Fourth Quarter Revenue of $50.9 Million
Increases 29.5% Year-Over-Year
Full Year 2015 Revenue of $187.7 Million
Increases 32.0% Year-Over-Year
Cvent, Inc. (NYSE: CVT), a leading cloud-based enterprise event
management company, today announced its financial results for the
fourth quarter and full year ended December 31, 2015.
Reggie Aggarwal, founder and chief executive officer of Cvent,
said, “Our fourth quarter financial performance exceeded our
expectations for revenue and adjusted EBITDA, capping off a very
successful year for the company. Throughout 2015 our strategy to
invest in broadening and deepening our software solutions
significantly helped us in signing larger new deals and gaining
further adoption by existing customers. By developing our vision
for both the Event Cloud and Hospitality Cloud, we have been able
to expand the size of our addressable market, attract an
increasingly diverse array of customers of all sizes and
industries, and further solidify our leadership position in the
market.”
Aggarwal added, “In 2016 we plan to continue the strategy that
helped drive our success in 2015 by investing in technology that
will broaden our reach to new customers around the world and expand
our relationships with existing customers. We will also look to
expand our sales team in 2016, especially in account management, to
help us further expand our relationships with enterprise customers.
While we have had significant success in growing our leadership
position, we believe we still have vast opportunities ahead of us,
which our continued investments will enable us to capture. We
believe this strategy will produce strong revenue growth and
adjusted EBITDA in 2016 and beyond, as we continue to transform the
meetings and events industry.”
Fourth Quarter 2015 Financial
Highlights
Revenue
- Total revenue was $50.9 million, an
increase of 29.5% from the comparable period in 2014.
- Event Cloud revenue was $36.0 million,
an increase of 30.2% from the comparable period in 2014.
- Hospitality Cloud revenue was $14.9
million, an increase of 27.7% from the comparable period in
2014.
Operating (Loss) Income
- GAAP operating loss was $(7.2) million
and included a loss of $(5.4) million associated with the sales of
the company's consumer ticketing and related mobile businesses.
This compares to a $(3.0) million loss in the comparable period in
2014.
- Non-GAAP operating income was $4.3
million, compared to $0.2 million in the comparable period in
2014.
Net (Loss) Income
- GAAP net loss was $(11.6) million and
included a loss of $(5.4) million associated with the sales of the
company’s consumer ticketing and related mobile businesses, and a
$(7.8) million income tax expense resulting from a non-cash charge
to establish a valuation allowance against deferred tax assets.
This compares to a GAAP net loss of $(1.9) million for the
comparable period in 2014. GAAP net loss per share was $(0.28),
based on 42.0 million basic and diluted weighted average
common shares outstanding, compared to $(0.05) for the comparable
period in 2014, based on 41.1 million basic and diluted weighted
average common shares outstanding.
- Non-GAAP net loss was $(0.1) million
and included the aforementioned $(7.8) million income tax expense
to establish a valuation allowance against deferred tax assets.
Non-GAAP net loss per share was $0.00, based on 42.0 million basic
and diluted weighted average common shares outstanding. Excluding
this tax impact, non-GAAP net income outperformed guidance by 6.2
million, or $0.15 per diluted share. This compares to non-GAAP net
income of $1.3 million in the comparable period in 2014, or $0.03
per diluted share for the comparable period in 2014, based on 43.2
million diluted weighted average common shares outstanding.
Adjusted EBITDA
- Adjusted EBITDA was $9.1 million,
representing an adjusted EBITDA margin of 17.9%, compared to $3.3
million, or an adjusted EBITDA margin of 8.5%, in the comparable
period in 2014.
Full Year 2015 Financial
Highlights
Revenue
- Total revenue was $187.7 million, an
increase of 32.0% from 2014.
- Event Cloud revenue was $130.7 million,
an increase of 31.1% from 2014.
- Hospitality Cloud revenue was $57.0
million, an increase of 34.0% from 2014.
