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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Everbridge Inc | NASDAQ:EVBG | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.00 | 34.98 | 35.05 | 0 | 00:00:00 |
From Feb 2024 to Feb 2025
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
Full Year 2023 Financial Highlights
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/(loss) excludes amortization of acquired intangible assets, stock-based compensation, costs related to the 2022 Strategic Realignment, Anvil legal dispute accrual 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, Anvil legal dispute accrual, 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, Anvil legal dispute accrual, 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 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: 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 expect to file with the SEC on or before February 29, 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)
December 31,
2023
2022
Current assets:
Cash and cash equivalents
$
122,440
$
198,725
Restricted cash
2,120
2,046
Accounts receivable, net
119,389
119,986
Prepaid expenses
12,880
13,133
Assets held for sale
—
6,485
Deferred costs and other current assets
36,604
31,866
Total current assets
293,433
372,241
Property and equipment, net
8,305
8,993
Capitalized software development costs, net
31,630
27,370
Goodwill
517,184
508,781
Intangible assets, net
130,264
166,177
Restricted cash
811
823
Prepaid expenses
902
1,709
Deferred costs and other assets
43,356
39,570
Total assets
$
1,025,885
$
1,125,664
Current liabilities:
Accounts payable
$
15,013
$
10,854
Accrued payroll and employee related liabilities
32,824
31,175
Accrued expenses
36,346
13,566
Deferred revenue
242,789
233,106
Convertible senior notes, current
63,110
—
Liabilities held for sale
—
2,062
Other current liabilities
8,918
10,644
Total current liabilities
399,000
301,407
Long-term liabilities:
Deferred revenue, noncurrent
6,429
9,278
Convertible senior notes, noncurrent
296,561
500,298
Deferred tax liabilities
4,318
6,236
Other long-term liabilities
17,268
19,334
Total liabilities
723,576
836,553
Stockholders' equity:
Common stock
41
40
Additional paid-in capital
771,779
721,143
Accumulated deficit
(449,429
)
(402,124
)
Accumulated other comprehensive loss
(20,082
)
(29,948
)
Total stockholders' equity
302,309
289,111
Total liabilities and stockholders' equity
$
1,025,885
$
1,125,664
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except share and per share data)
(unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Revenue
$
115,760
$
117,130
$
448,788
$
431,892
Cost of revenue
33,346
34,391
131,487
134,934
Gross profit
82,414
82,739
317,301
296,958
Gross margin
71.19
%
70.64
%
70.70
%
68.76
%
Operating expenses:
Sales and marketing
37,536
39,866
159,092
173,621
Research and development
21,999
20,631
95,468
95,986
General and administrative
39,886
26,579
120,519
99,365
Restructuring
827
5,390
3,621
12,169
Total operating expenses
100,248
92,466
378,700
381,141
Operating loss
(17,834
)
(9,727
)
(61,399
)
(84,183
)
Other income, net
Interest and investment income
958
2,902
7,120
5,697
Interest expense
(538
)
(1,187
)
(2,796
)
(5,106
)
Gain on extinguishment of convertible notes, capped call modification and change in fair value
—
24,013
12,658
19,243
Other income (expense), net
647
(484
)
820
777
Total other income, net
1,067
25,244
17,802
20,611
Income (loss) before income taxes
(16,767
)
15,517
(43,597
)
(63,572
)
(Provision for) benefit from income taxes
(2,523
)
644
(3,708
)
2,398
Net income (loss)
$
(19,290
)
$
16,161
$
(47,305
)
$
(61,174
)
Net income (loss) per share attributable to common stockholders:
Basic
$
(0.47
)
$
0.40
$
(1.16
)
$
(1.54
)
Diluted
$
(0.47
)
$
(0.15
)
$
(1.31
)
$
(1.76
)
Weighted-average common shares outstanding:
Basic
41,055,293
39,967,553
40,668,327
39,680,440
Diluted
41,055,293
45,338,189
43,622,341
45,583,459
Other comprehensive income (loss):
Foreign currency translation adjustment
