Revenue Exceeds High End of Guidance
Full Year Revenue Grows 21.5%
Cvent Holding Corp. (“Cvent”) (Nasdaq: CVT), an industry-leading
meetings, events and hospitality technology provider, today
announced financial results for the fourth quarter and full fiscal
year ended December 31, 2022.
Fourth Quarter 2022 Financial
Highlights
Revenue
- Total revenue was $170.9 million for the fourth quarter of
2022, an increase of 18.2% from the comparable period in 2021, and
$0.6 million higher than the high end of our guidance.
- Event Cloud revenue was $120.6 million for the fourth quarter
of 2022, an increase of 17.2% from the comparable period in
2021.
- Hospitality Cloud revenue was $50.3 million for the fourth
quarter of 2022, an increase of 20.5% from the comparable period in
2021.
Net Loss and Adjusted EBITDA
- Net loss was $19.1 million for the fourth quarter of 2022
compared to $21.5 million in the comparable period in 2021.
- Adjusted EBITDA (defined below) was $43.5 million for the
fourth quarter of 2022, which was $3.7 million higher than the high
end of our guidance.
- Adjusted EBITDA margin (defined below) was 25.5% compared to
the high end of our guidance of 23.4%. Adjusted EBITDA in the
comparable period of 2021 was $32.8 million, with an Adjusted
EBITDA margin of 22.7%.
Fiscal Year 2022 Financial
Highlights
Revenue
- Total revenue was $630.6 million for the fiscal year 2022, an
increase of 21.5% from the comparable period in 2021, and $0.7
million higher than the high end of our guidance.
- Event Cloud revenue was $441.1 million for the fiscal year
2022, an increase of 21.8% from the comparable period in 2021.
- Hospitality Cloud revenue was $189.5 million for the fiscal
year 2022, an increase of 20.9% from the comparable period in
2021.
Net Loss and Adjusted EBITDA
- Net loss was $100.3 million for the fiscal year 2022 compared
to $86.1 million in the comparable period in 2021.
- Adjusted EBITDA (defined below) was $113.4 million for the
fiscal year 2022, which was $3.7 million higher than the high end
of our guidance, and Adjusted EBITDA margin (defined below) was
18.0% compared to the high end of our guidance of 17.4%. Adjusted
EBITDA in the comparable period of 2021 was $103.7 million, with an
Adjusted EBITDA margin of 20.0%.
Cash, Cash Equivalents and Short-Term Investments
- Cash, cash equivalents and short-term investments as of
December 31, 2022 totaled $140.0 million, compared to $127.1
million as of December 31, 2021.
Reconciliation of Adjusted EBITDA and Adjusted EBITDA margin
results to their GAAP basis results are shown in detail below.
Guidance
Given Cvent’s entry into a definitive agreement on March 14,
2023 to be acquired by an affiliate of private equity funds managed
by Blackstone (“Blackstone”), the Company will not provide guidance
for first quarter and full year 2023.
Conference Call Information
Given Cvent’s entry into a definitive agreement on March 14,
2023 to be acquired by Blackstone, the Company will not host a
conference call to discuss its fourth quarter and full year 2022
financial results and outlook.
About Cvent
Cvent Holding Corp. (Nasdaq: CVT) is a leading meetings, events,
and hospitality technology provider with approximately 4,900
employees and approximately 22,000 customers worldwide as of
December 31, 2022. Founded in 1999, the company delivers a
comprehensive event marketing and management platform and offers a
global marketplace where event professionals collaborate with
venues to create engaging, impactful experiences. Cvent is
headquartered in Tysons, Virginia, just outside of Washington D.C.,
and has additional offices around the world to support its growing
global customer base. The comprehensive Cvent event marketing and
management platform offers software solutions to event organizers
and marketers for online event registration, venue selection, event
marketing and management, virtual and onsite solutions, and
attendee engagement. Cvent’s suite of products automate and
simplify the event management lifecycle and maximize the impact of
in-person, virtual, and hybrid events. Hotels and venues use
Cvent’s supplier and venue solutions to win more group and
corporate travel business through Cvent’s sourcing platforms. Cvent
solutions optimize the event management value chain and have
enabled clients around the world to manage millions of meetings and
events. For more information, please visit Cvent.com. From time to
time, we plan to utilize our investor relations website,
investors.cvent.com, as a channel of distribution for material
company information.
