[February 27, 2015] |
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Cvent Announces Fourth Quarter and Full Year 2014 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, 2014.
Reggie Aggarwal, Chief Executive Officer of Cvent, said, "Our fourth
quarter was a strong finish to a great year for Cvent. Revenue and
Adjusted EBITDA were above the high end of our guidance ranges, even
when you include the dilutive impact of our Elite Meetings acquisition,
which was not considered in our previous guidance. In 2015 we plan to
leverage our recent acquisitions to further develop our vision of the
Hospitality Cloud that enables hotels and venues to generate, manage and
measure group business opportunities through a combination of our
advertising, software and analytics technologies. We believe we are
well-positioned to continue expanding on our leading market position by
adding new customers on both sides of the meetings and events ecosystem,
and deepening and widening relationships with existing customers."
Aggarwal added, "We believe our momentum entering the year will enable
us to extend our track record of strong revenue growth in 2015. We
anticipate delivering healthy cash profitability while continuing to
invest in areas that will enable us to transform the meetings and events
industry and capture the significant opportunity ahead of us."
Fourth Quarter 2014 Financial Highlights
Revenue
-
Total revenue was $39.3 million, an increase of 28% from the
comparable period in 2013.
-
Platform Subscription revenue was $27.6 million, an increase of 29%
from the comparable period in 2013.
-
Marketing Solutions revenue was $11.7 million, an increase of 26% from
the comparable period in 2013.
Operating Income (Loss)
-
GAAP operating loss was $(3.0) million, compared to a GAAP operating
loss of $(0.6) million in the comparable period in 2013.
-
Non-GAAP operating income was $0.2 million, compared to non-GAAP
operating income of $0.3 million in the comparable period in 2013.
Net Income (Loss)
-
GAAP net loss was $(1.9) million, compared to a GAAP net loss of
$(0.4) million for the comparable period in 2013. GAAP net loss per
share was $(0.05), based on 41.1 million basic and diluted weighted
average common shares outstanding, compared to GAAP net loss per share
of $(0.01) for the comparable period in 2013, based on 39.9 million
basic and diluted weighted average common shares outstanding.
-
Non-GAAP net income was $1.3 million, an increase from $0.5 million in
the comparable period in 2013. Non-GAAP net income per diluted share
was $0.03, based on 43.2 million diluted common weighted average
shares outstanding, compared to non-GAAP net income per diluted share
of $0.01 for the fourth quarter of 2013, based on 42.5 million diluted
weighted average common shares outstanding. Non-GAAP net income
excludes amortization of intangible assets related to acquisitions,
which had not been excluded from prior reported non-GAAP results or
guidance.
Adjusted EBITDA
-
Adjusted EBITDA was $3.3 million, representing an adjusted EBITDA
margin of 8.5%, an increase from $2.1 million, or 6.9% of revenue in
the comparable period in 2013. Excluding $200,000 in expenses related
to the acquisition of Elite Meetings that was not considered in prior
guidance, adjusted EBITDA would have been $3.5 million.
Balance Sheet
-
Cash, cash equivalents and short-term investments at December 31, 2014
totaled $167.6 million, compared to $182.7 million at the end of the
third quarter.
Full Year 2014 Financial Highlights
Revenue
-
Total revenue was $142.2 million, an increase of 28% from 2013.
-
Platform Subscription revenue was $99.7 million, an increase of 29%
from 2013.
-
Marketing Solutions revenue was $42.5 million, an increase of 26% from
2013.
Operating Income (Loss)
-
GAAP operating loss was $(0.2) million, compared to a GAAP operating
loss of $(1.9) million in 2013.
-
Non-GAAP operating income was $8.2 million, an increase from $7.9
million in 2013.
Net Income (Loss)
-
GAAP net income was $1.8 million, compared to a GAAP net loss of
$(3.2) million in 2013. GAAP net income per share was $0.04, based on
43.2 million basic and diluted weighted average common shares
outstanding, compared to a GAAP net loss per share of $(0.13) in 2013,
based on 25.3 million diluted weighted average common shares
outstanding.
