Revenue Increases 21.0% Year-over-Year
Cvent Holding Corp. (“Cvent”) (Nasdaq: CVT), an industry-leading
meetings, events and hospitality technology provider, today
announced financial results for the first quarter ended March 31,
2023.
First Quarter 2023 Financial
Highlights
Revenue
- Total revenue was $166.2 million for the first quarter of 2023,
an increase of 21.0% from the comparable period in 2022.
- Event Cloud revenue was $114.7 million for the first quarter of
2023, an increase of 20.7% from the comparable period in 2022.
- Hospitality Cloud revenue was $51.5 million for the first
quarter of 2023, an increase of 21.6% from the comparable period in
2022.
Net Loss and Adjusted EBITDA
- Net loss was $32.6 million for the first quarter of 2023
compared to $31.4 million in the comparable period in 2022.
- Adjusted EBITDA (defined below) was $32.4 million for the first
quarter of 2023 compared to $12.8 million in the comparable period
in 2022.
- Adjusted EBITDA margin (defined below) was 19.5% for the first
quarter of 2023 compared to 9.3% in the comparable period in
2022.
Cash, Cash Equivalents and Short-Term Investments
- Cash, cash equivalents and short-term investments as of March
31, 2023 totaled $156.1 million, compared to $140.0 million as of
December 31, 2022.
Adjusted EBITDA and Adjusted EBITDA margin are a non-GAAP
financial measure. Definitions of Adjusted EBITDA and Adjusted
EBITDA margin and a reconciliation of those measures to their most
directly comparable measures in accordance with GAAP are set forth
below.
Pending Merger
On March 14, 2023, Cvent entered into a definitive agreement
pursuant to which it agreed to be acquired by an affiliate of
private equity funds managed by Blackstone (“Blackstone”). Upon
completion of the transaction, Cvent’s common stock will no longer
be publicly listed, and Cvent will become a privately held company.
The transaction was unanimously approved by the board of directors
of Cvent (following the recommendation of a special committee
composed entirely of independent and disinterested directors) and
is subject to the satisfaction of customary closing conditions,
including receipt of approval by Cvent’s stockholders and required
regulatory approvals.
Conference Call Information
Given Cvent’s pending acquisition by Blackstone, the Company is
not providing guidance for full year 2023 (or any interim period in
2023) and will not host a conference call to discuss its first
quarter 2023 financial results. For further detail and discussion
of the Company’s financial performance, please refer to the
Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2023.
About Cvent
Cvent Holding Corp. (Nasdaq: CVT) is a leading meetings, events,
and hospitality technology provider with more than 4,800 employees
and more than 21,000 customers worldwide as of March 31, 2023.
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, including costs associated
with the proposed merger with Blackstone. 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.
Additional Information and Where to Find It
This communication is being made in respect of the proposed
transaction involving Cvent and Blackstone. Cvent has filed a
definitive proxy statement and a form of proxy card with the SEC in
connection with the solicitation of proxies for the special meeting
of stockholders of Cvent relating to the proposed transaction (the
“Definitive Proxy Statement”). This press release is not a
substitute for the Definitive Proxy Statement or any other document
that may be filed by Cvent with the SEC.
BEFORE MAKING ANY DECISION, CVENT STOCKHOLDERS ARE URGED TO
CAREFULLY READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS
FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED
TRANSACTION OR INCORPORATED BY REFERENCE INTO THE DEFINITIVE PROXY
STATEMENT BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION.
Any vote in respect of resolutions to be proposed at Cvent’s
special meeting of stockholders to approve the proposed transaction
or other responses in relation to the proposed transaction should
be made only on the basis of the information contained in the
Definitive Proxy Statement. You may obtain a free copy of the
Definitive Proxy Statement and other related documents filed by
Cvent with the SEC at the website maintained by the SEC at
www.sec.gov or by accessing the
Investor Relations section of Cvent’s website at
https://www.cvent.com.
No Offer or Solicitation
This communication is for information purposes only and is not
intended to and does not constitute, or form part of, an offer,
invitation or the solicitation of an offer or invitation to
purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of any securities, or the solicitation of any vote or
approval in any jurisdiction, pursuant to the proposed transaction
or otherwise, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
Participants in the Solicitation
Cvent and certain of its directors and executive officers may be
deemed to be participants in the solicitation of proxies from
Cvent’s stockholders in connection with the proposed transaction.
Information regarding Cvent’s directors and executive officers,
including a description of their respective direct or indirect
interests, by security holdings or otherwise, is included in the
Definitive Proxy Statement and will be included in Cvent’s other
filings with the SEC made subsequent to the date of the Definitive
Proxy Statement. To the extent holdings of Cvent’s securities by
such directors or officers have changed or will change since the
amounts printed as of a date disclosed in the Definitive Proxy
Statement, such changes have been or will be reflected on Initial
Statements of Beneficial Ownership on Form 3, Statements of Changes
in Beneficial Ownership on Form 4 or other ownership reports filed
with the SEC. Additional information regarding the identity of
potential participants, and their direct or indirect interests, by
security holdings or otherwise, is set forth in the Definitive
Proxy Statement and will be set forth in other materials to be
filed with the SEC in connection with the special meeting of
Cvent’s stockholders. These documents can be obtained free of
charge from the SEC’s website at www.sec.gov or by accessing the
Investor Relations section of Cvent’s website at
https://www.cvent.com.
