Revenue of $48.4 Million Increases 29%
Year-Over-Year
Acquires Alliance Tech, Inc.
Cvent, Inc. (NYSE: CVT), a leading cloud-based enterprise event
management platform, today announced its financial results for the
third quarter ended September 30, 2015.
Reggie Aggarwal, Chief Executive Officer of Cvent, said, “Our
continuing momentum in the marketplace is reflected by the strong
results we reported for the third quarter, with revenue and
profitability above the high end of our expectations. As we
continue to invest in expanding our portfolio and bring new
products to market, customers are increasingly viewing Cvent as a
broader solutions provider. This is enabling us to drive larger
deal sizes across the board as customers adopt multiple products
and deploy our solutions across a larger cross-section of their
organizations.”
Aggarwal added, “We believe our acquisition of Alliance Tech, a
leading provider of onsite technology solutions for corporate
meetings, tradeshows and conferences, accelerates our advancement
into the complex meetings and events portion of the market. With
significant untapped opportunity throughout the meetings and event
ecosystem, we look forward to continuing to introduce compelling
technology that reinforces our leadership position in the
marketplace.”
Third Quarter 2015 Financial
Highlights
Revenue
- Total revenue was $48.4 million, an
increase of 29% from the comparable period in 2014.
- Platform Subscriptions revenue was
$33.7 million, an increase of 29% from the comparable period in
2014.
- Hospitality Cloud revenue was $14.6
million, an increase of 30% from the comparable period in
2014.
Operating Income (Loss)
- GAAP operating income was $0.1 million,
compared to $1.3 million in the comparable period in 2014.
- Non-GAAP operating income was $6.1
million, compared to $3.9 million in the comparable period in
2014.
Net Income (Loss)
- GAAP net income was $0.8 million,
compared to $1.1 million for the comparable period in 2014. GAAP
net income per diluted share was $0.02, based on 43.5
million diluted weighted average common shares outstanding,
compared to $0.02 for the comparable period in 2014, based on 43.2
million diluted weighted average common shares outstanding.
- Non-GAAP net income was $6.8 million,
compared to $3.7 million in the comparable period in 2014. Non-GAAP
net income per diluted share was $0.16, based on 43.5 million
diluted weighted average common shares outstanding, compared to
$0.08 for the comparable period in 2014, based on 43.2 million
diluted weighted average common shares outstanding.
Adjusted EBITDA
- Adjusted EBITDA was $10.6 million,
representing an adjusted EBITDA margin of 21.8%, compared to $6.5
million, or an adjusted EBITDA margin of 17.4% in the comparable
period in 2014.
Balance Sheet
- Cash, cash equivalents and short-term
investments at September 30, 2015 totaled $158.6 million,
compared to $163.6 million at the end of the second quarter
2015.
Recent Business
Highlights
- Appointed Cynthia Russo as Executive
Vice President and Chief Financial Officer.
- Completed the acquisition of Alliance
Tech in November, a leading provider of onsite technology solutions
for corporate meetings, tradeshows and conferences.
- Launched LeadCapture, a new product
that allows tradeshow organizers to reimagine the multi-step,
manual and time consuming process for exhibitors to capture,
qualify, and track booth traffic.
- Saw significant interest in our OnSite
Solutions, with sales of OnArrival event registration to over 100
new enterprise and mid-market customers.
- Signed new enterprise solutions
customers across the US and internationally, including a Fortune
100 conglomerate, a Fortune 500 financial services firm, and
Flextronics, a Forbes Global 1000 international supply chain
solutions provider, and expansions or renewals with Fortune 1000
customer, The Men’s Wearhouse, a top 4 health insurance company,
Fortune 500 pharmaceutical distributor, McKesson, and a Forbes
Global 2000 pharmaceutical and specialty chemical company, Merck
KGaA of Germany.
- Attracted new mid-market event
management customers including Alumni Association of the University
of Virginia, National Journal, and Subway World Headquarters, and
renewed or expanded agreements with Forrester Research, Pepperdine
University, and Unified Grocers.
- Experienced continued adoption of
mobile app technology with new customers including Autozone Parts,
Laureate Education, and RSM International. Organizations that
renewed or expanded relationships include National Association of
Insurance Commissioners (NAIC), Juniper Networks and Piper
Jaffray.