Operating (Loss) Income
- GAAP operating loss was $(16.5) million
and included a loss of $(5.4) million associated with the sales of
the company's consumer ticketing and related mobile businesses.
This compares to a $(0.2) million loss in 2014.
- Non-GAAP operating income was $10.7
million, compared to $8.2 million in 2014.
Net (Loss) Income
- GAAP net loss was $(18.8) million and
included the same adjusting items mentioned in the Fourth Quarter
Financial Highlights. This compares to GAAP net income of $1.8
million in 2014. GAAP net loss per share was $(0.45) in 2015, based
on 41.6 million basic and diluted weighted average common
shares outstanding, compared to GAAP net income per diluted share
of $0.04 for the comparable period in 2014, based on 43.2 million
diluted weighted average common shares outstanding.
- Non-GAAP net income was $10.3 million
and included the aforementioned $(7.8) million income tax expense
to establish a valuation allowance against deferred tax assets.
Non-GAAP net income per diluted share was $0.24, based on 43.4
million diluted weighted average common shares outstanding.
Excluding this tax impact, non-GAAP net income outperformed
guidance by $6.1 million, or $0.14 per diluted share. This compares
to non-GAAP net income of $10.3 million in 2014, or $0.24 per
diluted share, based on 43.2 million diluted weighted average
common shares outstanding.
Adjusted EBITDA
- Adjusted EBITDA was $27.5 million,
representing an adjusted EBITDA margin of 14.6%, compared to $18.0
million, or an adjusted EBITDA margin of 12.6%, in 2014.
Recent Business
Highlights
- Signed new enterprise solutions
customers across the US and internationally, including a Fortune
500 reinsurance company, a Forbes Global 50 bank, and a Fortune 200
global business services and technology company, as well as
expansions or renewals with a Fortune 50 technology company, a
Fortune 50 chemical company, a Forbes Global 2000 publishing and
information services company, and a Fortune 200 medical products
company.
- Attracted new mid-market event
management customers including a privately-held regional fast food
chain and the University of Colorado Boulder, and renewed or
expanded agreements with Atlantic Media, Teach for America, and
Plexus Worldwide.
- Experienced continued adoption of
mobile app technology with new customers including a Forbes Global
50 bank, and Tech Exec Networks, a technology and information
security executive networking and relationship-marketing firm.
Organizations that renewed or expanded relationships include a
Fortune 100 technology company, one of the largest labor unions in
the United States, Optiv Security, and The Tax Institute.
- Added new Hospitality Cloud customers
such as Interstate Hotels & Resorts, and signed renewals or
expansions with customers such as Kessler Collection, Rosen Hotels
& Resorts, Wyndham Hotel Group, and other top hotel
chains.
- Divested consumer ticketing assets in
December, as previously announced, and consumer mobile assets in
January 2016, intensifying the company’s focus and resources on
corporate event management solutions and group business platform
for the hospitality industry.
Full Year 2015 Business Highlights and
Metrics
- Increased focus on the entire event
life cycle, closing more deals that include multiple solutions
across the platform to new customers, including Subway,
Infusionsoft, Hyland Software and Alarm.com.
- Achieved greater penetration within the
higher education marketplace, signing top universities such as
Northwestern University, Yale University, and University of
Michigan. Forty-five of the top one hundred US colleges and
universities according to US News and World Report are now
customers.
- Launched Onsite Solutions and acquired
Alliance Tech, positioning the company to manage larger
conferences, delivering clean, efficient, and engaging "day of"
experiences and allowing event marketers to effectively measure
each attendee's journey.
- Launched Cvent Express, which in
combination with Onsite Solutions allows us to support a broader
spectrum of meetings and events ranging from twenty-five person
training seminars to complex, multi-day conferences for tens of
thousands of attendees.
- Extended the Hospitality Cloud's
capabilities beyond Group Marketing Solutions with new Group Demand
Management and Group Business Intelligence solutions.