CVENT HOLDING CORP.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
and per share data)
March 31, 2023
December 31, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
102,220
$
99,108
Restricted cash
2,535
815
Short-term investments
53,872
40,925
Accounts receivable, net of allowance of
$1.8 million and $2.6 million, respectively
97,018
120,362
Capitalized commission, net
27,473
26,685
Prepaid expenses and other current
assets
24,759
17,819
Total current assets
307,877
305,714
Property and equipment, net
14,577
15,250
Capitalized software development costs,
net
92,759
96,959
Intangible assets, net
161,076
172,781
Goodwill
1,620,270
1,620,312
Operating lease-right-of-use assets
28,453
20,398
Capitalized commission, non-current,
net
23,828
23,477
Deferred tax assets, non-current
2,440
2,425
Other assets, non-current, net
5,493
8,617
Total assets
$
2,256,773
$
2,265,933
Liabilities and stockholders’
equity
Current liabilities:
Current portion of long-term debt
$
-
$
-
Accounts payable
2,804
2,147
Accrued expenses and other current
liabilities
88,993
82,249
Fees payable to customers
63,589
38,379
Operating lease liabilities, current
11,121
11,070
Deferred revenue
302,216
267,882
Total current liabilities
468,723
401,727
Deferred tax liabilities, non-current
18,126
18,103
Long-term debt, net
138,000
208,000
Operating lease liabilities,
non-current
26,790
19,712
Other liabilities, non-current
6,413
7,526
Total liabilities
658,052
655,068
Commitments and contingencies (Note
12)
Stockholders’ equity:
Common stock, $0.0001 par value,
1,500,000,000 shares authorized at March 31, 2023 and December 31,
2022, respectively; 491,358,090 and 488,296,792 shares issued and
outstanding as of March 31, 2023 and December 31, 2022,
respectively
49
49
Additional paid-in capital
2,591,042
2,571,424
Accumulated other comprehensive loss
(7,850
)
(8,731
)
Accumulated deficit
(984,520
)
(951,877
)
Total stockholders’ equity
1,598,721
1,610,865
Total liabilities and stockholders’
equity
$
2,256,773
$
2,265,933
CVENT HOLDING CORP.
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share
and per share data)
(unaudited)
Three Months Ended March
31,
2023
2022
Revenue
$
166,205
$
137,356
Cost of revenue
60,691
56,200
Gross profit
105,514
81,156
Operating expenses:
Sales and marketing
44,960
40,091
Research and development
35,973
31,406
General and administrative
39,768
24,951
Intangible asset amortization, exclusive
of amounts included in cost of revenue
11,713
12,154
Total operating expenses
132,414
108,602
Loss from operations
(26,900
)
(27,446
)
Interest expense
(2,647
)
(2,592
)
Amortization of deferred financing costs
and debt discount
(158
)
(320
)
Other income, net
1,169
260
Loss before income taxes
(28,536
)
(30,098
)
Provision for income taxes
4,107
1,291
Net loss
$
(32,643
)
$
(31,389
)
Other comprehensive income:
Other comprehensive income
881
131
Comprehensive loss
$
(31,762
)
$
(31,258
)
Basic and diluted net loss per common
share
$
(0.07
)
$
(0.07
)
Basic and diluted weighted-average common
shares outstanding
488,983,183
481,144,118
CVENT HOLDING CORP.