-
Non-GAAP net income was $10.3 million, an increase from $6.6 million
in 2013. Non-GAAP net income per diluted share was $0.24, based on
43.2 million diluted weighted average common shares outstanding,
compared to non-GAAP net income per diluted share of $0.18 in 2013,
based on 36.2 million diluted weighted average common shares
outstanding. Non-GAAP net income excludes amortization of intangible
assets related to acquisitions, which had not been excluded from prior
reported non-GAAP results or guidance.
Adjusted EBITDA
-
Adjusted EBITDA was $18.0 million, representing an adjusted EBITDA
margin of 12.6%. This compared to $14.8 million and 13.4% in 2013,
with the year-over-year decrease in adjusted EBITDA margin due
primarily to the continued integration of acquired companies,
investments in research and development to develop new products, and
incremental sales and marketing investments.
Recent Business Highlights
-
Signed new enterprise solutions customers across the US and
internationally, including Alexion Pharma International, BCD Meetings
& Incentives, two top-tier financial services firms, and expansions or
renewals with customers such as Allscripts, Medimmune, Russell
Investments, Teradata and Walmart.
-
Attracted new event management customers including Adobe, Partners
HealthCare, and California State University of Sacramento, and renewed
agreements with Norwegian Cruise Line, Mercedes-Benz Financial
Services USA LLC and US Bank.
-
Experienced continued rapid adoption of mobile app and ticketing
technology with new customers including The Society of Cosmetic
Chemists, the Retail Council of Canada and events such as the Taste of
Edmonton and The Mac and Cheese Fest. Organizations and venues that
renewed or expanded relationships include The Society of Automotive
Engineers, Fortinet and the Hard Rock Hotel San Diego.
-
Added new marketing solutions customers such as Benchmark Hospitality,
Margaritaville Hollywood Beach Resort, Holiday Inn Philadelphia
Stadium and convention and visitors bureaus representing Tacoma and
Pierce County, Washington and Geneva, Switzerland. Signed renewals or
expansions with organizations such as Great Wolf Lodge, Melia Hotels
International and Velas resorts.
-
Completed the acquisition of Elite Meetings International, a premier
hospitality marketing company, to expand the reach of Cvent's
group-business sourcing network and enable venues to easily manage
their electronic RFPs through one central interface.
Additional Full Year 2014 Business Metrics
-
Managed 264,000 meetings, an increase of 28% from 2013.
-
Processed 10.9 million individual event registrations, a 26% increase
from 2013.
-
Ended the year with over 14,000 customers, an increase of 11% compared
to approximately 12,650 customers at the end of 2013.
-
Processed $8 billion in meeting and event request for proposal (RFP)
volume an increase of 23% from 2013.
-
Transmitted 1.6 million RFPs, an increase of 27% from 2013.
-
Delivered over 27 million hotel room-nights requests, an increase of
31% from 2013.
For a further description of how the Company defines and calculates
these metrics, see the Company's most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission.
Business Outlook
Based on information available as of today, Cvent is issuing guidance
for the first quarter and full year 2015 as indicated below.
First Quarter 2015:
-
Total revenue is expected to be in the range of $39.7 million to $40.1
million.
-
GAAP net loss is expected to be in the range of $(4.2) million to
$(3.8) million, or $(0.10) to $(0.09) per share, based on 41.2 million
basic and diluted weighted average common shares outstanding.
-
Non-GAAP net income is expected to be in the range of a loss of ($0.1)
million to income of $0.3 million, or breakeven to $0.01 per share,
based on 41.2 million basic weighted average common shares outstanding
and 43.2 million diluted weighted average common shares outstanding,
respectively.
-
Adjusted EBITDA is expected to be in the range of $1.3 million to $1.7
million.
Full Year 2015:
-
Total revenue is expected to be in the range of $177.0.million to
$180.0 million.
-
GAAP net loss is expected to be in the range of $(12.4) million to
$(10.9) million, or $(0.30) to $(0.26) per share, based on 41.4
million basic and diluted weighted average common shares outstanding.
-
Non-GAAP net income is expected to be in the range of $9.3 million to
$10.8 million, or $0.21 to $0.25 per share, based on 43.5 million
diluted weighted average common shares outstanding.
-
Adjusted EBITDA is expected to be in the range of $17.5 million to
$19.0 million.