Non-GAAP Financial Measures
This earnings press release uses and discusses the following
financial measures not presented in accordance with generally
accepted accounting principles in the U.S. (“GAAP”): Non-GAAP Gross
Profit, Non-GAAP Sales and Marketing Expenses, Non-GAAP Research
and Development Expenses, Non-GAAP General and Administrative
Expenses, Adjusted EBITDA and Adjusted Free Cash Flow, and certain
ratios and other metrics derived therefrom, including Adjusted
EBITDA margin which represents Adjusted EBITDA divided by revenue
and Non-GAAP gross margin which represents Non-GAAP Gross Profit
divided by revenue. Reconciliation of these non-GAAP financial
measures to their GAAP basis results can be found within the tables
included in this release.
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 Cvent’s financial
condition and results of operations. We use these non-GAAP measures
for financial, operational and budgetary decision-making purposes,
and to compare our performance to that of prior periods for trend
analyses. 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 Cvent’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.
Cvent excludes or adjusts for one or more of the following items
from these non-GAAP financial measures:
Interest expense. Cvent excludes this expense from its non-GAAP
financial measures primarily because it is not considered a part of
ongoing operating results when assessing the performance of our
business, and Cvent believes that doing so facilitates comparisons
to its historical operating results and to the results of other
companies in our industry. This adjustment is reflected in Adjusted
EBITDA.
Other income, net. Cvent excludes this item, which is comprised
primarily of foreign exchange gains/(losses) and state tax
settlements, from its non-GAAP financial measures primarily because
it is not considered a part of ongoing operating results when
assessing the performance of our business, and Cvent believes that
doing so facilitates comparisons to its historical operating
results and to the results of other companies in our industry. This
adjustment is reflected in Adjusted EBITDA.
Provision for income taxes. Cvent excludes this item from its
non-GAAP financial measures primarily because it is not considered
a part of ongoing operating results when assessing the performance
of our business, and Cvent believes that doing so facilitates
comparisons to its historical operating results and to the results
of other companies in our industry. This adjustment is reflected in
Adjusted EBITDA.
Amortization of deferred financing costs and debt discount.
Cvent excludes this expense primarily because it is not considered
a part of ongoing operating results when assessing the performance
of our business, and Cvent believes that doing so facilitates
comparisons to its historical operating results and to the results
of other companies in our industry. This adjustment is reflected in
Adjusted EBITDA.
Intangible asset amortization. Cvent excludes this expense
primarily because it is not considered a part of ongoing operating
results when assessing the performance of our business, and Cvent
believes that doing so facilitates comparisons to its historical
operating results and to the results of other companies in our
industry. This adjustment is reflected in Non-GAAP Gross Profit and
Adjusted EBITDA.
Amortization of software development costs. Cvent excludes this
expense primarily because it is not considered a part of ongoing
operating results when assessing the performance of our business,
and Cvent believes that doing so facilitates comparisons to its
historical operating results and to the results of other companies
in our industry. This adjustment is reflected in Non-GAAP Gross
Profit and Adjusted EBITDA.
Stock-based compensation expense. Cvent excludes this expense
primarily because it is not considered a part of ongoing operating
results when assessing the performance of our business, and Cvent
believes that doing so facilitates comparisons to its historical
operating results and to the results of other companies in our
industry. This adjustment is reflected in Non-GAAP Gross Profit,
Non-GAAP Sales and Marketing Expenses, Non-GAAP Research and
Development Expenses, Non-GAAP General and Administrative Expenses
and Adjusted EBITDA.