12,905
21,378
9,866
(27,046
)
Total comprehensive income (loss)
$
(6,385
)
$
37,539
$
(37,439
)
$
(88,220
)
Stock-based compensation expense included in the above:
(in thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Cost of revenue
$
1,414
$
1,192
$
6,171
$
5,468
Sales and marketing
3,967
1,597
17,313
15,917
Research and development
1,919
600
12,225
9,967
General and administrative
3,412
4,529
13,180
16,268
Total stock-based compensation
$
10,712
$
7,918
$
48,889
$
47,620
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Cash flows from operating activities:
Net income (loss)
$
(19,290
)
$
16,161
$
(47,305
)
$
(61,174
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
14,527
15,347
58,815
60,600
Amortization of deferred costs
5,090
4,886
19,568
18,251
Deferred income taxes
(875
)
1,949
(1,912
)
(5,183
)
Accretion of interest on convertible senior notes
518
1,069
2,640
4,561
(Gain) loss on disposal of assets
(356
)
(213
)
(708
)
727
Gain on extinguishment of convertible notes, capped call modification and change in fair value
—
(24,013
)
(12,658
)
(19,243
)
Provision for (benefit from) credit losses and sales reserve
(202
)
1,122
2,001
410
Stock-based compensation
10,712
7,918
48,889
47,620
Other non-cash adjustments
—
—
—
(57
)
Changes in operating assets and liabilities:
Accounts receivable
(26,503
)
(29,608
)
(1,064
)
(848
)
Prepaid expenses
2,551
543
984
560
Deferred costs
(9,747
)
(6,906
)
(28,562
)
(23,063
)
Other assets
3,027
(11,118
)
947
(3,527
)
Accounts payable
2,251
(1,683
)
4,187
(4,855
)
Accrued payroll and employee related liabilities
7,752
2,783
1,649
(4,136
)
Accrued expenses
19,602
1,629
21,741
992
Deferred revenue
18,763
13,424
6,878
8,746
Other liabilities
1,801
11,064
(3,515
)
(214
)
Net cash provided by operating activities
29,621
4,354
72,575
20,167
Cash flows from investing activities:
Capital expenditures
(1,093
)
(511
)
(5,217
)
(3,462
)
Proceeds from landlord reimbursement
—
—
88
1,219
Proceeds from sale of assets
—
—
4,368
—
Payment for acquisition of business, net of acquired cash
—
(336
)
—
(1,585
)
Additions to capitalized software development costs
(3,836
)
(3,456
)
(16,540
)
(15,065
)
Net cash used in investing activities
(4,929
)
(4,303
)
(17,301
)
(18,893
)
Cash flows from financing activities:
Repurchase of convertible notes
—
(288,761
)
(129,579
)
(288,761
)
Proceeds from termination of convertible notes capped call hedge
33
1,312
33
1,312
Payments associated with shares withheld to settle employee tax withholding liability
(1,666
)
(2,098
)
(7,885
)
(6,307
)
Proceeds from employee stock purchase plan
—
—
4,291
3,165
Proceeds from stock option exercises
19
45
1,319
144
Other
(21
)
(19
)
(77
)
(73
)
Net cash used in financing activities
(1,635
)
(289,521
)
(131,898
)
(290,520
)
Effect of exchange rates on cash, cash equivalents and restricted cash
1,767
1,391
401
(1,918
)
Net increase (decrease) in cash, cash equivalents and restricted cash
24,824
(288,079
)
(76,223
)
(291,164
)
Cash, cash equivalents and restricted cash—beginning of period
100,547
489,673
201,594
492,758
Cash, cash equivalents and restricted cash—end of period
$
125,371
$
201,594
$
125,371
$
201,594
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
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Gross profit
$
82,414
$
82,739
$
317,301
$
296,958
Amortization of acquired intangibles
1,915
2,602
8,445
11,657
Stock-based compensation
1,414
1,192
6,171
5,468
2022 Strategic Realignment
24
259
814
953
Non-GAAP gross profit
$
85,767
$
86,792
$
332,731
$
315,036
The following table reconciles our GAAP gross margin to non-GAAP gross margin(1):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Gross margin
71.2
%
70.6
%
70.7
%
68.8
%
Amortization of acquired intangibles margin
1.7
%
2.2
%
1.9
%
2.7
%
Stock-based compensation margin
1.2
%
1.0
%
1.4
%
1.3
%
2022 Strategic Realignment margin
0.0
%
0.2
%
0.2
%
0.2
%
Non-GAAP gross margin
74.1
%
74.1
%
74.1
%
72.9
%
(1) Columns may not add up due to rounding.