Conference Call Information
What:
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Cvent Fourth Quarter and Full Year 2014 Financial Results Conference
Call
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When:
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Friday, February 27, 2015
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Time:
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8:00 a.m. ET
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Live Call:
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(877) 317-6789, domestic
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(412) 317-6789, international
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Replay:
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(877) 344-7529, passcode 10059427, domestic
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(412) 317-0088, passcode 10059427, international
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Webcast:
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http://investors.cvent.com
(live and replay)
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The webcast will be archived on Cvent's website for a period of three
months.
About Cvent, Inc.
Cvent, Inc. (NYSE: CVT) is a leading cloud-based enterprise event
management platform, with more than 14,000 customers worldwide. Cvent
offers software solutions to event planners for online event
registration, venue selection, event management, mobile apps for events,
e-mail marketing and web surveys. Cvent provides hoteliers with an
integrated platform, enabling properties to increase group business
demand through targeted advertising and improve conversion through
proprietary demand management and business intelligence solutions. Cvent
solutions optimize the entire event management value chain and have
enabled clients around the world to manage hundreds of thousands of
meetings and events. For more information, please visit www.cvent.com,
or connect with us on Facebook, Twitter or LinkedIn.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures:
Non-GAAP operating income, Adjusted EBITDA, Non-GAAP net income and
Non-GAAP net income per share.
We believe that these non-GAAP measures of financial results provide
useful information to management and investors regarding certain
financial and business trends relating to Cvent's financial condition
and results of operations. We use these non-GAAP measures for financial,
operational and budgetary decision-making purposes, and to compare our
performance to that of prior periods for trend analyses. We believe that
these non-GAAP financial measures provide useful information regarding
past financial performance and future prospects, and permit us to more
thoroughly analyze key financial metrics used to make operational
decisions. We believe that the use of these non-GAAP financial measures
provides an additional tool for investors to use in evaluating ongoing
operating results and trends and in comparing our financial measures
with other software companies, many of which present similar non-GAAP
financial measures to investors.
We do not consider these non-GAAP measures in isolation or as an
alternative to financial measures determined in accordance with GAAP.
The principal limitation of these non-GAAP financial measures is that
they exclude significant expenses and income that are required by GAAP
to be recorded in the Company's financial statements. In addition, they
are subject to inherent limitations as they reflect the exercise of
judgment by management about which expenses and income are excluded or
included in determining these non-GAAP financial measures. In order to
compensate for these limitations, management presents non-GAAP financial
measures in connection with GAAP results. We urge investors to review
the reconciliation of our non-GAAP financial measures to the comparable
GAAP financial measures, which are included in this press release, and
not to rely on any single financial measure to evaluate our business.
Additionally, we have not reconciled the non-GAAP guidance measures
disclosed under "Business Outlook" to their corresponding GAAP
measures because we do not provide guidance for the various reconciling
items such as stock-based compensation, provision for income taxes,
depreciation and amortization, costs related to acquisitions (including
earn-outs), and foreign currency remeasurement and transactions gains
and losses, as certain items that impact these measures are out of our
control or cannot be reasonably predicted. Accordingly, reconciliations
to the non-GAAP guidance measures is not available without unreasonable
effort.
Cvent excludes the following items from these non-GAAP financial
measures:
Interest income. Cvent excludes this income primarily because it
is not considered a part of ongoing operating results.
Provision for (benefit from) income taxes. Cvent excludes this
expense (benefit) from certain non-GAAP financial measures primarily
because it is largely a non-cash expense (benefit) that Cvent does not
consider a meaningful component of our operating results when assessing
the performance of our business. The exclusion of this expense (benefit)
facilitates the comparison of our business outlooks for future periods
with the results from prior periods.
Depreciation and amortization. In accordance with GAAP, operating
expenses include amortization of intangible assets such as software
development and acquisition of technology. Cvent excludes these items
from its non-GAAP financial measures because they are expenses that
Cvent does not consider part of ongoing operating results when assessing
the performance of our business, and Cvent believes that doing so
facilitates comparisons to its historical operating results and to the
results of other companies in our industry, which may have their own
unique acquisition histories and varied approaches to capitalization of
software development.
Stock-based compensation expense. Cvent's non-GAAP financial
measures exclude stock-based compensation, which consists of expenses
for stock options, restricted stock units and other awards. Cvent
excludes these expenses from its non-GAAP financial measures primarily
because they are non-cash expenses that are not considered part of
ongoing operating results when assessing the performance of our
business. Excluding these amounts improves comparability of the
performance of the business across periods, and to the results of other
companies in our industry, which have their own unique histories
associated with stock-based compensation.