Cost related to acquisitions. Cost related to acquisitions is
comprised of the value of contingent payments included in
compensation expense which relate to the potential cash payment to
certain employees of acquired companies whose right to receive such
payment is forfeited if they terminate their employment prior to
the required service period. As the contingent payments are subject
to continued employment, GAAP requires that these payments be
accounted for as compensation expense and such expense is subject
to revaluation. Additionally, cost related to acquisitions includes
expenses related to performing due diligence, valuation, earnouts
or other acquisition-related activities. Cvent excludes these
expenses primarily because they are not considered a part of
ongoing operating results when assessing the performance of our
business, and Cvent believes that doing so facilitates comparisons
to its historical operating results and to the results of other
companies in our industry. This adjustment is reflected in Non-GAAP
Gross Profit, Non-GAAP Sales and Marketing Expenses, Non-GAAP
Research and Development Expenses, Non-GAAP General and
Administrative Expenses and Adjusted EBITDA.
Restructuring expenses. Cvent excludes this expense, which is
comprised of expenses associated with severance to terminated
employees of acquired entities, retention bonuses to employees
retained from acquired entities, costs to discontinue use of a
back-office system and closing of certain office spaces, primarily
because it is not considered a part of ongoing operating results
when assessing the performance of our business, and Cvent believes
that doing so facilitates comparisons to its historical operating
results and to the results of other companies in our industry. This
adjustment is reflected in Non-GAAP Gross Profit, Non-GAAP Sales
and Marketing Expenses, Non-GAAP Research and Development Expenses,
Non-GAAP General and Administrative Expenses and Adjusted
EBITDA.
Other items. Cvent excludes this item, which is comprised of
certain expenses associated with prosecuting a trade secret
misappropriation claim and credit facility fees, net of the gain
from government subsidies related to the global COVID-19 pandemic,
primarily because it is not considered a part of ongoing operating
results when assessing the performance of our business, and Cvent
believes that doing so facilitates comparisons to its historical
operating results and to the results of other companies in our
industry. This adjustment is reflected in Non-GAAP Gross Profit,
Non-GAAP Sales and Marketing Expenses, Non-GAAP Research and
Development Expenses, Non-GAAP General and Administrative Expenses
and Adjusted EBITDA.
Loss on extinguishment of debt. Cvent excludes this expense from
its non-GAAP financial measures primarily because it is not
considered a part of ongoing operating results when assessing the
performance of our business, and Cvent believes that doing so
facilitates comparisons to its historical operating results and to
the results of other companies in our industry. This adjustment is
reflected in Adjusted EBITDA.
Purchases of Property and Equipment. This item is customarily
included as a reduction to net cash provided by operating
activities in the calculation of free cash flow. This item is
reflected in Adjusted Free Cash Flow.
Capitalized Software Development Costs. This item is customarily
included as a reduction to net cash provided by operating
activities in the calculation of free cash flow. This item is
reflected in Adjusted Free Cash Flow.
Change in Fees Payable to Customers. Cvent excludes the change
in this balance sheet item primarily because it is not considered a
part of ongoing net cash provided by operating activities when
assessing the performance of our business, and Cvent believes that
doing so facilitates comparisons to its historical operating
results and to the results of other companies in our industry. This
adjustment is reflected in Adjusted Free Cash Flow.
Interest Paid. Cvent excludes these cash payments primarily
because it is not considered a part of ongoing net cash provided by
operating activities when assessing the performance of our
business, and Cvent believes that doing so facilitates comparisons
to its historical operating results and to the results of other
companies in our industry. This adjustment is reflected in Adjusted
Free Cash Flow.
