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Cvent Announces Fourth Quarter And Full Year 2013 Financial Results

Cvent, Inc. (NYSE: CVT), a leading cloud-based enterprise event management platform, today announced its financial results for the fourth quarter and year ended December 31, 2013.

“We delivered a strong finish to 2013, highlighted by fourth quarter revenue growth of 30% compared to a year ago,” said Reggie Aggarwal, Chief Executive Officer of Cvent. “This performance reflects our belief that the marketplace is choosing our solutions to replace manual processes at all stages of the meetings and events lifecycle, serving both meetings and events planners on one side, and hotels and venues on the other. Our continued momentum is driven by the addition of numerous, diverse, new customers to Cvent, as well as by continued strong renewals and upgrade activity with existing customers across our broad portfolio of products.”

Aggarwal added, “As we look ahead, we remain optimistic about Cvent’s growth opportunity, which is evidenced by our guidance for continued strong growth. We are still in the early stages of ramping investments in our long-term growth initiatives following our IPO in 3Q13, and we believe continued execution of our strategy will enable us to meaningfully scale our business and continue to take a disproportionate share of the large opportunity in front of Cvent.”

Fourth Quarter 2013 Financial Highlights

Revenue

  • Total revenue was $30.7 million, an increase of 30% from the comparable period in 2012.
  • Platform Subscription revenue was $21.4 million, an increase of 28% from the comparable period in 2012.
  • Marketing Solutions revenue was $9.3 million, an increase of 35% from the comparable period in 2012.

Operating Income

  • GAAP operating loss was $(0.7) million, compared to operating income of $1.8 million in the comparable period in 2012.
  • Non-GAAP operating income was $0.3 million, compared to non-GAAP operating income of $3.8 million in the comparable period in 2012.

Net Income (Loss)

  • GAAP net loss was $(0.6) million, compared to net income of $1.5 million for the comparable period in 2012. GAAP net loss per share for the three months ended December 31, 2013 was $(0.02), based on 39.9 million basic and diluted weighted average shares outstanding, compared to GAAP net income per share of $0.04 for the comparable period in 2012, based on 34.6 million diluted weighted average common shares outstanding.
  • Non-GAAP net income was $0.4 million compared to $3.6 million in the comparable period in 2012. Non-GAAP net income per diluted share was $0.01, based on 39.9 million diluted weighted average common shares outstanding, compared to non-GAAP net income per diluted share of $0.10 for the fourth quarter of 2012, based on 34.6 million diluted weighted average common shares outstanding.

Adjusted EBITDA

  • Adjusted EBITDA was $2.3 million, representing an adjusted EBITDA margin of 7%. This compared to $5.4 million and 23% in the comparable period in 2012.

Balance Sheet

  • Cash, cash equivalents and short-term investments at December 31, 2013 totaled $157.8 million.

Full Year 2013 Financial Highlights

Revenue

  • Total revenue was $111.1 million, an increase of 33% from 2012.
  • Platform Subscription revenue was $77.4 million, an increase of 32% from 2012.
  • Marketing Solutions revenue was $33.7 million, an increase of 36% from 2012.

Operating Income

  • GAAP operating loss was $(2.0) million, compared to operating income of $7.9 million in 2012.
  • Non-GAAP operating income was $7.3 million, compared to $14.9 million in 2012.

Net Income (Loss)

  • GAAP net loss was $(3.4) million, compared to net income of $4.3 million in 2012. GAAP net loss per share was $(0.14), based on 25.3 million basic and diluted weighted average shares outstanding, compared to GAAP net income per share of $0.12 in 2012, based on 34.8 million diluted weighted average common shares outstanding.
  • Non-GAAP net income was $5.9 million compared to $11.3 million in 2012. Non-GAAP net income per diluted share was $0.23, based on 25.3 million diluted weighted average common shares outstanding, compared to non-GAAP net income per diluted share of $0.32 in 2012, based on 34.8 million diluted weighted average common shares outstanding.

Adjusted EBITDA

  • Adjusted EBITDA was $15.0 million, representing an adjusted EBITDA margin of 14%. This compared to $20.3 million and 24% in 2012.

Decreases in profitability compared to the comparable period in the prior year were due primarily to the continued integration of companies acquired during 2012, investments in research and development to enhance existing and develop new products, increased costs of being a public company and incremental sales and marketing investments.

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