- Ended the year with over 15,800
customers, an increase of 13% compared to over 14,000 customers at
the end of 2014.
- Managed 344,000 meetings, an increase
of 30% from 2014.
- Processed 15.0 million individual event
registrations, a 37% increase from 2014.
- Processed $9.8 billion in meeting and
event request for proposal (RFP) volume, an increase of 14% from
2014.
- Transmitted 1.8 million RFPs, an
increase of 15% from 2014.
For a further description of how the Company defines and
calculates these metrics, see the Business Metrics Definition
section at the end of this release.
Business Outlook
Based on information available as of today, Cvent is issuing
guidance for the first quarter and full year 2016 as follows. Refer
to the reconciliation of GAAP guidance to non-GAAP guidance table
at the end of this release for details on non-GAAP adjustments.
Additionally, as in the fourth quarter of 2015, GAAP and non-GAAP
net income (loss) guidance for the first quarter and full year 2016
are negatively impacted by tax valuation allowances of
approximately $3 million and $13 million, respectively. Finally,
non-GAAP net income (loss) guidance now includes intangible asset
amortization expense, which was excluded from this measure in
2015.
First Quarter 2016:
- Total revenue is expected to be in the
range of $51.0 million to $51.5 million, representing 24% to 25%
growth, or approximately 29% to 30% when excluding divested
businesses from 2015 revenue.
- GAAP net loss is expected to be in the
range of $(7.3) million to $(6.9) million, or $(0.17) to $(0.16)
per share, based on 42.2 million basic and diluted weighted
average common shares outstanding.
- Non-GAAP net loss is expected to be in
the range of $(1.8) million to $(1.4) million, or $(0.04) to
$(0.03) per share, based on 42.2 million basic and diluted
weighted average common shares outstanding.
- Adjusted EBITDA is expected to be in
the range of $4.4 million to $4.8 million.
Full Year 2016:
- Total revenue is expected to be in the
range of $228.5 million to $231.5 million, representing 22% to 23%
growth, or approximately 27% to 28% when excluding divested
businesses from 2015 revenue.
- GAAP net loss is expected to be in the
range of $(31.5) million to $(30.0) million, or $(0.74) to $(0.71)
per share, based on 42.5 million basic and diluted weighted
average common shares outstanding.
- Non-GAAP net income (loss) is expected
to be in the range of a loss of $(1.2) million to income of $0.3
million, or a loss of $(0.03) per share to income of $0.01 per
share, based on 42.5 million basic and diluted weighted average
common shares outstanding and 43.9 million diluted weighted
average common shares outstanding, respectively.
- Adjusted EBITDA is expected to be in
the range of $27.5 million to $29.0 million.
Conference Call Information
What: Cvent Fourth Quarter and Full Year 2015 Financial
Results Conference Call When: Thursday, February 25, 2016
Time: 4:30 p.m. ET Live Call: (877) 328-1165,
Domestic (412) 317-5468, International Replay: (877)
344-7529, Passcode 10080902, Domestic (412) 317-0088, Passcode
10080902, 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 company, with over 15,800 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 and marketing expenses, Non-GAAP research and
development expenses, Non-GAAP general and administrative
expenses, Non-GAAP operating (loss) income, Adjusted EBITDA,
Non-GAAP net (loss) income and Non-GAAP net (loss) 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 expense. 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
twelve months ended December 31, 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.
Losses on divested businesses. Cvent’s non-GAAP financial
measures exclude losses on divested businesses. 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 divested businesses.
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.
Business Metrics Definitions
Events and Meetings Managed. We define events and meetings
managed as the total number of all events and meetings managed
through our platform in a given period. This amount includes all
events and meetings using the date the event was created as listed
in our system to determine which period the event was first
actively managed by our platform. This also includes meetings being
tracked on our platform by large enterprise clients for budgeting
and management purposes, some of which may be historical meetings.