Forward-Looking Statements
Certain statements in this press release may contain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve substantial
risks and uncertainties. These statements can be identified by the
fact that they do not relate strictly to historical or current
facts, and you can often identify these forward-looking statements
by the use of forward-looking words such as “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,”
“could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates,” “target,” “projects,” “forecasts,”
“shall,” “contemplates” or the negative version of those words or
other comparable words. Any forward-looking statements contained in
this release are based upon Cvent’s historical performance and on
its current plans, operating budgets, estimates and expectations in
light of information currently available to us. The inclusion of
this forward-looking information should not be regarded as a
representation by us that the future plans, estimates or
expectations contemplated by us will be achieved. Such
forward-looking statements are subject to various risks,
uncertainties, assumptions and factors that could cause actual
results to differ materially from those anticipated, including, but
not limited to: the risk that trends stated or implied by this
release cannot or will not be sustained at the current pace or may
fluctuate from current expectations, including trends and
expectations related to revenue, revenue growth, net loss, Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, Adjusted
Free Cash Flow margin, gross profit, gross margin, expenses,
deferred revenue, interest expense,the demand for events and
meetings, the return to in-person events, demand for advertising
and software solutions, and demand for an integrated platform; the
impact of current global events and macroeconomic conditions on
customer’s demand for our products and services, Cvent’s
operations, financial results and on Cvent’s virtual, hybrid and
in-person offerings; Cvent’s ability to retain, engage, and upsell
current customers and attract and retain new customers; Cvent’s
ability to maintain and expand relationships with hotels and
venues; the competitiveness of the market in which Cvent operates
and Cvent’s ability to maintain and increase its market position;
Cvent’s ability to attract and retain key employees, including its
senior management team; the impact of a disruption of Cvent’s
operations, infrastructure or systems, or disruption of the
operations, infrastructure or systems of the third parties on which
Cvent relies; Cvent’s ability to manage its costs and growth
effectively; Cvent’s ability to develop, introduce and market new
and enhanced versions of its solutions to meet customer needs and
expectations; the risk that the industry does not get back to a
normalized state when and as expected; the risk that the proposed
merger with Blackstone may not be completed in a timely manner or
at all, which may adversely affect Cvent’s business and the price
of Cvent’s common stock; the effect of the announcement or pendency
of the proposed transaction on Cvent’s business relationships,
operating results and business generally; risks that the proposed
transaction disrupts Cvent’s current plans and operations; and
other factors beyond our control.
We derive many of our forward-looking statements from our
operating budgets and forecasts, which are based on many detailed
assumptions. While we believe that our assumptions are reasonable,
we caution that it is very difficult to predict the impact of known
factors, and it is impossible for us to anticipate all factors that
could affect our actual results. All written and oral
forward-looking statements attributable to us, or persons acting on
our behalf, are expressly qualified in their entirety by these
cautionary statements as well as other cautionary statements that
are made from time to time in our other SEC filings and public
communications, including our most recent Annual Report on Form
10-K and Quarterly Report on Form 10-Q, including in the “Risk
Factors” section of those filings. Actual results may differ
materially. Investors should evaluate all forward-looking
statements in the context of these risks and uncertainties.
The forward-looking statements included herein are made only as
of the date hereof, based on current estimates, expectations,
observations and trends. We undertake no obligation to update or
revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise
required by law.
CVENT HOLDING CORP.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share data)
As of December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
99,108
$
126,526
Restricted cash
815
103
Short-term investments
40,925
538
Accounts receivable, net of allowance of
$2.6 million and $4.5 million, respectively
120,362
112,251
Capitalized commission, net
26,685
25,393
Prepaid expenses and other current
assets
17,819
20,376
Total current assets
305,714
285,187
Property and equipment, net
15,250
15,334
Capitalized software development costs,
net
96,959
108,851
Intangible assets, net
172,781
221,371
Goodwill
1,620,312
1,617,880
Operating lease right-of-use assets
20,398
28,370
Capitalized commission, non-current,
net
23,477
22,999
Deferred tax assets, non-current
2,425
2,403
Other assets, non-current, net
8,617
3,684
Total assets
$
2,265,933
$
2,306,079
Liabilities and Stockholders’
equity
Current liabilities:
Current portion of long-term debt
$
—
$
—
Accounts payable
2,147
2,675
Accrued expenses and other current
liabilities
82,249
79,827
Fees payable to customers
38,379
24,982
Operating lease liabilities, current
11,070
11,290
Deferred revenue
267,882
239,843
Total current liabilities
401,727
358,617
Deferred tax liabilities, non-current
18,103
16,695
Long-term debt, net
208,000
262,302
Operating lease liabilities,
non-current
19,712
30,809
Other liabilities, non-current
7,526
8,200
Total liabilities
655,068
676,623
Commitments and contingencies (Note
15)
Stockholders’ equity:
Common stock, $0.0001 par value,
1,500,000,000 shares authorized at December 31, 2022 and 2021,
respectively; 488,296,792 and 481,121,695 shares issued and
outstanding as of December 31, 2022 and 2021, respectively
49
48
Additional paid-in capital
2,571,424
2,483,761
Accumulated other comprehensive loss
(8,731
)
(2,746
)
Accumulated deficit
(951,877
)
(851,607
)
Total stockholders’ equity
1,610,865
1,629,456
Total liabilities and stockholders’
equity
$
2,265,933
$
2,306,079
CVENT HOLDING CORP.