Foreign currency remeasurement and transaction losses (gains).
Cvent's non-GAAP financial measures exclude these losses (gains)
primarily because they are non-cash, and are driven primarily by our
India operations, which for accounting purposes is not considered a
stand-alone entity and are remeasured instead of translated. In
accordance with GAAP, the losses (gains) associated with remeasuring our
India financial statements, are recognized through our Consolidated
Statements of Operations and Comprehensive Loss instead of through our
Consolidated Balance Sheets, where translation losses (gains) from most
foreign subsidiaries would be included. Excluding these amounts improves
comparability of the performance of the business across periods and to
the results of other companies in our industry, which generally
recognize similar losses (gains) through their Consolidated Balance
Sheets.
Costs related to acquisitions. Cvent's non-GAAP financial
measures exclude contingent payments included in compensation expense
which relates to the potential cash payment to certain employees of
acquired companies whose right to receive such payment is forfeited if
they terminate their employment prior to the required service period. As
the contingent payments are subject to continued employment, GAAP
requires that these payments be accounted for as compensation expense
and such expense is subject to revaluation. Cvent excludes this item
from its non-GAAP financial measures primarily because it is a component
of the contractual deal consideration and it is not considered part of
ongoing operating results when assessing the performance of our
business. The exclusion of these expenses facilitates the comparison of
post-acquisition operating results to the results of other companies in
our industry, which have their own unique acquisition histories.
Office relocation costs. These costs relate to Cvent's office
headquarters move during the third quarter of 2014. Cvent excludes this
item from its non-GAAP financial measures primarily because it is not
considered part of ongoing operating results when assessing the
performance of our business. The exclusion of these expenses facilitates
the comparison of operating results to the results of other companies in
our industry.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to, statements
regarding our preliminary unaudited revenue, net income (loss) and
profitability margins for Cvent's fourth quarter and year ended December
31, 2014, statements regarding our guidance for the first quarter and
full year 2015 revenue, net loss, net loss per share, non-GAAP net
income (loss), non-GAAP net income (loss) per share and adjusted EBITDA,
and statements regarding our expectations regarding the growth of the
meetings and events industry and our market position therein. These
forward-looking statements are made as of the date of this press release
and were based on current expectations, estimates, forecasts and
projections as well as the beliefs and assumptions of management. Words
such as "expect," "anticipate," "should," "believe," "hope," "target,"
"project," "goals," "estimate," "potential," "predict," "may," "will,"
"might," "could," "intend," variations of these terms or the negative of
these terms and similar expressions are intended to identify these
forward-looking statements. Forward-looking statements are subject to a
number of risks and uncertainties, many of which involve factors or
circumstances that are beyond our control. Our actual results could
differ materially from those stated or implied in forward-looking
statements due to a number of factors, including but not limited to, the
completion of our audited financial statements as of and for the year
ended December 31, 2014; adjustments to our anticipated revenues for
those periods as a result of our closing process; the effect of any
further adjustments to our historical financial statements on our
disclosed guidance for the first quarter and full year 2015; the affect
of any material weakness in the design and operating effectiveness of
our internal control over financial reporting and ineffective disclosure
controls and procedures; our ability to renew existing customers and
attract new customers; our ability to manage our growth effectively; and
the volatility of quarterly results and expectations. For a detailed
discussion of these and other risk factors, please refer to the risks
detailed in our filings with the Securities and Exchange Commission,
including, without limitation, our most recent Annual Report on Form
10-K and subsequent periodic and current reports. Past performance is
not necessarily indicative of future results. We anticipate that
subsequent events and developments will cause our views to change. We
undertake no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. These forward-looking statements should not
be relied upon as representing our views as of any date subsequent to
the date of this press release.
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Cvent, Inc.