We generally do not generate revenue on the basis of a rate per
event or meeting. Our pricing model is based on a combination of
(i) contracted fees for blocks of registrations with an
additional fee being charged for every registration being processed
over and above that contracted amount, (ii) annual maintenance
fees and (iii) a fee per each additional module sold within
our platform. Thus, the total number of events and meetings managed
is a leading indicator of our revenue and helps us evaluate the
scale being executed through our Event & Conference Management
or Strategic Meetings Management solutions.
Event Registrations Processed. We measure event registrations
processed as the total number of all attendee registrations
executed through our platform in a given period. We believe that
the number of event registrations processed and the year-on-year
growth rate help us evaluate the scale of events being executed
through our software platform. We do not generate revenue on the
basis of a fixed percentage per registration. Our pricing model is
based on a combination of (i) contracted fees for blocks of
registrations with an additional fee being charged for every
registration being processed over and above that contracted amount,
(ii) annual support fees and (iii) a fee per each
additional module sold within our platform, among other
considerations. Thus, increases in registrations are a leading
indicator of future increases in our revenue.
RFP Dollars Processed. The estimated amount sourced through our
Hospitality Cloud is based on the number of participant days and
room days requested through our marketplace for the respective year
and (i) the average daily hotel room rate and (ii) average
daily food and beverage rate where applicable. The average daily
hotel room rate and food and beverage rate are adjusted every
quarter based on actual price data from all awarded proposals to
RFPs for the trailing 12 months. The food and beverage average
assumes, for any RFPs with meeting space: (i) a morning break,
afternoon break, and lunch, for RFPs through CSN; and (ii) a snack
and lunch for any RFPs transmitted through EliteMeetings.com and
SpeedRFP.com. This estimate is premised on RFPs transmitted by
planners in each year including those that were never responded to,
and may not reflect the actual transactions that ultimately took
place, which we generally expect are lower in total dollar value
than the estimates above. While we do not earn material revenue
from our role in facilitating the introduction of the parties to
these transactions through the transmission of the RFPs, we believe
that the total estimated value of unique RFPs provides an
indication of the growing scale and importance of our marketplace.
In 2015, we have made changes in our methodology for calculating
the average daily food and beverage rate and these changes have
been uniformly applied to the prior years in order to provide a
relevant and comparable amount in all periods presented.
Number of RFPs Transmitted. We calculate the number of RFPs
transmitted as the total count of all RFPs sent to all hotels and
venues through our Hospitality Cloud during the calendar year
excluding events and meetings identified by the planner as
canceled. Most event planners request proposals from multiple
venues for a particular event, and this metric reflects the gross
level of activity by planners interacting with venues. We believe
that the number of RFPs processed through our Hospitality Cloud is
a leading indicator of our online marketplace’s adoption by event
planners, as it shows the total level of activity on our network.
As the number of RFPs transmitted increases, more venues are
incentivized to advertise and list in our Hospitality Cloud due to
the increased opportunity for venues to connect with planners.