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended
Year Ended December
31,
2022
2021
2022
2021
Revenue
$
170,918
$
144,652
$
630,558
$
518,811
Cost of revenue
63,082
50,969
247,854
191,448
Gross profit
107,836
93,683
382,704
327,363
Operating expenses:
Sales and marketing
45,172
36,547
176,959
135,616
Research and development
31,854
24,611
130,620
96,627
General and administrative
26,911
24,494
102,544
88,206
Intangible asset amortization, exclusive
of amounts included in cost of revenue
12,153
12,757
48,637
51,478
Total operating expenses
116,090
98,409
458,760
371,927
Loss from operations
(8,254
)
(4,726
)
(76,056
)
(44,564
)
Interest expense
(2,811
)
(6,356
)
(9,865
)
(29,073
)
Amortization of deferred financing costs
and debt discount
(157
)
(783
)
(891
)
(3,606
)
Loss on extinguishment of debt
-
(7,159
)
(3,219
)
(7,159
)
Other income/(expense), net
(843
)
(771
)
1,135
5,367
Loss before income taxes
(12,065
)
(19,795
)
(88,896
)
(79,035
)
Provision for/(benefit from) income
taxes
7,082
1,750
11,374
7,044
Net loss
(19,147
)
(21,545
)
(100,270
)
(86,079
)
Other comprehensive income/(loss):
Foreign currency translation
(loss)/gain
5,632
(446
)
(5,985
)
(2,793
)
Comprehensive loss
$
(13,515
)
$
(21,991
)
$
(106,255
)
$
(88,872
)
Basic and Diluted net loss per common
share
$
(0.04
)
$
(0.05
)
$
(0.21
)
$
(0.20
)
Basic and Diluted weighted-average common
shares outstanding
485,772,963
433,345,289
483,047,301
420,692,510
CVENT HOLDING CORP.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Operating activities:
Net loss
$
(19,147
)
$
(21,545
)
$
(100,270
)
$
(86,079
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
30,930
31,205
122,141
124,347
Amortization of the right-of-use
assets
2,032
1,546
7,972
8,363
Allowance for expected credit losses,
net
938
2,767
1,316
8,316
Amortization of deferred financing costs
and debt discount
157
783
891
3,606
Amortization of capitalized commission
8,278
7,712
32,029
29,280
Unrealized foreign currency transaction
loss
(149
)
134
491
153
Loss on extinguishment of debt
—
7,159
3,219
7,159
Stock-based compensation
19,070
8,245
65,078
25,056
Change in deferred taxes
1,223
(1,909
)
1,215
(596
)
Change in operating assets and
liabilities, net of business combinations:
Accounts receivable
(44,424
)
(32,645
)
(10,214
)
19,966
Prepaid expenses and other assets
3,283
(733
)
2,360
(6,797
)
Capitalized commission, net
(7,847
)
(6,929
)
(35,571
)
(33,635
)
Accounts payable, accrued expenses and
other liabilities
(29,155
)
(7,036
)
16,456
1,961
Operating lease liability
(2,888
)
(2,267
)
(11,317
)
(11,933
)
Deferred revenue
20,680
14,151
28,339
33,029
Net cash provided by operating
activities
(17,019
)
638
124,135
122,196
Investing activities:
Purchase of property and equipment
(1,185
)
(1,907
)
(6,890
)
(4,675
)
Capitalized software development costs
(12,659
)
(10,706
)
(51,072
)
(40,978
)
Purchase of investments
(48,067
)
(4,292
)
(93,231
)
(35,727
)
Maturities of investments
5,532
6,450
48,380
35,189
Acquisitions, net of cash acquired
(26
)
—
(3,578
)
(14,769
)
Proceeds from divestiture
—
—
135
122
Net cash used in investing activities
(56,405
)
(10,455
)
(106,256
)
(60,838
)
Financing activities:
Proceeds from Reverse Recapitalization
