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Cvent Announces First Quarter 2014 Financial Results

Stocks in this article: CVT

Cvent, Inc. (NYSE: CVT), a leading cloud-based enterprise event management platform, today announced its financial results for the first quarter ended March 31, 2014.

“We had a strong start to 2014,” said Reggie Aggarwal, Chief Executive Officer of Cvent. “Revenue in the first quarter increased 29% as compared to the first quarter in the prior year. We continued to see strong momentum for our solutions that automate and improve 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. The combination of our first quarter performance and continued business momentum is reflected in our increased guidance. We are pleased to be able to balance strong revenue growth with healthy profitability as we continue to scale our business for the long-term.”

First Quarter 2014 Financial Highlights

Revenue

  • Total revenue was $31.4 million, an increase of 29% from the comparable period in 2013.
  • Platform Subscription revenue was $21.7 million, an increase of 27% from the comparable period in 2013.
  • Marketing Solutions revenue was $9.7 million, an increase of 34% from the comparable period in 2013.

Operating Income

  • GAAP operating income was $0.6 million, compared to a GAAP operating loss of $(0.3) million in the comparable period in 2013.
  • Non-GAAP operating income was $1.5 million, consistent with the comparable period in 2013.

Net Income

  • GAAP net income was $1.6 million, compared to net income of $0.3 million for the comparable period in 2013. GAAP net income per diluted share was $0.04, based on 43.2 million weighted average common shares outstanding on a fully diluted basis, compared to GAAP net income per diluted share of $0.01 for the comparable period in 2013, based on 34.6 million weighted average common shares outstanding on a fully diluted basis.
  • Non-GAAP net income was $2.5 million compared to $2.1 million in the comparable period in 2013. Non-GAAP net income per share was $0.06, based on 43.2 million weighted average common shares outstanding on a fully diluted basis, compared to non-GAAP net income per share of $0.06 for the comparable period in 2013, based on 34.6 million weighted average common shares outstanding on a fully diluted basis.

Adjusted EBITDA

  • Adjusted EBITDA was $3.5 million, representing an adjusted EBITDA margin of 11%, compared to $3.2 million and 13% in the comparable period in 2013.

Balance Sheet

  • Cash, cash equivalents and short-term investments at March 31, 2014 totaled $201.7 million.

Recent Business Highlights

  • Attracted new Strategic Meeting Management customers across the Fortune 1000, including Gulfstream, Polycom and Protective Life Corporation, and expanded relationships with customers such as Biogen Idec, Sunovion Pharmaceuticals and National Grid, with many of these clients expanding their subscribed features and functionality across the Cvent platform.
  • Signed new platform subscription customers including Plexus Worldwide, the University of Southern California and Wasserman Media, and renewed or expanded multi-year agreements with diverse customers including Tableau Software, Illumina and Elekta.
  • Expanded our leadership in mobile solutions for meeting and event planners with new customers including the Choice Hotels Owners Council and Hewlett-Packard, and renewed mobile subscriptions at organizations such as Experian, the Institute of Internal Auditors and TESSCO Technologies.
  • Added new marketing solutions with hotel customers internationally, such as TRYP by Wyndham in Europe and Latin America, the Mandarin Oriental Hong Kong and the Oberoi in Dubai; and domestically at hotels such as the Trump Hotel Collection, the Grand Cascades Lodge and Revel Resort in Atlantic City. New marketing solutions customers also included convention and visitors’ bureaus around the world representing countries like Switzerland, Mexico and Singapore, as well as cities like Detroit and Fort Collins. We also signed renewal contracts with organizations including Atlantis, Crowne Plaza, and Fairmont Raffles Hotels International, as well as the convention and visitors’ bureaus in Houston and New Orleans, with many of these organizations extending their contract for multiple years.
  • Held the Company’s first annual Group Business Forum for the hospitality industry, with over 400 executive attendees representing hotels and destinations worldwide. This event provided an opportunity for Thought Leaders to come together to understand industry technology trends and to network with one another.

Business OutlookBased on information available as of May 14, 2014, Cvent is issuing guidance for the second quarter and full year 2014 as indicated below.

Second Quarter 2014:

  • Total revenue is expected to be in the range of $33.3 million to $33.7 million.
  • GAAP net loss is expected to be in the range of $(2.3) million to $(1.9) million, or $(0.06) to $(0.05) per share, based on 40.7 million basic weighted average common shares outstanding.
  • Non-GAAP net loss is expected to be in the range of $(0.4) million to breakeven, or $(0.01) to breakeven per share, based on 40.7 million basic weighted average common shares outstanding.
  • Adjusted EBITDA is expected to be in the range of $1.6 million to $2.0 million.

Full Year 2014:

  • Total revenue is expected to be in the range of $138.7 million to $140.3 million.
  • GAAP net loss is expected to be in the range of $(7.0) million to $(5.8) million, or $(0.17) to $(0.14) per share, based on 40.8 million basic weighted average common shares outstanding.
  • Non-GAAP net income is expected to be in the range of $0.4 million to $1.6 million, or $0.01 to $0.04 per share, based on 42.7 million diluted weighted average common shares outstanding.
  • Adjusted EBITDA is expected to be in the range of $13.6 million to $14.6 million.

Conference Call Information

What:     Cvent First Quarter 2014 Financial Results Conference Call
When: Wednesday, May 14, 2014
Time: 4:30 p.m. ET
Live Call: (800) 860-2442, domestic
(412) 858-4600, international
Replay: (877) 344-7529, passcode 10045313, domestic
(412) 317-0088, passcode 10045313, international
Webcast:

http://investors.cvent.com (live and replay)

 

The webcast will be archived on Cvent’s website for a period of three months.

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