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 operational and investment strategies;
progress in transforming the industry and capturing market share;
statements regarding our preliminary unaudited revenue, net (loss)
income and profitability margins for Cvent’s fourth quarter and
fiscal year ended December 31, 2015; statements regarding our
guidance for the first quarter and full year 2016 revenue, net
(loss) income, net (loss) income per share, non-GAAP net (loss)
income, non-GAAP net (loss) income 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) December 31,
2015 2014 Assets (unaudited)
Current assets: Cash and cash equivalents $ 118,662 $ 144,544
Restricted cash 378 397 Short-term investments 26,799 23,039
Accounts receivable, net of reserve of $248 and $339, respectively
30,483 44,986 Prepaid expense and other current assets 17,175
13,107 Deferred tax assets — 3,776 Total current
assets 193,497 229,849 Property and equipment, net 24,416 22,535
Capitalized software development costs, net 24,039 17,967
Intangible assets, net 17,055 9,442 Goodwill 38,940 20,802 Other
non-current assets 3,653 313 Total assets $ 301,600
$ 300,908
Liabilities and Stockholders’ Equity
Current liabilities: Accounts payable $ 1,692 $ 5,057 Accrued and
other current liabilities 29,241 18,534 Deferred revenue 77,524
82,030 Total current liabilities 108,457 105,621
Deferred tax liabilities, non-current 2,347 7,086 Deferred rent,
non-current 11,527 9,576 Other liabilities, non-current 4,988
4,791 Total liabilities 127,319 127,074 Commitments
and contingencies Stockholders’ equity: Preferred stock, $0.001 par
value, 100,000,000 shares authorized at December 31, 2015 and 2014,
respectively; and zero issued and outstanding at December 31 2015
and 2014 — — Common stock, $0.001 par value; 1,000,000,000 shares
authorized at December 31, 2015, 42,523,229 and 41,685,048 issued
and 42,003,015 and 41,164,834 outstanding at December 31, 2015 and
2014, respectively 43 42 Treasury stock (3,966 ) (3,966 )
Additional paid-in capital 218,493 199,169 Accumulated other
comprehensive loss (274 ) (220 ) Accumulated deficit (40,015 )
(21,191 ) Total stockholders’ equity 174,281 173,834
Total liabilities and stockholders’ equity $ 301,600 $
300,908
Cvent, Inc. Consolidated
Statements of Operations and Comprehensive Income (Loss) (in
thousands, except share and per share data)
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
2015 2014 2015
2014 (unaudited)
(unaudited)
Revenue $ 50,908 $ 39,325 $ 187,716 $ 142,245 Cost of revenue(1)
16,084 12,869 59,743 42,066 Gross
profit 34,824 26,456 127,973 100,179 Operating expenses: Sales and
marketing(1) 19,287 17,549 77,931 61,764 Research and
development(1) 6,668 3,701 22,006 14,049 General and
administrative(1) 10,001 7,123 34,699 23,070 Intangible asset
amortization, excluding cost of revenue 738 136 2,230 418 Loss on
asset disposition 5,157 — 5,157 — Loss from foreign currency
transactions 148 984 2,448 1,109 Total
operating expenses 41,999 29,493 144,471
100,410 (Loss) income from operations (7,175 ) (3,037 )
(16,498 ) (231 ) Interest income 656 504 2,456 1,595 Other expense
— — (426 ) (434 ) (Loss) income from operations
before income taxes (6,519 ) (2,533 ) (14,468 ) 930 Provision for
(benefit from) income taxes 5,059 (623 ) 4,356 (864 )
Net (loss) income $ (11,578 ) $ (1,910 ) $ (18,824 ) $ 1,794
Net (loss) income per common share: Basic $ (0.28 ) $ (0.05 ) $
(0.45 ) $ 0.04 Diluted $ (0.28 ) $ (0.05 ) $ (0.45 ) $ 0.04
Weighted average common shares outstanding—basic 41,971,511
41,147,244 41,627,963 40,970,083 Weighted average common shares
outstanding—diluted 41,971,511 41,147,244 41,627,963 43,172,673