- Added new hospitality cloud customers
such as Hard Rock Hotel & Casino Las Vegas, Hyatt Place San
Juan, RAI Amsterdam and Naples Marco Island Everglades CVB, and
signed renewals or expansions with customers such as Accor Hotels,
Hyatt Hotels, Intercontinental Madrid, Loews Hotels and convention
and visitors bureaus representing Dallas, Greater Miami, Monterey
County, Palm Beach and San Diego.
Business Outlook
Based on information available as of today, Cvent is issuing
guidance for the fourth quarter and full year 2015 as follows:
Fourth Quarter 2015:
- Total revenue is expected to be in the
range of $50.3 million to $50.7 million, including approximately
$0.5 million from Alliance Tech.
- GAAP net loss is expected to be in the
range of $(5.2) million to $(4.8) million, or $(0.12) to $(0.11)
per share, based on 42.1 million basic and diluted weighted
average common shares outstanding.
- Non-GAAP net income is expected to be
in the range of $1.1 million to $1.5 million, or $0.02 to $0.03 per
share, based on 43.7 million diluted weighted average common
shares outstanding.
- Adjusted EBITDA is expected to be in
the range of $5.5 million to $5.9 million.
Full Year 2015:
- Total revenue is expected to be in the
range of $187.1 million to $187.5 million, including approximately
$0.5 million from Alliance Tech.
- GAAP net loss is expected to be in the
range of $(12.4) million to $(12.0) million, or $(0.30) to $(0.29)
per share, based on 41.7 million basic and diluted weighted
average common shares outstanding.
- Non-GAAP net income is expected to be
in the range of $11.6 million to $12.0 million, or $0.27 to $0.28
per share, based on 43.4 million diluted weighted average
common shares outstanding.
- Adjusted EBITDA is expected to be in
the range of $23.9 million to $24.3 million.
Conference Call Information
What: Cvent Third Quarter 2015 Financial
Results Conference Call When: Wednesday, November 4, 2015
Time: 5:00 p.m. ET Live Call: (877) 328-1165,
domestic (412) 317-5468, international Replay: (877)
344-7529, passcode 10075432, domestic (412) 317-0088, passcode
10075432, international Webcast:
http://investors.cvent.com
(live and replay)
The webcast will be archived on Cvent’s website for a period of
three months.
About Cvent, Inc.
Cvent, Inc. (NYSE: CVT) is a leading cloud-based enterprise
event management platform, with more than 14,000 customers
worldwide. Cvent offers software solutions to event planners for
online event registration, venue selection, event management,
mobile apps for events, e-mail marketing and web surveys. Cvent
provides hoteliers with an integrated platform, enabling properties
to increase group business demand through targeted advertising and
improve conversion through proprietary demand management and
business intelligence solutions. Cvent solutions optimize the
entire event management value chain and have enabled clients around
the world to manage hundreds of thousands of meetings and events.
For more information, please visit www.cvent.com, or connect
with us on Facebook, Twitter or LinkedIn.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial
measures: Non-GAAP Cost of Revenue Expenses, Non-GAAP
Sales & Marketing Expenses, Non-GAAP Research &
Development Expenses, Non-GAAP General & Administrative
Expenses, Non-GAAP operating income (loss), Adjusted EBITDA,
Non-GAAP net income and Non-GAAP net income per share.
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 the Company’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 one or more of the following items from these
non-GAAP financial measures:
Interest income. Cvent excludes this income primarily because it
is not considered a part of ongoing operating results.
Other loss. Cvent excludes this expense primarily because it is
not considered a part of ongoing operating results.
Provision for (benefit from) income taxes. Cvent excludes this
expense (benefit) from certain non-GAAP financial measures
primarily because of the volatility in the amount of expense
(benefit) that Cvent does not consider a meaningful component of
our operating results when assessing the performance of our
business. The exclusion of this expense (benefit) facilitates the
comparison of our business outlooks for future periods with the
results from prior periods.
Excess tax benefits from stock-based compensation. For the three
and six months ended June 30, 2015, Cvent’s non-GAAP financial
measures excluded previously recognized excess tax benefits from
stock-based compensation from which Cvent could not benefit from.
Excluding these non-cash amounts improves the comparability of the
performance of the business across periods, and to the results of
other companies in our industry, which may have their own unique
histories associated with stock-based compensation.
