Cvent, Inc. (NYSE: CVT), a leading cloud-based enterprise event management platform, today announced its financial results for the quarter ended September 30, 2013.
“We are pleased to report third quarter results for all of our key financial metrics, with revenue up 33% from a year ago and healthy growth across all our major offerings,” said Reggie Aggarwal, Chief Executive Officer of Cvent. “During the quarter, we continued to scale our business with new and existing customers as we drive the transformation of the global meetings and event management industry. With the completion of our IPO, we are now in the early stages of ramping up investments in sales and marketing and R&D to further extend our leadership position and value proposition. We are excited about the future, which is reflected in our increased guidance for the full year 2013.”
Third Quarter 2013 Financial Highlights
- Total revenue was $29.1 million, an increase of 33% from the comparable period in 2012.
- Platform Subscription revenue was $20.1 million, an increase of 31% from the comparable period in 2012.
- Marketing Solutions revenue was $9.0 million, an increase of 39% from the comparable period in 2012.
Net Income (Loss)
- GAAP operating income was $0.3 million, compared to operating income of $2.9 million in the comparable period in 2012.
- Non-GAAP operating income was $3.1 million, compared to $4.0 million in the comparable period in 2012.
- GAAP net loss was $(0.8) million, compared to net income of $1.4 million for the comparable period in 2012. On a pro forma basis to reflect the conversion of all outstanding preferred shares as of January 1, 2013, GAAP net loss per share for the three months ended September 30, 2013 would have been $(0.02), based on 37.1 million basic weighted average shares outstanding, compared to GAAP net income per share of $0.04 for the comparable period in 2012, based on 34.9 million diluted weighted average common shares outstanding.
- Non-GAAP net income was $2.0 million compared to $2.5 million in the comparable period in 2012. Non-GAAP net income per diluted share was $0.05, based on 39.5 million pro forma diluted weighted average common shares outstanding, compared to $0.07 for the third quarter of 2012, based on 34.9 million diluted weighted average common shares outstanding.
- Adjusted EBITDA was $5.1 million, representing an adjusted EBITDA margin of 18%. This compared to $5.3 million in the comparable period in 2012.
Decreases in profitability compared to the comparable period in the prior year were due primarily to the impact of companies acquired during 2012, investments in R&D to enhance existing and develop new products, costs of being a public company and incremental sales & marketing investments.