Everbridge reports third quarter 2020 financial results
- Published: Friday, 06 November 2020 09:53
Everbridge, Inc. has announced its financial results for the third quarter ended September 30th, 2020. Total revenue saw a 36 percent increase compared to the third quarter of 2019.
“We continue to exceed our guidance for both revenue and profitability due to robust performance from our CEM suite,” said David Meredith, CEO of Everbridge. “We delivered strong financial metrics across the business, including setting a record for transactions over $500,000, which drove a meaningful sequential increase in our average selling price. Additionally, we are successfully extending our CEM platform to include new innovative applications such as COVID-19 Shield, Return-to-Work/Campus and Contact Tracing that are quickly gaining momentum in the marketplace. As organizations are facing new threats from events such as wildfires and hurricanes alongside increasing cases of COVID-19, they are turning to Everbridge to help keep their people safe and organizations running in the face of adversity. We are raising our guidance for the full year 2020 to reflect our confidence in the ongoing momentum of the business.”
Third quarter 2020 financial highlights include:
- Total revenue was $71.3 million, an increase of 36% compared to $52.5 million for the third quarter of 2019.
- GAAP operating loss was $(17.7) million, compared to a GAAP operating loss of $(12.1) million for the third quarter of 2019.
- Non-GAAP operating income was $2.8 million, compared to non-GAAP operating loss of $(0.7) million for the third quarter of 2019.
- GAAP net loss was $(24.2) million, compared to $(12.9) million for the third quarter of 2019. GAAP net loss per share was $(0.70), compared to $(0.39) for the third quarter of 2019.
- Non-GAAP net income was $1.9 million, compared to non-GAAP net loss of $(0.2) million in the third quarter of 2019. Non-GAAP diluted net income per share was $0.05, compared to non-GAAP net loss per share of $(0.01) for the third quarter of 2019.
- Adjusted EBITDA was $5.1 million, compared to $1.6 million in the third quarter of 2019.
- Cash flow from operations was an outflow of $(0.5) million compared to an inflow of $12.3 million for the third quarter of 2019.
- Free cash flow was an outflow of $(4.1) million compared to an inflow of $9.9 million for the third quarter of 2019.