Amortization of intangible assets. In accordance with GAAP, our
expenses, including cost of revenue and operating expenses, include
amortization of intangible assets such as acquired technology,
customer lists and trademarks. Cvent excludes these items from its
non-GAAP financial measures because they are expenses that Cvent
does not consider 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, which may have
their own unique acquisition histories.
Stock-based compensation expense. Cvent’s non-GAAP financial
measures exclude stock-based compensation, which consists of
expenses for stock options and restricted stock units. Cvent
excludes these expenses from its non-GAAP financial measures
primarily because they are non-cash expenses that are not
considered part of ongoing operating results when assessing the
performance of our business. Excluding these amounts improves
comparability of the performance of the business across periods,
and to the results of other companies in our industry, which have
their own unique histories associated with stock-based
compensation.
Foreign currency remeasurement and transaction losses (gains).
Cvent’s non-GAAP financial measures exclude these losses (gains)
primarily because they are non-cash, and are driven primarily by
our India operations, which for accounting purposes is not
considered a stand-alone entity and are remeasured instead of
translated. In accordance with GAAP, the losses (gains) associated
with remeasuring our India financial statements, are recognized
through our Consolidated Statements of Operations and Comprehensive
Loss instead of through our Consolidated Balance Sheets, where
translation losses (gains) from most foreign subsidiaries would be
included. Excluding these amounts improves comparability of the
performance of the business across periods and to the results of
other companies in our industry, which generally recognize similar
losses (gains) through their Consolidated Balance Sheets.
Costs related to acquisitions. Cvent’s non-GAAP financial
measures exclude contingent payments included in compensation
expense which relates 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. Cvent excludes this item from its non-GAAP
financial measures primarily because it is a component of the
contractual deal consideration and it is not considered part of
ongoing operating results when assessing the performance of our
business. Additionally, Cvent’s non-GAAP financial measures exclude
costs related to performing due diligence, drafting and negotiating
definitive agreements, valuation, earn-out payments, retention
payments and severance or other acquisition-related activities. The
exclusion of these expenses facilitates the comparison of
post-acquisition operating results to the results of other
companies in our industry, which have their own unique acquisition
histories.
Office relocation costs. These costs relate to Cvent’s office
headquarters move during the third quarter of 2014. Cvent excludes
this item from its non-GAAP financial measures primarily because it
is not considered part of ongoing operating results when assessing
the performance of our business. The exclusion of these expenses
facilitates the comparison of operating results to the results of
other companies in our industry.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding our momentum, progress and market share;
statements regarding our preliminary unaudited revenue, net income
(loss) and profitability margins for Cvent’s third quarter ended
September 30, 2015; statements regarding our guidance for the
fourth quarter and full year 2015 revenue, net income (loss), net
income (loss) per share, non-GAAP net income (loss), non-GAAP net
income (loss) per share and adjusted EBITDA; and statements
regarding our expectations regarding the growth of the meetings and
events industry and our market position therein. These
forward-looking statements are made as of the date of this press
release and were based on current expectations, estimates,
forecasts and projections as well as the beliefs and assumptions of
management. Words such as “expect,” “anticipate,” “should,”
“believe,” “hope,” “target,” “project,” “goals,” “estimate,”
“potential,” “predict,” “may,” “will,” “might,” “could,” “intend,”
variations of these terms or the negative of these terms and
similar expressions are intended to identify these forward-looking
statements. Forward-looking statements are subject to a number of
risks and uncertainties, many of which involve factors or
circumstances that are beyond our control. Our actual results
could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including
but not limited to, the effect of any material weakness in the
design and operating effectiveness of our internal control over
financial reporting and ineffective disclosure controls and
procedures; the uncertainty associated with the time and cost of
the process to transition a new Chief Financial Officer and the
impact of the transition; our ability to renew existing customers
and attract new customers; our ability to manage our growth
effectively; our ability to prevent or mitigate any disruption in
our service on our websites, mobile applications or in our computer
systems; our ability to integrate our acquisitions; our
ability to attract, retain and motivate key personnel; and the
volatility of quarterly results and expectations. For a detailed
discussion of these and other risk factors, please refer to the
risks detailed in our filings with the Securities and Exchange
Commission, including, without limitation, our most recent Annual
Report on Form 10-K and subsequent periodic and current reports.
