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
- 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.
- 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.
- 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 was $4.3 million, compared to $5.3 million in the comparable period in 2012.
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