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Consolidated Balance Sheets
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(in thousands, except share and per share data)
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(unaudited)
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December 31,
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2014
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2013
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Assets
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Current assets:
|
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|
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Cash and cash equivalents
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$
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144,544
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$
|
146,407
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Restricted cash
|
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|
397
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|
|
|
664
|
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Short-term investments
|
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23,039
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|
|
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11,359
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Accounts receivable, net of reserve of $339 and $731, respectively
|
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49,517
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|
|
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33,199
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Prepaid expense and other current assets
|
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|
10,161
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|
|
|
7,894
|
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Deferred tax assets
|
|
|
3,918
|
|
|
|
3,060
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Total current assets
|
|
|
231,576
|
|
|
|
202,583
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|
|
Property and equipment, net
|
|
|
22,535
|
|
|
|
7,906
|
|
|
Capitalized software development costs, net
|
|
|
17,967
|
|
|
|
9,264
|
|
|
Intangible assets, net
|
|
|
9,442
|
|
|
|
3,123
|
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|
Goodwill
|
|
|
20,802
|
|
|
|
12,703
|
|
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Other assets, non-current
|
|
|
637
|
|
|
|
257
|
|
|
Total assets
|
|
$
|
302,959
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|
|
$
|
235,836
|
|
|
|
|
|
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|
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Liabilities and Stockholders' Equity
|
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Current liabilities:
|
|
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Accounts payable
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$
|
5,057
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|
|
$
|
5,388
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|
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Accrued expenses and other current liabilities
|
|
|
21,730
|
|
|
|
18,477
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Deferred revenue
|
|
|
81,928
|
|
|
|
65,203
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|
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Total current liabilities
|
|
|
108,715
|
|
|
|
89,068
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|
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Deferred tax liabilities, non-current
|
|
|
7,623
|
|
|
|
3,323
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|
|
Deferred rent, non-current
|
|
|
9,576
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|
|
|
568
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|
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Other liabilities, non-current
|
|
|
3,211
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|
|
|
839
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|
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Total liabilities
|
|
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129,125
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|
|
|
93,798
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|
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Commitments and contingencies
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|
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Stockholders' equity
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Preferred stock, $0.001 par value, 100,000,000 shares authorized at