Past performance is not necessarily indicative of future
results. We anticipate that subsequent events and developments
will cause our views to change. We undertake no intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise. These forward-looking statements should not be
relied upon as representing our views as of any date subsequent to
the date of this press release.
Cvent, Inc.
Consolidated Balance Sheets
(in thousands, except share
data)
9/30/2015 12/31/2014
(Unaudited) Assets Current assets: Cash and cash
equivalents $ 127,174 $ 144,544 Restricted cash 382 397 Short-term
investments 31,406 23,039 Accounts receivable, net of reserve of
$344 and $339, respectively 22,537 44,986 Prepaid expense and other
current assets 16,348 13,107 Deferred tax assets 8,881 3,776
Total current assets 206,728 229,849 Property and equipment,
net 21,517 22,535 Capitalized software development costs, net
26,577 17,967 Intangible assets, net 15,252 9,442 Goodwill 33,461
20,802 Other assets, non-current, net 1,956 313 Total
assets $ 305,491 $ 300,908
Liabilities and
Stockholders’ Equity Current liabilities: Accounts payable $
3,630 $ 5,057 Accrued expenses and other current liabilities 24,096
18,534 Deferred revenue 72,796 82,030 Total current
liabilities 100,522 105,621 Deferred tax liabilities, non-current
9,494 7,086 Deferred rent, non-current 11,422 9,576 Other
liabilities, non-current 4,474 4,791 Total
liabilities 125,912 127,074 Commitments and contingencies
Stockholders’ equity Preferred stock, $0.001 par value, 100,000,000
shares authorized at September 30, 2015 and December 31, 2014; zero
issued and outstanding at September 30, 2015 and December 31, 2014
— — Common stock, $0.001 par value; 1,000,000,000 shares authorized
at September 30, 2015 and December 31, 2014; 42,458,162 and
41,685,048 shares issued and 41,937,948 and 41,164,834 outstanding
at September 30, 2015 and December 31, 2014, respectively 42 42
Treasury stock (3,966 ) (3,966 ) Additional paid-in capital 212,196
199,169 Accumulated other comprehensive loss (256 ) (220 )
Accumulated deficit (28,437 ) (21,191 ) Total stockholders’ equity
179,579 173,834 Total liabilities and stockholders’
equity $ 305,491 $ 300,908
Cvent, Inc.
Consolidated Statements of Operations
and Comprehensive Income (Loss)
(in thousands, except share and per
share data)
(unaudited)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30, 2015
2014 2015 2014 Revenue $ 48,379 $
37,386 $ 136,808 $ 102,920 Cost of revenue1 14,725 11,122
43,659 29,197 Gross profit 33,654 26,264
93,149 73,723 Operating expenses: Sales and marketing1 17,841
14,571 58,644 44,215 Research and development1 5,424 3,875 15,338
10,348 General and administrative1 9,648 6,422 26,998 16,072
Intangible asset amortization, excluding cost of revenue 680
110 1,492 282 Total operating expenses 33,593
24,978 102,472 70,917 Income (loss)
from operations 61 1,286 (9,323 ) 2,806 Interest income 679 450
1,800 1,091 Other loss — (434 ) (426 ) (434 ) Income (loss)
from operations before income taxes 740 1,302 (7,949 ) 3,463
(Benefit from) provision for income taxes (41 ) 231 (703 )
(241 ) Net income (loss) $ 781 $ 1,071 $ (7,246 ) $
3,704 Net income (loss) per common share: Basic $ 0.02
$ 0.03 $ (0.17 ) $ 0.09 Diluted $ 0.02
$ 0.02 $ (0.17 ) $ 0.09 Weighted average common
shares outstanding—basic 41,723,667 41,103,502 41,512,189
40,910,381 Weighted average common shares outstanding—diluted
43,481,392 43,151,239 41,512,189 43,174,201 Other comprehensive
income (loss): Foreign currency translation gain (87 ) — (36
) — Comprehensive income (loss) $ 694 $ 1,071
$ (7,282 ) $ 3,704 1Stock-based compensation expense
included in the above: Cost of revenue $ 533 $ 213 $ 1,506 $ 552
Sales and marketing 950 415 3,085 1,117 Research and development
835 276 2,309 731 General and administrative 533 226
1,506 704 Total $ 2,851 $ 1,130 $ 8,406
$ 3,104
Cvent, Inc.