Other comprehensive loss: Foreign currency translation loss (18 )
(220 ) (54 ) (220 ) Comprehensive (loss) income $ (11,596 ) $
(2,130 ) $ (18,878 ) $ 1,574 1Stock-based
compensation expense included in the above: Cost of revenue $ 428 $
268 $ 1,934 $ 820 Sales and marketing 1,165 454 4,250 1,571
Research and development 1,101 271 3,410 1,002 General and
administrative 667 274 2,173 978 Total
$ 3,361 $ 1,267 $ 11,767 $ 4,371
Cvent, Inc. Consolidated Statements of Cash
Flows (in thousands)
Twelve Months EndedDecember
31,
2015 2014 Operating activities:
(unaudited) Net (loss) income $ (18,824 ) $ 1,794 Adjustments to
reconcile net (loss) income to net cash provided by operating
activities: Depreciation and amortization 20,221 10,590 Bad debt
expense, net 1,072 317 Foreign currency transaction loss 55 8
Stock-based compensation expense 11,767 4,371 Change in deferred
taxes (1,364 ) 1,097 Loss on asset disposition 5,411 487 Change in
operating assets and liabilities: Accounts receivable, net 13,308
(11,005 ) Prepaid expenses and other assets (7,371 ) (5,184 )
Accounts payable, accrued and other liabilities 8,646 8,623
Deferred revenue (5,705 ) 17,277 Net cash provided by
operating activities 27,216 28,375 Investing activities: Purchase
of property and equipment (8,406 ) (18,838 ) Capitalized software
development costs (17,760 ) (13,720 ) Purchase of short-term
investments, net (3,760 ) (11,680 ) Acquisitions, net of cash
acquired (30,177 ) (11,673 ) Restricted cash 19 267
Net cash used in investing activities (60,084 ) (55,644 ) Financing
activities: Proceeds from follow-on public offering, net of
transaction costs — 24,846 Excess tax benefits from stock-based
compensation 5,107 — Proceeds from exercise of stock options and
warrants 2,107 779 Net cash provided by financing
activities 7,214 25,625 Effect of exchange rate changes on cash and
cash equivalents (228 ) (219 ) Decrease in cash and cash
equivalents (25,882 ) (1,863 ) Cash and cash equivalents, beginning
of year 144,544 146,407 Cash and cash equivalents,
end of year $ 118,662 $ 144,544 Supplemental cash
flow information: Income taxes paid $ 319 $ 1,662
Supplemental disclosure of non-cash investing and financing
activities: Change in accounts payable for purchase of property and
equipment $ 706 $ 973 Change in goodwill due to finalization of
purchase accounting $ 121 $ 462
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (in
thousands, except per share amounts and share counts)
(unaudited)
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
2015 2014 2015
2014 Cost of revenue $
16,084
$ 12,869 $ 59,743 $ 42,066 Adjustments Stock-based compensation
expense (428 ) (268 ) (1,934 ) (820 ) Amortization of acquired
intangible assets (333 ) (110 ) (1,105 ) (449 ) Costs related to
acquisitions (15 ) — (123 ) —
Non-GAAP cost of
revenue expenses $ 15,308 $
12,491 $ 56,581 $
40,797
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
2015 2014 2015 2014 Sales and marketing
$ 19,287 $ 17,549 $ 77,931 $ 61,764 Adjustments Stock-based
compensation expense (1,165 ) (454 ) (4,250 ) (1,571 ) Costs
related to acquisitions (111 ) — (384 ) —
Non-GAAP
sales and marketing expenses $ 18,011
$ 17,095 $ 73,297
$ 60,193
Three Months EndedDecember
b31,
Twelve Months EndedDecember
31,
2015 2014 2015 2014 Research and
development $ 6,668 $ 3,701 $ 22,006 $ 14,049 Adjustments
Stock-based compensation expense (1,101 ) (271 ) (3,410 ) (1,002 )
Costs related to acquisitions (105 ) — (285 ) —
Non-GAAP research and development expenses $
5,462 $ 3,430 $
18,311 $ 13,047
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
2015 2014 2015 2014 General and
administrative $ 10,001 $ 7,123 $ 34,699 $ 23,070 Adjustments