December 31, 2014 and 2013; and zero issued and outstanding at
December 31, 2014 and 2013
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-
|
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|
-
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Common stock, $0.001 par value;1,000,000,000 shares authorized at
December 31, 2014 and 2013; 41,685,048 and 40,409,791 shares issued
and 41,164,834 and 39,889,577 outstanding at December 31, 2014 and
2013, respectively
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42
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|
40
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Treasury stock
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(3,966
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)
|
|
|
(3,966
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)
|
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Additional paid-in capital
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|
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199,169
|
|
|
|
168,949
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|
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Accumulated other comprehensive loss
|
|
|
(220
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)
|
|
|
-
|
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Accumulated deficit
|
|
|
(21,191
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)
|
|
|
(22,985
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)
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Total stockholders' equity
|
|
|
173,834
|
|
|
|
142,038
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|
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Total liabilities and stockholders' equity
|
|
$
|
302,959
|
|
|
$
|
235,836
|
|
|
|
|
|
|
|
|
|
|
|
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Cvent, Inc.
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Consolidated Statements of Operations and Comprehensive Loss
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(in thousands, except share and per share data)
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(unaudited)
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|
|
|
|
|
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Three Months Ended December 31,
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Year Ended December 31,
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|
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2014
|
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2013
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2014
|
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2013
|
|
|
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|
|
|
|
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Revenue
|
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$
|
39,325
|
|
|
$
|
30,696
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|
|
$
|
142,245
|
|
|
$
|
111,136
|
|
|
Cost of revenue1
|
|
|
12,966
|
|
|
|
10,675
|
|
|
|
42,421
|
|
|
|
32,262
|
|
|
|
|
|
|
|
|
|
|
|
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Gross profit
|
|
|
26,359
|
|
|
|
20,021
|
|
|
|
99,824
|
|
|
|
78,874
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Sales and marketing1
|
|
|
17,549
|
|
|
|
13,203
|
|
|
|
61,764
|
|
|
|
48,405
|
|
|
Research and development1
|
|
|
3,701
|
|
|
|
3,086
|
|
|
|
14,049
|
|
|
|
11,190
|
|
|
General and administrative1
|
|
|
8,146
|
|
|
|
4,325
|
|
|
|
24,242
|
|
|
|
21,218
|
|
|
|
|
|
|
|
|
|
|
|
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Total operating expenses
|
|
|
29,396
|
|
|
|
20,614
|
|
|
|
100,055
|
|
|
|
80,813
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|
|
|
|
|
|
|
|
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Loss from operations
|
|
|
(3,037
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)
|
|
|
(593
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)
|
|
|
(231
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)
|
|
|
(1,939
|
)
|
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Interest income
|
|
|
504
|
|
|
|
338
|
|
|
|
1,595
|
|
|
|
1,015
|
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Other Expense
|
|
|
-
|
|
|
|
-
|
|
|
|
(434
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)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
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Income (loss) from operations before income tax expense
|
|
|
(2,533
|
)
|
|
|
(255
|
)
|
|
|
930
|
|
|
|
(924
|
)
|
|
Provision for (benefit from) income taxes
|
|
|
(623
|
)
|
|
|
178
|
|
|
|
(864
|
)
|
|
|
2,315
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(1,910
|
)
|
|
$
|
(433
|
)
|
|
$
|
1,794
|