Consolidated Statements of Cash
Flows
(in thousands)
(unaudited)
Nine Months EndedSeptember
30,
2015 2014 Operating activities:
Net (loss) income
$ (7,246 ) $ 3,704 Adjustments to reconcile net (loss) income to
net cash provided by operating activities: Depreciation and
amortization 14,229 7,175 Loss on asset disposal 436 434 Foreign
currency transaction gain (loss) 27 (12 ) Stock-based compensation
expense 8,406 3,104 Deferred taxes (2,851 ) (944 ) Change in
operating assets and liabilities: Accounts receivable, net 22,599
12,643 Prepaid expenses and other assets (4,331 ) (2,256 ) Accounts
payable, accrued expenses and other liabilities 3,755 8,406
Deferred revenue (9,585 ) (4,100 ) Net cash provided by operating
activities 25,439 28,154 Investing activities: Purchase of property
and equipment (3,973 ) (14,790 ) Capitalized software development
costs (15,278 ) (10,094 ) Net purchases of short-term investments
(8,367 ) (7,325 ) Acquisition and acquisition-related consideration
payments (19,259 ) (4,121 ) Restricted cash 15 252
Net cash used in investing activities (46,862 ) (36,078 ) Financing
activities: Proceeds from exercise of stock options 1,663 660
Excess tax benefits from stock-based compensation 2,514 — Proceeds
from follow-on public offering, net of expenses — 24,846
Net cash provided by financing activities 4,177 25,506
Effect of exchange rate changes on cash and cash equivalents (124 )
12 Change in cash and cash equivalents (17,370 ) 17,594 Cash
and cash equivalents, beginning of period 144,544 146,407
Cash and cash equivalents, end of period $ 127,174 $
164,001 Supplemental cash flow information: Income taxes
paid $ 568 $ 1,015 Supplemental disclosure of noncash
investing activities: Outstanding payments for purchase of property
and equipment in accounts payable at period end $ 322 $
1,368
RECONCILIATION OF GAAP MEASURES TO
NON-GAAP MEASURES
(in thousands, except per share amounts
and share counts)
(unaudited)
Three months ended September
30,
Nine months ended September 30,
2015 2014 2015 2014 Cost
of revenue $ 14,725 $ 11,122 $ 43,659 $ 29,197 Adjustments
Stock-based compensation expense (533 ) (213 ) (1,506 ) (552 )
Amortization of acquired intangible assets (298 ) (113 ) (772 )
(339 ) Costs related to acquisitions (17 ) — (107 ) —
Non-GAAP Cost of Revenue Expenses $ 13,877
$ 10,796 $ 41,274
$ 28,306
Three months ended September
30,
Nine months ended September 30,
2015 2014 2015 2014 Sales and marketing
$ 17,841 $ 14,571 $ 58,644 $ 44,215 Adjustments Stock-based
compensation expense (950 ) (415 ) (3,085 ) (1,117 ) Costs related
to acquisitions (130 ) — (272 ) —
Non-GAAP Sales
& Marketing Expenses $ 16,761 $
14,156 $ 55,287 $
43,098
Three months ended September
30,
Nine months ended September 30,
2015 2014 2015 2014 Research and
Development $ 5,424 $ 3,875 $ 15,338 $ 10,348 Adjustments
Stock-based compensation expense (835 ) (276 ) (2,309 ) (731 )
Costs related to acquisitions (104 ) — (180 ) —
Non-GAAP Research & Development Expenses $
4,485 $ 3,599 $
12,849 $ 9,617
Three months ended September
30,
Nine months ended September 30,
2015 2014 2015 2014 General and
administrative $ 9,648 $ 6,422 $ 26,998 $ 16,072 Adjustments
Stock-based compensation expense (533 ) (226 ) (1,506 ) (704 )
Costs related to acquisitions (510 ) (475 ) (2,196 ) (1,255 )
Foreign currency remeasurement and transaction gains (1,467 ) (610
) (2,300 ) (125 ) Office relocation costs — (155 ) —
(155 )
Non-GAAP General and Administrative Expenses
$ 7,138 $ 4,956 $
20,996 $ 13,833
RECONCILIATION OF GAAP MEASURES TO
NON-GAAP MEASURES
(in thousands, except per share amounts