Transaction
—
552,693
—
552,693
Payment of offering costs
—
(30,760
)
—
(30,760
)
Principal repayments on first lien term
loan
—
(500,000
)
(265,696
)
(505,951
)
Principal repayments of revolving credit
facility
(37,000
)
—
(157,000
)
(13,400
)
Proceeds from revolving credit
facility
80,000
—
365,000
—
Payment of debt issuance costs
—
—
(3,141
)
—
Proceeds from exercise of stock
options
9,237
—
17,059
522
Proceeds from Employee Stock Purchase
Plan
3,957
—
3,957
—
Repurchase of Common stock
—
(173
)
—
(230
)
Payments of tax withholdings on vesting of
restricted stock units
—
—
(31
)
—
Net cash provided by financing
activities
56,194
21,760
(39,852
)
2,874
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
6,658
(823
)
(4,733
)
(3,073
)
Change in cash, cash equivalents, and
restricted cash
(10,572
)
11,120
(26,706
)
61,159
Cash, cash equivalents, and restricted
cash, beginning of period
110,495
115,509
126,629
65,470
Cash, cash equivalents, and restricted
cash, end of period
$
99,923
$
126,629
$
99,923
$
126,629
Supplemental cash flow information:
Interest paid
$
2,391
$
6,335
$
9,346
$
29,056
Income taxes paid
$
3,491
$
755
$
8,668
$
5,410
Supplemental disclosure of non-cash
investing and financing activities:
Outstanding payments for purchase of
property and equipment at period end
$
1,157
$
223
$
1,484
$
554
Outstanding payments for capitalized
software development costs at period end
$
23
$
235
$
1,006
$
748
RECONCILIATION OF GAAP
MEASURES TO NON-GAAP MEASURES
(in thousands, except share
amounts and share counts)
(unaudited)
Three months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(in thousands)
Non-GAAP Gross Profit:
Gross Profit
$
107,836
$
93,683
$
382,704
$
327,363
Adjustments
Depreciation
343
592
1,820
3,363
Amortization of software development
costs
16,843
15,607
66,024
61,344
Intangible asset amortization
-
-
-
180
Stock-based compensation expense
2,267
460
7,025
1,410
Restructuring expense
-
8
10
19
Cost related to acquisitions
-
1
-
12
Other items
(2
)
(452
)
(388
)
(1,446
)
Non-GAAP Gross Profit
$
127,287
$
109,899
$
457,195
$
392,245
Gross Margin:
Revenue
$
170,918
$
144,652
$
630,558
$
518,811
Gross Margin
63.1
%
64.8
%
60.7
%
63.1
%
Non-GAAP Gross Margin
74.5
%
76.0
%
72.5
%
75.6
%
Three months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(in thousands)
Non-GAAP Sales & Marketing
Expenses:
Sales & marketing
$
45,172
$
36,547
$
176,959
$
135,616
Adjustments
Depreciation
(170
)
(188
)
(680
)
(1,320
)
Stock-based compensation expense
(6,345
)
(2,472
)
(21,904
)
(7,843
)
Restructuring expense
(4
)
(35
)
(56
)
(107
)
Cost related to acquisitions
-
(533
)
(10
)
(650
)
Other items
4
138
136
518
Non-GAAP Sales & Marketing
Expenses
$
38,657
$
33,457
$
154,445
$
126,214
Sales & Marketing Expenses as a
Percent of Revenue:
Revenue
$
170,918
$
144,652
$
630,558
$
518,811
Sales & marketing expenses
26.4
%
25.3
%
28.1
%
26.1
%
Non-GAAP sales & marketing
expenses
22.6
%
23.1
%
24.5
%
24.3
%
Three months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(in thousands)
Non-GAAP Research & Development
Expenses:
Research & development
$
31,854
$
24,611
$
130,620
$
96,627
Adjustments
Depreciation
(220
)
(296
)
(900
)
(1,727
)
