Everbridge Announces Fourth Quarter and Full Year 2023 Financial Results

Everbridge, Inc. (Nasdaq: EVBG), the global leader in critical event management(CEM) and national public warning solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2023. Revenue for the fourth quarter was down 1% year-over-year to $115.8 million, and GAAP net loss was $(19.3) million, compared to net income of $16.2 million for the fourth quarter of 2022. Revenue for the full year was up 4% year-over-year to $448.8 million, and GAAP net loss was $(47.3) million, compared to $(61.2) million for 2022.

Fourth Quarter 2023 Financial Highlights

• Total revenue was $115.8 million, a decrease of 1% compared to $117.1 million for the fourth quarter of 2022. Revenue from subscription services was $105.6 million, an increase of 4% compared to $101.4 million for the fourth quarter of 2022. Revenue from professional services, software licenses and other was $10.2 million, a decrease of 35% compared to $15.7 million for the fourth quarter of 2022.
• GAAP operating loss was $(17.8) million, compared to $(9.7) million for the fourth quarter of 2022.
• Non-GAAP operating income was $20.7 million, compared to $15.6 million for the fourth quarter of 2022.
• GAAP net loss was $(19.3) million, compared to GAAP net income of $16.2 million for the fourth quarter of 2022. GAAP diluted net loss per share was $(0.47) based on 41.1 million diluted weighted average common shares outstanding, compared to $(0.15) for the fourth quarter of 2022, based on 45.3 million diluted weighted average common shares outstanding.
• Non-GAAP net income was $20.2 million, compared to $18.7 million for the fourth quarter of 2022. Non-GAAP diluted net income per share was $0.47, based on 43.4 million diluted weighted average common shares outstanding, compared to $0.41 for the fourth quarter of 2022, based on 45.6 million diluted weighted average common shares outstanding.
• Adjusted EBITDA was $27.0 million, compared to $20.6 million for the fourth quarter of 2022.
• Cash flow from operations was an inflow of $29.6 million, compared to $4.4 million for the fourth quarter of 2022.
• Adjusted for one-time cash payments related to our 2022 Strategic Realignment program, adjusted free cash flow was an inflow of $26.7 million, compared to $4.6 million for the fourth quarter of 2022.
• Annualized Recurring Revenue (ARR) was $408 million and 55 CEM customers were added during the quarter.
• Deal metrics: 48 deals over $100,000; 3 deals over $500,000; 1 deal over $1 million.

Full Year 2023 Financial Highlights

• Total revenue was $448.8 million, an increase of 4% compared to $431.9 million for 2022.
• Revenue from subscription services was $410.5 million, an increase of 7% compared to $384.6 million for 2022. Revenue from professional services, software licenses and other was $38.3 million, a decrease of 19% compared to $47.3 million for 2022.
• GAAP operating loss was $(61.4) million, compared to $(84.2) million for 2022.
• Non-GAAP operating income was $62.1 million, compared to $24.7 million for 2022.
• GAAP net loss was $(47.3) million, compared to $(61.2) million for 2022. GAAP diluted net loss per share was $(1.31) based on 43.6 million diluted weighted average common shares outstanding, compared to $(1.76) for 2022, based on 45.6 million diluted weighted average common shares outstanding.
• Non-GAAP net income was $64.7 million compared to $31.9 million for 2022. Non-GAAP diluted net income per share was $1.48, based on 43.8 million diluted weighted average common shares outstanding, compared to $0.70 for 2022, based on 45.9 million diluted weighted average common shares outstanding.
• Adjusted EBITDA was $84.9 million, compared to $43.1 million for 2022.
• Cash flow from operations was an inflow of $72.6 million, compared to $20.2 million for 2022.
• Adjusted for one-time cash payments related to our 2022 Strategic Realignment program, adjusted free cash flow was an inflow of $63.8 million, compared to $13.9 million for 2022.