433

)

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense included in the above:

 

(in thousands)

 

 

 

 

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

 

2022

 

Cost of revenue

$

1,655

 

 

$

829

 

Sales and marketing

 

4,747

 

 

 

1,344

 

Research and development

 

3,726

 

 

 

1,577

 

General and administrative

 

3,321

 

 

 

2,334

 

Total stock-based compensation

$

13,449

 

 

$

6,084

 

 

Consolidated Statements of Cash Flows

 

(in thousands)

(unaudited)

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

Net loss

$

(14,648

)

 

$

(19,073

)

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

 

 

 

 

 

Depreciation and amortization

 

14,774

 

 

 

15,434

 

Amortization of deferred costs

 

4,514

 

 

 

3,963

 

Deferred income taxes

 

(501

)

 

 

(6,553

)

Accretion of interest on convertible senior notes

 

715

 

 

 

1,158

 

Provision for credit losses and sales reserve

 

1,635

 

 

 

213

 

Stock-based compensation

 

13,449

 

 

 

6,084

 

Other non-cash adjustments

 

(352

)

 

 

(52

)

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

11,994

 

 

 

11,420

 

Prepaid expenses

 

(2,465

)

 

 

(2,447

)

Deferred costs

 

(5,909

)

 

 

(6,221

)

Other assets

 

(597

)

 

 

1,819

 

Accounts payable

 

(1,732

)

 

 

(6,124

)

Accrued payroll and employee related liabilities

 

(1,652

)

 

 

(1,862

)

Accrued expenses

 

(797

)

 

 

3,246

 

Deferred revenue

 

3,589

 

 

 

8,036

 

Other liabilities

 

(1,442

)

 

 

(1,339

)

Net cash provided by operating activities

 

20,575

 

 

 

7,702

 

Cash flows from investing activities:

 

 

 

 

 

Capital expenditures

 

(575

)

 

 

(1,847

)

Proceeds from sale of assets

 

4,289

 

 

 

 

Payment for acquisition of business, net of acquired cash

 

 

 

 

(47

)

Additions to capitalized software development costs

 

(4,112

)

 

 

(4,330

)

Net cash used in investing activities

 

(398

)

 

 

(6,224

)

Cash flows from financing activities:

 

 

 

 

 

Payments associated with shares withheld to settle employee tax withholding liability

 

(1,866

)

 

 

(571

)

Proceeds from employee stock purchase plan

 

2,546

 

 

 

1,702

 

Proceeds from stock option exercises

 

1,263

 

 

 

17

 

Other

 

(19

)

 

 

(19

)

Net cash provided by financing activities

 

1,924

 

 

 

1,129

 

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

 

63

 

 

 

(356

)

Net increase in cash, cash equivalents and restricted cash

 

22,164

 

 

 

2,251

 

Cash, cash equivalents and restricted cash—beginning of period

 

201,594

 

 

 

492,758

 

Cash, cash equivalents and restricted cash—end of period

$

223,758

$

495,009

 

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,

 

 

2023

 

 

2022

 

Gross profit

$

76,287

 

 

$

68,518

 

Amortization of acquired intangibles

 

2,385

 

 

 

3,151

 

Stock-based compensation

 

1,655

 

 

 

829

 

2022 Strategic Realignment

 

341

 

 

 

 

Non-GAAP gross profit

$

80,668

 

 

$

72,498

 

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

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

 

2022

 

Gross margin

 

70.5

%

 

 

68.3

%

Amortization of acquired intangibles margin

 

2.2

%

 

 

3.1

%

Stock-based compensation margin

 

1.5

%

 

 

0.8

%

2022 Strategic Realignment margin

 

0.3

%

 

 

 

Non-GAAP gross margin

 

74.5

%

 

 

72.2

%

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

 

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

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

 

2022

 

Operating loss

$

(15,392

)

 

$

(19,193

)

Amortization of acquired intangibles

 