Stock-based compensation expense
(5,071
)
(2,126
)
(16,860
)
(6,447
)
Restructuring expense
(15
)
(48
)
(24
)
(115
)
Cost related to acquisitions
-
(45
)
-
(54
)
Other items
-
1,660
1,505
5,026
Non-GAAP Research & Development
Expenses
$
26,548
$
23,756
$
114,341
$
93,310
Research & Development Expenses as
a Percent of Revenue:
Revenue
$
170,918
$
144,652
$
630,558
$
518,811
Research & development expenses
18.6
%
17.0
%
20.7
%
18.6
%
Non-GAAP research & development
expenses
15.5
%
16.4
%
18.1
%
18.0
%
Three months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(in thousands)
Non-GAAP General & Administrative
Expenses:
General & administrative
$
26,911
$
24,494
$
102,544
$
88,206
Adjustments
Depreciation
(907
)
(837
)
(3,981
)
(3,980
)
Stock-based compensation expense
(5,386
)
(3,187
)
(19,288
)
(9,357
)
Restructuring expense
(261
)
(377
)
(950
)
(2,003
)
Cost related to acquisitions
(1,103
)
233
(1,770
)
(875
)
Other items
(713
)
(462
)
(1,551
)
(2,947
)
Non-GAAP General & Administrative
Expenses
$
18,541
$
19,864
$
75,004
$
69,044
General & Administrative Expenses
as a Percent of Revenue:
Revenue
$
170,918
$
144,652
$
630,558
$
518,811
General & administrative expenses
15.7
%
16.9
%
16.3
%
17.0
%
Non-GAAP general & administrative
expenses
10.8
%
13.7
%
11.9
%
13.3
%
Three months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(in thousands)
Adjusted EBITDA
Net loss
$
(19,147
)
$
(21,545
)
$
(100,270
)
$
(86,079
)
Adjustments
Interest expense
2,811
6,356
9,865
29,073
Amortization of deferred financing costs
and debt discount
157
783
891
3,606
Loss on extinguishment of debt
-
7,159
3,219
7,159
Other income, net
843
771
(1,135
)
(5,367
)
Provision for/(benefit from) income
taxes
7,082
1,750
11,374
7,044
Depreciation
1,640
1,911
7,380
10,389
Amortization of software development
costs
16,843
15,607
66,024
61,524
Intangible asset amortization
12,153
12,757
48,637
51,478
Stock-based compensation expense
19,070
8,245
65,078
25,056
Restructuring expense
281
468
1,040
2,245
Cost related to acquisitions
1,103
346
1,779
1,591
Other items
707
(1,788
)
(477
)
(4,043
)
Adjusted EBITDA
$
43,543
$
32,820
$
113,405
$
103,676
Adjusted EBITDA margin
Revenue
$
170,918
$
144,652
$
630,558
$
518,811
Net loss margin
(11.2
)%
(14.9
)%
(15.9
)%
(16.6
)%
Adjusted EBITDA margin
25.5
%
22.7
%
18.0
%
20.0
%
Three months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(in thousands)
(in thousands)
Adjusted Free Cash Flow:
Net cash provided by operating
activities:
$
(17,019
)
$
638
$
124,135
$
122,196
Adjustments
Purchase of property and equipment
(1,185
)
(1,907
)
(6,890
)
(4,675
)
Capitalized software development costs
(12,659
)
(10,706
)
(51,072
)
(40,978
)
Change in fees payable to customers
26,122
5,768
(13,397
)
(8,110
)
Interest paid
2,391
6,335
9,346
29,056
Adjusted Free Cash Flow
$
(2,350
)
$
128
$
62,122
$
97,489
Adjusted Free Cash Flow margin
Revenue
$
170,918
$
144,652
$
630,558
$
518,811
Adjusted Free Cash Flow margin
(1.4
)%
0.1
%
9.9
%
18.8
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230314005638/en/
Investor Contact CventIR@icrinc.com Media Contact
Erica Stoltenberg estoltenberg@cvent.com (571) 378-6240
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