Stock-based compensation expense (667 ) (274 ) (2,173 ) (978 )
Costs related to acquisitions (1,207 ) (700 ) (3,403 ) (1,956 )
Impairment charge (274 ) — (274 ) — Office relocation costs —
— — (155 )
Non-GAAP general and
administrative expenses $ 7,853 $
6,149 $ 28,849 $
19,981 RECONCILIATION OF GAAP
MEASURES TO NON-GAAP MEASURES (in thousands, except per
share amounts and share counts) (unaudited)
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
2015 2014 2015
2014 Net (loss) income $ (11,578 ) $ (1,910 ) $ (18,824 ) $
1,794 Adjustments Interest income (656 ) (504 ) (2,456 ) (1,595 )
Provision for (benefit from) income taxes 5,059 (623 ) 4,356 (864 )
Depreciation and amortization expense 5,903 3,415 20,132 10,590
Other expense — — 426 434 Losses on divested businesses 5,431 —
5,431 — Stock-based compensation expense 3,361 1,267 11,767 4,371
Foreign currency remeasurement and transaction losses 148 984 2,448
1,109 Costs related to acquisitions 1,438 700 4,195 1,956 Office
relocation costs — — — 155
Adjusted
EBITDA $ 9,106 $ 3,329
$ 27,475 $ 17,950
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
2015 2014 2015 2014 GAAP operating loss
$ (7,175 ) $ (3,037 ) $ (16,498 ) $ (231 ) Adjustments Stock-based
compensation expense 3,361 1,267 11,767 4,371 Foreign currency
remeasurement and transaction losses 148 984 2,448 1,109 Costs
related to acquisitions 1,438 700 4,195 1,956 Amortization of
intangible assets 1,071 246 3,335 867 Losses on divested businesses
5,431 — 5,431 — Office relocation costs — — —
155
Non-GAAP operating income $ 4,274
$ 160 $ 10,678
$ 8,227
Three Months EndedDecember
31,
Twelve Months EndedDecember
31,
2015 2014 2015 2014 GAAP net (loss)
income $ (11,578 ) $ (1,910 ) $ (18,824 ) $ 1,794 Adjustments
Stock-based compensation expense 3,361 1,267 11,767 4,371 Losses on
divested businesses 5,431 — 5,431 — Foreign currency remeasurement
and transaction losses 148 984 2,448 1,109 Costs related to
acquisitions 1,438 700 4,195 1,956 Amortization of intangible
assets 1,071 246 3,335 867 Excess tax benefits from stock-based
compensation — — 1,978 — Office relocation costs — —
— 155
Non-GAAP net (loss) income $
(129 ) $ 1,287 $
10,330 $ 10,252 Non-GAAP diluted
weighted average common shares outstanding 41,971,511 43,168,138
43,421,855 43,172,673 GAAP diluted weighted average common shares
outstanding 41,971,511 41,147,244 41,627,963 43,172,673 Non-GAAP
net (loss) income per diluted share $ — $ 0.03 $ 0.24 $ 0.24 GAAP
net (loss) income per diluted share $ (0.28 ) $ (0.05 ) $ (0.45 ) $
0.04
RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP
GUIDANCE(1) (in thousands, except per share amounts and
share counts) (unaudited)
Three Months EndedMarch 31,
2016
Twelve Months EndedDecember 31,
2016
GAAP net loss $ (7,100 ) $ (30,750 ) Adjustments Interest income
(400 ) (1,000 ) Provision for income taxes 600 2,200 Depreciation
and amortization expense 6,000 27,500 Stock-based compensation
expense 4,800 27,200 Costs related to acquisitions 700 3,100
Adjusted EBITDA $ 4,600 $
28,250
Three Months EndedMarch 31,
2016
Twelve Months EndedDecember 31,
2016
GAAP net loss $ (7,100 ) $ (30,750 ) Adjustments Stock-based
compensation expense 4,800 27,200 Costs related to acquisitions 700
3,100 Non-GAAP net loss
$ (1,600
) $ (450 ) Non-GAAP diluted weighted
average common shares outstanding 42,200 42,500 GAAP diluted
weighted average common shares outstanding 42,200 42,500 Non-GAAP
net loss per diluted share $ (0.04 ) $ (0.01 ) GAAP net loss per
diluted share $ (0.17 ) $ (0.72 )
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/20160225006658/en/
Investor Contact:ICRGaro Toomajanian,
703-226-3610ir@cvent.com
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