and share counts)
(unaudited)
Three months ended September 30,
Nine months ended September 30, 2015
2014 2015 2014 Net income (loss) $ 781
$ 1,071 $ (7,246 ) $ 3,704 Adjustments Interest income (679 ) (450
) (1,800 ) (1,091 ) (Benefit from) provision for income taxes (41 )
231 (703 ) (241 ) Depreciation and amortization expense 5,416 2,836
14,229 7,175 Other loss — 434 426 434 Stock-based compensation
expense 2,851 1,130 8,406 3,104 Foreign currency remeasurement and
transaction gains 1,467 610 2,300 125 Costs related to acquisitions
761 475 2,755 1,255 Office relocation costs — 155 —
155
Adjusted EBITDA $ 10,556
$ 6,492 $ 18,367
$ 14,620 Three months ended
September 30, Nine months ended September 30,
2015 2014 2015 2014 GAAP operating
income (loss) $ 61 $ 1,286 $ (9,323 ) $ 2,806 Adjustments
Stock-based compensation expense 2,851 1,130 8,406 3,104 Foreign
currency remeasurement and transaction gains 1,467 610 2,300 125
Costs related to acquisitions 761 475 2,755 1,255 Amortization of
intangible assets 978 223 2,264 621 Office relocation costs —
155 — 155
Non-GAAP operating
income $ 6,118 $ 3,879
$ 6,402 $ 8,066
Three months ended September 30, Nine months ended
September 30, 2015 2014 2015 2014
GAAP net income (loss) $ 781 $ 1,071 $ (7,246 ) $ 3,704 Adjustments
Stock-based compensation expense 2,851 1,130 8,406 3,104 Foreign
currency remeasurement and transaction gains 1,467 610 2,300 125
Costs related to acquisitions 761 475 2,755 1,255 Amortization of
intangible assets 978 223 2,264 621 Excess tax benefits from
stock-based compensation — — 1,978 — Office relocation costs —
155 — 155
Non-GAAP net income
$ 6,838 $ 3,664 $
10,457 $ 8,964 Non-GAAP diluted
weighted average common shares outstanding 43,481,392 43,151,239
43,358,118 43,174,201 GAAP diluted weighted average common shares
outstanding 43,481,392 43,151,239 41,512,189 43,174,201 Non-GAAP
net income per diluted share $ 0.16 $ 0.08 $ 0.24 $ 0.21 GAAP net
income (loss) per diluted share $ 0.02 $ 0.02 $ (0.17 ) $ 0.09
RECONCILIATION OF GAAP GUIDANCE TO
NON-GAAP GUIDANCE
(in thousands, except per share amounts
and share counts)
(unaudited)
Three months endingDecember 31,
20151
Year endingDecember 31,
20151
GAAP net loss $ (5,000 ) $ (12,200 ) Adjustments Interest income
(700 ) (2,500 ) Benefit from income taxes (200 ) (900 )
Depreciation and amortization expense 6,500 20,800 Other loss — 400
Stock-based compensation expense 4,100 12,500 Foreign currency
remeasurement and transaction gains — 2,300 Costs related to
acquisitions 1,000 3,700
Adjusted EBITDA
$ 5,700 $ 24,100
Three months endingDecember 31,
20151
Year endingDecember 31,
20151
GAAP net loss $ (5,000 ) $ (12,200 ) Adjustments Stock-based
compensation expense 4,100 12,500 Foreign currency remeasurement
and transaction gains — 2,300 Costs related to acquisitions 1,000
3,700 Amortization of intangible assets 1,200 3,500 Excess tax
benefits from stock-based compensation — 2,000
Non-GAAP net income $ 1,300 $
11,800 Non-GAAP diluted weighted average common
shares outstanding 43,700 43,400 GAAP diluted weighted average
common shares outstanding 42,100 41,700 Non-GAAP net income per
diluted share $ 0.03 $ 0.27 GAAP net loss per diluted share $ (0.12
) $ (0.29 )
1 Amounts expressed represent the midpoint of the Company’s
guidance as of the date of this press release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151104006662/en/
Investor Contact:ICRGaro Toomajanian,
703-226-3610ir@cvent.com
CVENT INC (NYSE:CVT)
Historical Stock Chart
From Jun 2024 to Jul 2024
CVENT INC (NYSE:CVT)
Historical Stock Chart
From Jul 2023 to Jul 2024