|
|
$
|
(3,239
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.05
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.04
|
|
|
$
|
(0.13
|
)
|
|
Diluted
|
|
$
|
(0.05
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.04
|
|
|
$
|
(0.13
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic
|
|
|
41,147,244
|
|
|
|
39,887,467
|
|
|
|
40,970,083
|
|
|
|
25,289,788
|
|
|
Weighted average common shares outstanding - diluted
|
|
|
41,147,244
|
|
|
|
39,887,467
|
|
|
|
43,172,673
|
|
|
|
25,289,788
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
Foreign currency translation loss
|
|
$
|
(220
|
)
|
|
$
|
-
|
|
|
$
|
(220
|
)
|
|
$
|
-
|
|
|
Comprehensive loss
|
|
$
|
(2,130
|
)
|
|
$
|
(433
|
)
|
|
$
|
1,574
|
|
|
$
|
(3,239
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Stock-based compensation expense included in the above:
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
268
|
|
|
$
|
160
|
|
|
$
|
820
|
|
|
$
|
1,046
|
|
|
Sales and marketing
|
|
|
454
|
|
|
|
214
|
|
|
|
1,571
|
|
|
|
2,306
|
|
|
Research and development
|
|
|
271
|
|
|
|
56
|
|
|
|
1,002
|
|
|
|
609
|
|
|
General and administrative
|
|
|
274
|
|
|
|
83
|
|
|
|
978
|
|
|
|
772
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
1,267
|
|
|
$
|
513
|
|
|
$
|
4,371
|
|
|
$
|
4,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cvent, Inc.
|
|
Consolidated Statements of Cash Flows
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
Operating activities:
|
|
|
|
|
|
Net Income (loss)
|
|
$
|
1,794
|
|
|
$
|
(3,239
|
)
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
10,590
|
|
|
|
7,769
|
|
|
Bad debt expense
|
|
|
317
|
|
|
|
392
|
|
|
Loss on asset disposal
|
|
|
487
|
|
|
|
-
|
|
|
Foreign currency transaction loss
|
|
|
8
|
|
|
|
190
|
|
|
Stock-based compensation expense
|
|
|
4,371
|
|
|
|
4,733
|
|
|
Deferred taxes
|
|
|
1,181
|
|
|
|
788
|
|
|
Change in operating assets and liabilities
|
|
|
|
|
|
Accounts receivable, net
|
|
|
(15,469
|
)
|
|
|
(4,945
|
)
|
|
Prepaid expenses and other assets
|
|
|
(2,297
|
)
|
|
|
(4,766
|
)
|
|
Accounts payable, accrued expenses and other liabilities
|
|
|
10,226
|
|
|
|
7,493
|
|
|
Deferred revenue
|
|
|
17,175
|
|
|
|
13,649
|
|
|
Net cash provided by operating activities
|
|
|
28,383
|
|
|
|
22,064
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
Purchase of property and equipment and capitalized software
development costs
|
|
|
(32,558
|
)
|
|
|
(11,341
|
)
|
|
Net purchases of short-term investments
|
|
|
(11,688
|
)
|
|
|
(2,039
|
)
|
|
Acquisition and acquisition-related consideration payments
|
|
|
(11,673
|
)
|
|
|
(90
|
)
|
|
Restricted cash
|
|
|
267
|
|
|
|
(209
|
)
|
|
Net cash used in investing activities
|
|
|
(55,652
|
)
|
|
|
(13,679
|
)
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
Repurchase of common stock and warrants
|
|
|
-
|
|
|
|
(1,275
|
)
|
|
Proceeds from initial public offering, net of transaction costs
|
|
|
-
|
|
|
|
122,131
|
|
|
Proceeds from follow-on public offering, net of transaction costs
|
|
|
24,846
|
|
|
|
-
|
|
|
Proceeds from exercise of stock options and warrants
|
|
|
779
|
|
|
|
506
|
|
|
Net cash provided by financing activities
|
|
|
25,625
|
|
|
|
121,362
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(219
|
)
|
|
|
(190
|
)
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
$
|
(1,863
|
)
|
|
$
|
129,557
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
146,407
|
|
|
|
16,850
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
144,544
|
|
|
$
|
146,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Year ended December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
12,966
|
|
|
$
|
10,675
|
|
|
$
|
42,421
|
|
|
|
|
$
|
32,262
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
(268
|
)
|
|
|
(160
|
)
|
|
|
(820
|
)
|
|
|
|
|
(1,046
|
)
|
|
Amortization of intangible assets
|
|
|
(246
|
)
|
|
|
(199
|
)
|
|
|
(867
|
)
|
|
|
|
|
(796
|
)
|
|
Non-GAAP Cost of Revenue Expenses
|
|
$
|
12,452
|
|
|
$
|
10,316
|
|
|
$
|
40,734
|
|
|
|
|
$
|
30,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Year ended December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
$
|
17,549
|
|
|
$
|
13,203
|
|
|
$
|
61,764
|
|
|
|
|
$
|
48,405
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
(454
|
)
|
|
|
(214
|
)
|
|
|
(1,571
|
)
|
|
|
|
|
(2,306
|
)
|
|
Non-GAAP Sales & Marketing Expenses
|
|
$
|
17,095
|
|
|
$
|
12,989
|
|
|
$
|
60,193
|
|
|
|
|
$
|
46,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Year ended December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and Development
|
|
$
|
3,701
|
|
|
$
|
3,086
|
|
|
$
|
14,049
|
|
|
|
|
$
|
11,190
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