9,648

 

 

 

11,538

 

Stock-based compensation

 

13,449

 

 

 

6,084

 

2022 Strategic Realignment

 

2,405

 

 

 

 

Change in fair value of contingent consideration

 

 

 

 

(52

)

Non-GAAP operating income (loss)

$

10,110

 

 

$

(1,623

)

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

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

 

2022

 

Net loss

$

(14,648

)

 

$

(19,073

)

Amortization of acquired intangibles

 

9,648

 

 

 

11,538

 

Stock-based compensation

 

13,449

 

 

 

6,084

 

2022 Strategic Realignment

 

2,404

 

 

 

 

Change in fair value of contingent consideration

 

 

 

 

(52

)

Accretion of interest on convertible senior notes

 

715

 

 

 

1,158

 

Income tax adjustments

 

(737

)

 

 

(250

)

Non-GAAP net income (loss)

$

10,831

 

 

$

(595

)

 

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

(unaudited)

 

The following table presents our GAAP net loss per share and non-GAAP net income (loss) per share:

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

 

2022

 

Net loss per share:

 

 

 

 

 

Basic

$

(0.36

)

 

$

(0.48

)

Diluted

$

(0.36

)

 

$

(0.48

)

Weighted-average common shares outstanding:

 

 

 

 

 

Basic

 

40,274,069

 

 

 

39,429,686

 

Diluted

 

40,274,069

 

 

 

39,429,686

 

 

 

 

 

 

 

Non-GAAP net income (loss) per share:

 

 

 

 

 

Basic

$

0.27

 

 

$

(0.02

)

Diluted

$

0.25

 

 

$

(0.02

)

Weighted-average common shares outstanding:

 

 

 

 

 

Basic

 

40,274,069

 

 

 

39,429,686

 

Diluted

 

43,767,021

 

 

 

39,429,686

 

The following tables reconcile our 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 and adjusted EBITDA margin (dollars in thousands):

 

Three Months Ended

 

 

March 31,

 

 

2023

 

 

2022

 

Net loss

$

(14,648

)

 

$

(19,073

)

Interest and investment expense, net

 

(968

)

 

 

1,238

 

Provision for (benefit from) income taxes

 

842

 

 

 

(1,078

)

Depreciation and amortization

 

14,774

 

 

 

15,434

 

EBITDA

 

 

 

 

(3,479

)

Stock-based compensation

 

13,449

 

 

 

6,084

 

2022 Strategic Realignment

 

2,404

 

 

 

 

Change in fair value of contingent consideration

 

 

 

 

(52

)

Adjusted EBITDA

$

15,853

 

 

$

2,553

 

 

 

 

 

 

 

Net cash provided by operating activities

$

20,575

 

 

$

7,702

 

Capital expenditures

 

(575

)

 

 

(1,847

)

Capitalized software development costs

 

(4,112

)

 

 

(4,330

)

Free cash flow

 

15,888

 

 

 

1,525

 

Cash payments for 2022 Strategic Realignment

 

4,121

 

 

 

 

Adjusted free cash flow

$

20,009

 

 

$

1,525

 

 

 

 

 

 

 

Net loss margin

 

(13.5

)%

 

 

(19.0

)%

Interest and investment expense, net margin

 

(0.9

)%

 

 

1.2

%

Provision for (benefit from) income taxes margin

 

0.8

%

 

 

(1.1

)%

Depreciation and amortization margin

 

13.6

%

 

 

15.4

%

EBITDA margin

 

 

 

 

(3.5

)%

Stock-based compensation margin

 

12.4

%

 

 

6.1

%

2022 Strategic Realignment margin

 

2.2

%

 

 

 

Change in fair value of contingent consideration margin

 

 

 

 

(0.1

)%

Adjusted EBITDA margin

 

14.6

%

 

 

2.5

%

 

Remaining Performance Obligations as of March 31, 2023

 

