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Published on : Wednesday, November 13, 2013
“We are pleased to report third quarter results for all of our key financial metrics, with revenue up 33% from a year ago and healthy growth across all our major offerings” said Reggie Aggarwal, Chief Executive Officer of Cvent. “During the quarter, we continued to scale our business with new and existing customers as we drive the transformation of the global meetings and event management industry. With the completion of our IPO, we are now in the early stages of ramping up investments in sales and marketing and R&D to further extend our leadership position and value proposition. We are excited about the future, which is reflected in our increased guidance for the full year 2013.”
Third Quarter 2013 Financial Highlights
Total revenue was $29.1 million, an increase of 33% from the comparable period in 2012.
Platform Subscription revenue was $20.1 million, an increase of 31% from the comparable period in 2012.
Marketing Solutions revenue was $9.0 million, an increase of 39% from the comparable period in 2012.
GAAP operating income was $0.3 million, compared to operating income of $2.9 million in the comparable period in 2012.
Non-GAAP operating income was $3.1 million, compared to $4.0 million in the comparable period in 2012.
Net Income (Loss)
GAAP net loss was $(0.8) million, compared to net income of $1.4 million for the comparable period in 2012. On a pro forma basis to reflect the conversion of all outstanding preferred shares as of January 1, 2013, GAAP net loss per share for the three months ended September 30, 2013 would have been $(0.02), based on 37.1 million basic weighted average shares outstanding, compared to GAAP net income per share of $0.04 for the comparable period in 2012, based on 34.9 million diluted weighted average common shares outstanding.
Non-GAAP net income was $2.0 million compared to $2.5 million in the comparable period in 2012. Non-GAAP net income per diluted share was $0.05, based on 39.5 million pro forma diluted weighted average common shares outstanding, compared to $0.07 for the third quarter of 2012, based on 34.9 million diluted weighted average common shares outstanding.
Adjusted EBITDA was $5.1 million, representing an adjusted EBITDA margin of 18%. This compared to $5.3 million in the comparable period in 2012.
Decreases in profitability compared to the comparable period in the prior year were due primarily to the impact of companies acquired during 2012, investments in R&D to enhance existing and develop new products, costs of being a public company and incremental sales & marketing investments.
Cash, cash equivalents and short-term investments at September 30, 2013 totaled $157.8 million, compared with $33.4 million at the end of the second quarter, with the increase primarily due to the proceeds from our initial public offering as well as from cash flow generated from operations during the quarter.
Third Quarter 2013 and Recent Business Highlights
Attracted numerous, diverse new platform subscription customers including Biogen Idec, Concur Technologies, Houston Livestock Show and Rodeo, Huron Consulting Group, and Oyster Bay Oyster Festival.
Renewed multi-year platform subscriptions at customers including Fairfax County Chamber of Commerce, Nantucket Wine Festival, and the Wounded Warrior Project.
Signed new Strategic Meeting Management customers across the US and internationally, including Discover Financial Services, Estee Lauder, Jostens, Kohl’s and SAIC and multi-year renewals with customers such as Merck, MetLife, Procter &Gamble, and SunTrust Banks.
Added new marketing solutions customers such as the Myrtle Beach Convention and Visitors Bureau, SLS Las Vegas and Zermatt Resort, and signed multi-year renewals with organizations including Hilton, Hyatt, Marriott International, and Velas Resorts.
Partnered with event technology provider, PSAV, to resell and support the CrowdCompass mobile application developer for events.
Based on information available as of November 12, 2013, Cvent is issuing guidance for the fourth quarter and increasing full year 2013 expectations as indicated below.
Fourth Quarter 2013:
Total revenue is expected to be in the range of $30.0 million to $30.4 million.
GAAP net loss is expected to be in the range of $(1.8) million to $(1.4) million, or $(0.05) to $(0.04) per share, based on 40.0 million basic weighted average common shares outstanding.
Non-GAAP net income (loss) is expected to be in the range of $(0.5) million to $(0.1) million, or ($0.01) to breakeven per share, based on 40.0 million basic weighted average common shares outstanding.
Adjusted EBITDA is expected to be in the range of $1.8 million to $2.2 million.
Full Year 2013:
Total revenue is expected to be in the range of $110.4 million to $110.8 million.
GAAP net loss is expected to be in the range of $(4.6) million to $(4.2) million, or $(0.13) to $(0.12) per share, based on 35.8 million basic weighted average common shares outstanding.
Non-GAAP net income is expected to be in the range of $5.0 million to $5.4 million, or $0.13 to $0.14 per share, based on 37.8 million diluted weighted average common shares outstanding.
Adjusted EBITDA is expected to be in the range of $14.5 million to $14.9 million.
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