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended March
31,
2023
2022
Operating activities:
Net loss
$
(32,643
)
$
(31,389
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
30,582
30,187
Amortization of the right-of-use
assets
2,231
2,077
Allowance for expected credit losses,
net
(462
)
279
Amortization of deferred financing costs
and debt discount
158
320
Amortization of capitalized commission
8,924
7,948
Unrealized foreign currency transaction
(gain)/loss
(1,020
)
287
Stock-based compensation
14,556
9,768
Change in deferred taxes
7
2
Change in operating assets and
liabilities
Accounts receivable
23,932
18,968
Prepaid expenses and other assets
(17,840
)
(7,021
)
Capitalized commission, net
(13,700
)
(13,581
)
Accounts payable, accrued expenses and
other liabilities
47,168
16,783
Operating lease liability
(3,158
)
(2,864
)
Deferred revenue
33,790
48,160
Net cash provided by operating
activities
92,525
79,924
Investing activities:
Purchase of property and equipment
(2,356
)
(1,375
)
Capitalized software development costs
(12,725
)
(11,891
)
Purchase of investments
(56,051
)
(21,238
)
Maturities of investments
46,127
16,824
Net cash used in investing activities
(25,005
)
(17,680
)
Financing activities:
Principal repayments of revolving credit
facility
(115,000
)
—
Proceeds from revolving credit
facility
45,000
—
Proceeds from exercise of stock
options
5,127
510
Net cash (used in) provided by financing
activities
(64,873
)
510
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
2,185
(1,209
)
Change in cash, cash equivalents, and
restricted cash
4,832
61,545
Cash, cash equivalents, and restricted
cash, beginning of period
99,923
126,629
Cash, cash equivalents, and restricted
cash, end of period
$
104,755
$
188,174
Supplemental cash flow information:
Interest paid
$
2,448
$
2,584
Income taxes paid
$
455
$
1,743
Supplemental disclosure of non-cash
investing and financing activities:
Outstanding payments for purchase of
property and equipment at period end
$
153
$
382
Outstanding payments for capitalized
software development costs at period end
$
883
$
887
RECONCILIATION OF GAAP
MEASURES TO NON-GAAP MEASURES
(in thousands, except share
amounts and share counts)
(unaudited)
Three Months Ended March
31,
2023
2022
(in thousands)
Non-GAAP Gross Profit:
Gross Profit
$
105,514
$
81,156
Adjustments
Depreciation
316
542
Amortization of software development
costs
17,008
15,961
Stock-based compensation expense
1,231
590
Restructuring expense
-
8
Other items
-
(98
)
Non-GAAP Gross Profit
$
124,069
$
98,159
Gross Margin:
Revenue
$
166,205
$
137,356
Gross Margin
63.5
%
59.1
%
Non-GAAP Gross Margin
74.6
%
71.5
%
Three Months Ended March
31,
2023
2022
(in thousands)
Non-GAAP Sales and Marketing
Expenses:
Sales and marketing
$
44,960
$
40,091
Adjustments
Depreciation
(176
)
(173
)
Stock-based compensation expense
(4,938
)
(2,980
)
Restructuring expense
(7
)
(67
)
Cost related to acquisitions
-
(10
)
Other items
-
52
Non-GAAP Sales and Marketing Expenses
$
39,839
$
36,913
Sales and Marketing Expenses as a
Percent of Revenue:
Revenue
$
166,205
$
137,356
Sales and marketing expenses
27.1
%
29.2
%
Non-GAAP sales and marketing expenses
24.0
%
26.9
%
Three Months Ended March
31,
2023
2022
(in thousands)
Non-GAAP Research and Development
Expenses:
Research and development
$
35,973
$
31,406
Adjustments
Depreciation
(207
)
(226
)
Stock-based compensation expense
(3,829
)
(2,588
)
Restructuring expense
(15
)
27
Other items
-
360
Non-GAAP Research and Development
Expenses
$
31,922
$
28,979
Research and Development Expenses as a
Percent of Revenue:
Revenue
$
166,205
$
137,356
Research and development expenses
21.6
%
22.9
%
Non-GAAP research and development
expenses
19.2
%
21.1
%
Three Months Ended March
31,
2023
2022
(in thousands)
Non-GAAP General and Administrative
Expenses:
General and administrative
$
39,768
$
24,951
Adjustments
Depreciation
(1,117
)
(1,097
)
Stock-based compensation expense
(4,557
)
(3,610
)
Restructuring expense
27
(229
)
Cost related to acquisitions
(13,585
)
(177
)
Other items
(662
)
(330
)
Non-GAAP Research and Development
Expenses
$
19,874
$
19,508
General and Administrative Expenses as
a Percent of Revenue:
Revenue
$
166,205
$
137,356
General and administrative expenses
23.9
%
18.2
%
Non-GAAP general and administrative
expenses
12.0
%
14.2
%
Three Months Ended March
31,
2023
2022
(in thousands)
Adjusted EBITDA
Net loss
$
(32,643
)
$
(31,389
)
Adjustments
Interest expense
2,647
2,592
Amortization of deferred financing costs
and debt discount
158
320
Other income, net
(1,169
)
(260
)
Provision for income taxes
4,107
1,291
Depreciation
1,816
2,038
Amortization of software development
costs
17,008
15,961
Intangible asset amortization
11,713
12,154
Stock-based compensation expense
14,556
9,768
Restructuring (income) expense
(4
)
277
Cost related to acquisitions
13,585
187
Other items
660
(180
)
Adjusted EBITDA
$
32,434
$
12,759
Adjusted EBITDA margin
Revenue
$
166,205
$
137,356
Net loss margin
(19.6
)%
(22.9
)%
Adjusted EBITDA margin
19.5
%
9.3
%
Three Months Ended March
31,
2023
2022
(in thousands)
Adjusted Free Cash Flow:
Net cash provided by operating
activities:
$
92,525
$
79,924
Adjustments
Purchase of property and equipment
(2,356
)
(1,375
)
Capitalized software development costs
(12,725
)
(11,891
)
Change in fees payable to customers
(25,210
)
(24,493
)
Interest paid
2,448
2,584
Adjusted Free Cash Flow
$
54,682
$
44,749
Adjusted Free Cash Flow margin:
Revenue
$
166,205
$
137,356
Adjusted Free Cash Flow margin
32.9
%
32.6
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230508005592/en/
Investor Contact CventIR@icrinc.com
Media Contact Erica Stoltenberg estoltenberg@cvent.com
(571) 378-6240
Cvent (NASDAQ:CVT)
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