(in millions)

 

 

Remaining Performance Obligations

 

 

Remaining Performance Obligations

Next Twelve Months

 

Subscription and other contracts

$

485

 

 

$

298

 

Professional services contracts

 

10

 

 

 

10

 

 

Financial Outlook

 

(in millions, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

Three Months Ended

 

 

Year Ended

 

 

December 31, 2023

 

 

June 30, 2023

 

 

December 31, 2023

 

 

Issued February 22, 2023

 

 

Low End

 

 

High End

 

 

Low End

 

 

High End

 

 

Low End

 

 

High End

 

Net loss

$

(16.8

)

 

$

(16.3

)

 

$

(47.6

)

 

$

(45.6

)

 

$

(47.6

)

 

$

(45.6

)

Amortization of acquired intangibles

 

9.6

 

 

 

9.6

 

 

 

38.2

 

 

 

38.2

 

 

 

38.2

 

 

 

38.2

 

Accretion of interest on convertible senior notes

 

0.7

 

 

 

0.7

 

 

 

3.7

 

 

 

3.7

 

 

 

3.7

 

 

 

3.7

 

2022 Strategic Realignment

 

4.0

 

 

 

4.0

 

 

 

13.0

 

 

 

13.0

 

 

 

13.0

 

 

 

13.0

 

Stock-based compensation

 

14.0

 

 

 

14.0

 

 

 

58.5

 

 

 

58.5

 

 

 

58.5

 

 

 

58.5

 

Non-GAAP net income

$

11.5

 

 

$

12.0

 

 

$

65.8

 

 

$

67.8

 

 

$

65.8

 

 

$

67.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

40,600,000

 

 

 

40,600,000

 

 

 

40,800,000

 

 

 

40,800,000

 

 

 

40,700,000

 

 

 

40,700,000

 

Diluted

 

44,000,000

 

 

 

44,000,000

 

 

 

44,500,000

 

 

 

44,500,000

 

 

 

44,500,000

 

 

 

44,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share

$

(0.41

)

 

$

(0.40

)

 

$

(1.17

)

 

$

(1.12

)

 

$

(1.17

)

 

$

(1.12

)

Non-GAAP net income per share

$

0.26

 

 

$

0.27

 

 

$

1.48

 

 

$

1.52

 

 

$

1.48

 

 

$

1.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(16.8

)

 

$

(16.3

)

 

$

(47.6

)

 

$

(45.6

)

 

$

(47.6

)

 

$

(45.6

)

Interest expense, net

 

0.2

 

 

 

0.2

 

 

 

1.0

 

 

 

1.0

 

 

 

1.0

 

 

 

1.0

 

Income taxes, net

 

0.1

 

 

 

0.1

 

 

 

0.2

 

 

 

0.2

 

 

 

0.2

 

 

 

0.2

 

Depreciation and amortization

 

15.0

 

 

 

15.2

 

 

 

58.9

 

 

 

58.9

 

 

 

58.9

 

 

 

58.9

 

EBITDA

 

(1.5

)

 

 

(0.8

)

 

 

12.5

 

 

 

14.5

 

 

 

12.5

 

 

 

14.5

 

2022 Strategic Realignment

 

4.0

 

 

 

4.0

 

 

 

13.0

 

 

 

13.0

 

 

 

13.0

 

 

 

13.0

 

Stock-based compensation

 

14.0

 

 

 

14.0

 

 

 

58.5

 

 

 

58.5

 

 

 

58.5

 

 

 

58.5

 

Adjusted EBITDA

$

16.5

 

 

$

17.2

 

 

$

84.0

 

 

$

86.0

 

 

$

84.0

 

 

$

86.0

 

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

Use the myMotherLode.com Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • US News
  • Weather
  • State News
  • Events
  • Traffic
  • Sports
  • Dining Guide
  • Real Estate
  • Classifieds
  • Financial News
  • Fire Info
Feedback