The following table reconciles our GAAP operating loss to non-GAAP operating income. For comparability purposes, non-GAAP operating income results have been recast for the three and twelve months ended December 31, 2022 to include costs related to the Anvil legal dispute to conform to the current year presentation (in thousands):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Operating loss
$
(17,834
)
$
(9,727
)
$
(61,399
)
$
(84,183
)
Amortization of acquired intangibles
8,852
9,854
36,840
42,982
Stock-based compensation
10,712
7,918
48,889
47,620
2022 Strategic Realignment
3,015
6,539
13,751
17,357
Anvil legal dispute accrual
15,936
1,000
24,000
1,000
Change in fair value of contingent consideration
—
—
—
(57
)
Non-GAAP operating income
$
20,681
$
15,584
$
62,081
$
24,719
The following table reconciles our GAAP net income (loss) to non-GAAP net income. For comparability purposes, non-GAAP net income results have been recast for the three and twelve months ended December 31, 2022 to include costs related to the Anvil legal dispute to conform to the current year presentation (in thousands):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Net income (loss)
$
(19,290
)
$
16,161
$
(47,305
)
$
(61,174
)
Amortization of acquired intangibles
8,852
9,854
36,840
42,982
Stock-based compensation
10,712
7,918
48,889
47,620
2022 Strategic Realignment
3,015
6,537
13,733
17,358
Anvil legal dispute accrual
15,936
1,000
24,000
1,000
Change in fair value of contingent consideration
—
—
—
(57
)
Accretion of interest on convertible senior notes
518
1,069
2,640
4,561
Gain on extinguishment of convertible notes, capped call modification and change in fair value
—
(24,013
)
(12,658
)
(19,243
)
Income tax adjustments
491
170
(1,427
)
(1,151
)
Non-GAAP net income
$
20,234
$
18,696
$
64,712
$
31,896
Reconciliation of GAAP measures to non-GAAP measures (Continued)
(unaudited)
The following table reconciles our GAAP net income (loss) per basic share to non-GAAP net income per basic share. For comparability purposes, non-GAAP net income per basic share results have been recast for the three and twelve months ended December 31, 2022 to include costs related to the Anvil legal dispute to conform to the current year presentation(1):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Net income (loss) per basic share⁽ᵃ⁾
$
(0.47
)
$
0.40
$
(1.16
)
$
(1.54
)
Amortization of acquired intangibles per basic share⁽ᵇ⁾
0.22
0.25
0.91
1.08
Stock-based compensation per basic share⁽ᵇ⁾
0.26
0.20
1.20
1.20
2022 Strategic Realignment per basic share⁽ᵇ⁾
0.07
0.16
0.34
0.44
Anvil legal dispute accrual per basic share⁽ᵇ⁾
0.39
0.03
0.59
0.03
Change in fair value of contingent consideration per basic share⁽ᵇ⁾
—
—
—
—
Accretion of interest on convertible senior notes per basic share⁽ᵇ⁾
0.01
0.03
0.06
0.11
Gain on extinguishment of convertible notes, capped call modification and change in fair value per basic share⁽ᵇ⁾
—
(0.60
)
(0.31
)
(0.48
)
Income tax adjustments per basic share⁽ᵇ⁾
0.01
—
(0.04
)
(0.03
)
Non-GAAP net income per basic share⁽ᵇ⁾
$
0.49
$
0.47
$
1.59
$
0.80
(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. For comparability purposes, non-GAAP net income per diluted share results have been recast for the three and twelve months ended December 31, 2022 to include costs related to the Anvil legal dispute to conform to the current year presentation(1):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Net loss per diluted share⁽ᵃ⁾
$
(0.47
)
$
(0.15
)
$
(1.31
)
$
(1.76
)
Amortization of acquired intangibles per diluted share⁽ᵇ⁾
0.20
0.22
0.84
0.94
Stock-based compensation per diluted share⁽ᵇ⁾
0.25
0.17
1.12
1.04
2022 Strategic Realignment per diluted share⁽ᵇ⁾
0.07
0.14
0.31
0.38
Anvil legal dispute accrual per diluted share⁽ᵇ⁾
0.37
0.02
0.55
0.02
Change in fair value of contingent consideration per diluted share⁽ᵇ⁾
—
—
—
—
Accretion of interest on convertible senior notes per diluted share⁽ᵇ⁾
0.01
0.02
0.06
0.10
Gain on extinguishment of convertible notes, capped call modification and change in fair value per diluted share⁽ᵇ⁾
—
(0.53
)
(0.29
)
(0.42
)
Income tax adjustments per diluted share⁽ᵇ⁾
0.01
—
(0.03
)
(0.03
)
Non-GAAP net income per diluted share⁽ᵇ⁾
$
0.47
$
0.41
$
1.48
$