(271
|
)
|
|
|
(56
|
)
|
|
|
(1,002
|
)
|
|
|
|
|
(609
|
)
|
|
Non-GAAP Research & Development Expenses
|
|
$
|
3,430
|
|
|
$
|
3,030
|
|
|
$
|
13,047
|
|
|
|
|
$
|
10,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Year ended December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
$
|
8,146
|
|
|
$
|
4,325
|
|
|
$
|
24,242
|
|
|
|
|
$
|
21,218
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
(274
|
)
|
|
|
(83
|
)
|
|
|
(978
|
)
|
|
|
|
|
(772
|
)
|
|
Costs related to acquisitions
|
|
|
(700
|
)
|
|
|
(384
|
)
|
|
|
(1,956
|
)
|
|
|
|
|
(2,436
|
)
|
|
Foreign currency remeasurement and transaction gains (losses)
|
|
|
(984
|
)
|
|
|
168
|
|
|
|
(1,109
|
)
|
|
|
|
|
(1,841
|
)
|
|
Office relocation costs
|
|
|
-
|
|
|
|
-
|
|
|
|
(155
|
)
|
|
|
|
|
-
|
|
|
Non-GAAP General and Administrative Expenses
|
|
$
|
6,188
|
|
|
$
|
4,026
|
|
|
$
|
20,044
|
|
|
|
|
$
|
16,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Year ended December 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(1,910
|
)
|
|
$
|
(433
|
)
|
|
$
|
1,794
|
|
|
|
|
$
|
(3,239
|
)
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
(504
|
)
|
|
|
(338
|
)
|
|
|
(1,595
|
)
|
|
|
|
|
(1,015
|
)
|
|
Other expense
|
|
|
-
|
|
|
|
-
|
|
|
|
434
|
|
|
|
|
|
-
|
|
|
Provision for (benefit from) income taxes
|
|
|
(623
|
)
|
|
|
178
|
|
|
|
(864
|
)
|
|
|
|
|
2,315
|
|
|
Depreciation and amortization expense
|
|
|
3,415
|
|
|
|
1,987
|
|
|
|
10,590
|
|
|
|
|
|
7,769
|
|
|
Stock-based compensation expense
|
|
|
1,267
|
|
|
|
513
|
|
|
|
4,371
|
|
|
|
|
|
4,733
|
|
|
Foreign currency remeasurement and transaction (gains) losses
|
|
|
984
|
|
|
|
(168
|
)
|
|
|
1,109
|
|
|
|
|
|
1,841
|
|
|
Costs related to acquisitions
|
|
|
700
|
|
|
|
384
|
|
|
|
1,956
|
|
|
|
|
|
2,436
|
|
|
Office relocation costs
|
|
|
-
|
|
|
|
-
|
|
|
|
155
|
|
|
|
|
|
-
|
|
|
Adjusted EBITDA
|
|
$
|
3,329
|
|
|
$
|
2,123
|
|
|
$
|
17,950
|
|
|
|
|
$
|
14,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Year ended December 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income (loss)
|
|
$
|
(3,037
|
)
|
|
$
|
(593
|
)
|
|
$
|
(231
|
)
|
|
|
|
$
|
(1,939
|
)
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
1,267
|
|
|
|
513
|
|
|
|
4,371
|
|
|
|
|
|
4,733
|
|
|
Foreign currency remeasurement and transaction (gains) losses
|
|
|
984
|
|
|
|
(168
|
)
|
|
|
1,109
|
|
|
|
|
|
1,841
|
|
|
Costs related to acquisitions
|
|
|
700
|
|
|
|
384
|
|
|
|
1,956
|
|
|
|
|
|
2,436
|
|
|
Office relocation costs
|
|
|
-
|
|
|
|
-
|
|
|
|
155
|
|
|
|
|
|
-
|
|
|
Amortization of intangible assets
|
|
|
246
|
|
|
|
199
|
|
|
|
867
|
|
|
|
|
|
796
|
|
|
Non-GAAP operating income
|
|
$
|
160
|
|
|
$
|
335
|
|
|
$
|
8,227
|
|
|
|
|
$
|
7,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
Year ended December 31,
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
|
|
$
|
(1,910
|
)
|
|
$
|
(433
|
)
|
|
$
|
1,794
|
|
|
|
|
$
|
(3,239
|
)
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
1,267
|
|
|
|
513
|
|
|
|
4,371
|
|
|
|
|
|
4,733
|
|
|
Foreign currency remeasurement and transaction (gains) losses
|
|
|
984
|
|
|
|
(168
|
)
|
|
|
1,109
|
|
|
|
|
|
1,841
|
|
|
Costs related to acquisitions
|
|
|
700
|
|
|
|
384
|
|
|
|
1,956
|
|
|
|
|
|
2,436
|
|
|
Office relocation costs
|
|
|
-
|
|
|
|
-
|
|
|
|
155
|
|
|
|
|
|
-
|
|
|
Amortization of intangible assets
|
|
|
246
|
|
|
|
199
|
|
|
|
867
|
|
|
|
|
|
796
|
|
|
Non-GAAP net income
|
|
$
|
1,287
|
|
|
$
|
495
|
|
|
$
|
10,252
|
|
|
|
|
$
|
6,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP pro forma diluted weighted average
common shares outstanding (1)
|
|
|
43,168,138
|
|
|
|
42,480,675
|
|
|
|
43,172,673
|
|
|
|
|
|
36,240,888
|
|
|
GAAP pro forma diluted weighted average
common shares outstanding (1)
|
|
|
41,147,244
|
|
|
|
39,887,467
|
|
|
|
43,172,673
|
|
|
|
|
|
34,373,593
|
|
|
Non-GAAP net income per diluted share
|
|
$
|
0.03
|
|
|
$
|
0.01
|
|
|
$
|
0.24
|
|
|
|
|
$
|
0.18
|
|
|
GAAP net income (loss) per diluted share
|
|
$
|
(0.05
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
0.04
|
|
|
|
|
$
|
(0.09
|
)
|
|
(1) For purposes of the pro forma diluted
weighted average common shares outstanding for the period ended December
31, 2013, all shares of Series A Convertible Preferred Stock have been
treated as though they have converted to Common Shares on a 1:1 basis as
of the beginning of the period because the Series A Convertible
Preferred Stock participate in any net earnings on an equal basis with
Common Stock shareholders. As of August 8, 2013, the preferred stock
converted to common stock on a 1:1 basis.
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