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Cvent Announces Second Quarter 2013 Financial Results

Cvent, Inc. (NYSE: CVT), a leading cloud-based enterprise event management platform, today announced its financial results for the quarter ended June 30, 2013.

“We are pleased with the company’s second quarter performance, which was highlighted by strong growth in revenue and increased demand from both new and existing customers of all sizes,” said Reggie Aggarwal, Chief Executive Officer of Cvent. “We are at the early stages of transforming the meeting and events industry with our cloud-based platform, and we believe Cvent is uniquely positioned to capitalize on this multi-billion dollar market opportunity. We believe our recent IPO will help to further advance Cvent’s leadership position by increasing our market awareness and providing us with increased resources to scale our business for the long-term.”

Second Quarter 2013 Financial Highlights

Revenue
  • Total revenue was $26.9 million, an increase of 36% from the comparable period in 2012.
  • Platform Subscription revenue was $18.8 million, an increase of 35% from the comparable period in 2012.
  • Marketing Solutions revenue was $8.1 million, an increase of 39% from the comparable period in 2012.

Operating Income (Loss)
  • GAAP operating loss was ($1.3) million, compared to operating income of $1.3 million in the comparable period in 2012.
  • Non-GAAP operating income was $2.3 million, compared to $4.0 million in the comparable period in 2012.

Net Income (Loss)
  • GAAP net loss was ($2.3) million, compared to net income of $0.5 million for the comparable period in 2012. GAAP net loss per share was ($0.07), based on 33.1 million pro forma diluted weighted average common shares outstanding, compared to a GAAP net income per share of $0.01 for the comparable period in 2012, based on 34.8 million diluted weighted average common shares outstanding.
  • Non-GAAP net income was $1.4 million, compared to $3.2 million in the comparable period in 2012. Non-GAAP net income per diluted share was $0.04, based on 34.6 million pro forma diluted weighted average common shares outstanding, compared to $0.09 for the second quarter of 2012, based on 34.8 million diluted weighted average common shares outstanding.

Adjusted EBITDA
  • Adjusted EBITDA was $4.3 million, compared to $5.3 million in the comparable period in 2012.

Decreases in profitability compared to the year-ago period were due primarily to the impact of companies acquired during 2012, investments in R&D to enhance existing and develop new products, costs of preparing to be a public company and incremental sales & marketing investments.

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