0.70
(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
41,055,293
39,967,553
40,668,327
39,680,440
Diluted
41,055,293
45,338,189
43,622,341
45,583,459
(b) Non-GAAP weighted-average common shares outstanding:
Basic
41,055,293
39,967,553
40,668,327
39,680,440
Diluted
43,355,513
45,592,690
43,770,884
45,867,120
GAAP and 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 net income (loss) to EBITDA and adjusted EBITDA, net cash provided by operating activities to free cash flow and adjusted free cash flow and net income (loss) margin to EBITDA margin and adjusted EBITDA margin. For comparability purposes, adjusted EBITDA and adjusted EBITDA margin results have been recast for the three and twelve months ended December 31, 2022 to include costs related to the Anvil legal dispute and to conform to the current year presentation (dollars in thousands):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Net income (loss)
$
(19,290
)
$
16,161
$
(47,305
)
$
(61,174
)
Interest and investment expense, net
(420
)
(1,715
)
(4,324
)
(591
)
Provision for (benefit from) income taxes
2,523
(644
)
3,708
(2,398
)
Depreciation and amortization
14,527
15,347
58,815
60,600
EBITDA
(2,660
)
29,149
10,894
(3,563
)
Stock-based compensation
10,712
7,918
48,889
47,620
2022 Strategic Realignment
3,015
6,537
13,733
17,358
Anvil legal dispute accrual
15,936
1,000
24,000
1,000
Change in fair value of contingent consideration
—
—
—
(57
)
Gain on extinguishment of convertible notes, capped call modification and change in fair value
—
(24,013
)
(12,658
)
(19,243
)
Adjusted EBITDA
$
27,003
$
20,591
$
84,858
$
43,115
Net cash provided by operating activities
$
29,621
$
4,354
$
72,575
$
20,167
Capital expenditures
(1,093
)
(511
)
(5,217
)
(3,462
)
Capitalized software development costs
(3,836
)
(3,456
)
(16,540
)
(15,065
)
Free cash flow
24,692
387
50,818
1,640
Cash payments for 2022 Strategic Realignment
1,989
4,187
12,940
12,266
Adjusted free cash flow
$
26,681
$
4,574
$
63,758
$
13,906
Net income (loss) margin
(16.7
)%
13.8
%
(10.5
)%
(14.2
)%
Interest and investment expense, net margin
(0.4
)%
(1.5
)%
(1.0
)%
(0.1
)%
Provision for (benefit from) income taxes margin
2.2
%
(0.5
)%
0.8
%
(0.6
)%
Depreciation and amortization margin
12.5
%
13.1
%
13.1
%
14.0
%
EBITDA margin
(2.3
)%
24.9
%
2.4
%
(0.8
)%
Stock-based compensation margin
9.3
%
6.8
%
10.9
%
11.0
%
2022 Strategic Realignment margin
2.6
%
5.6
%
3.1
%
4.0
%
Anvil legal dispute accrual margin
13.8
%
0.9
%
5.3
%
0.2
%
Change in fair value of contingent consideration margin
—
—
—
—
Gain on extinguishment of convertible notes, capped call modification and change in fair value margin
—
(20.5
)%
(2.8
)%
(4.5
)%
Adjusted EBITDA margin
23.3
%
17.6
%
18.9
%
10.0
%
(margin % columns may not add up due to rounding)
Remaining Performance Obligations as of December 31, 2023 (in millions)
Remaining Performance Obligations
Remaining Performance Obligations Next Twelve Months
Subscription and other contracts
$
494
$
305
Professional services contracts
10
9
Reconciliation of Basic and Diluted Net Income (Loss) per Share
The following table summarizes the computations of basic net income (loss) per share and diluted net loss per share (in thousands, except share and per share data):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2023
2022
Net income (loss)
$
(19,290
)
$
16,161
$
(47,305
)
$
(61,174
)
Dilutive effect of convertible notes, net of tax
—
(22,804
)
(9,682
)
(18,890
)
Adjusted net loss
$
(19,290
)
$
(6,643
)
$
(56,987
)
$
(80,064
)
Weighted-average common stock outstanding — basic
41,055,293
39,967,553
40,668,327
39,680,440
Dilutive potential common shares related to convertible notes
—
5,370,636
2,954,014
5,903,019
Weighted-average common stock outstanding — diluted
41,055,293
45,338,189
43,622,341
45,583,459
Basic net income (loss) per share
$
(0.47
)
$
0.40
$
(1.16
)
$
(1.54
)
Diluted net loss per share
$
(0.47
)
$
(0.15
)
$
(1.31
)
$
(1.76
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240226895912/en/
Everbridge:
Investors: Nandan Amladi Investor Relations nandan.amladi@everbridge.com 617-665-7197
Media: Jeff Young Media Relations jeff.young@everbridge.com 781-859-4116
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