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Saturday, March 2, 2024

Everbridge Shares Rise On Solid Q1 Beat, Reaffirms FY23 Guidance – Everbridge (NASDAQ:EVBG)

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  • Everbridge, Inc EVBG clocked an 8% revenue growth in the first quarter of FY23 to $108.27 million, beating the consensus of $106.39 million. 
  • The Critical Event Management firm registered an adjusted EPS of $0.25, beating the analyst consensus of $0.13.
  • ARR was $388 million, up 10% Y/Y. The company ended the first quarter with 6,500 global enterprise customers, down 13 sequentially but up 4% year-over-year.
  • Non-GAAP operating income was $10.1 million, compared to a non-GAAP operating loss of $(1.6) million last year.
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  • “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,” CFO Patrick Brickley said.
  • The company ended the quarter with cash and equivalents of ~$223.8 million. 
  • Outlook: Everbridge sees Q2 revenue of $110 million-$110.5 million, higher than the consensus of $109.36 million.
  • EVBG sees non-GAAP EPS of $0.26-$0.27, below the consensus of $0.32.
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  • Everbridge reiterated its outlook for FY23. The company expects FY23 revenue of $456 million-$462 million versus the consensus of $458.28 million.
  • The company sees non-GAAP EPS of $1.48-$1.52 versus the consensus of $1.49.
  • Price Action: EVBG shares are trading higher by 7.47% at $26.20 on the last check Tuesday.

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