31% Year-over-Year Revenue Growth Underscores Strength of Cvent’s All-In-One Platform
Highest Quarterly Revenue in Company History as Industry Continues to Recover and Evolve
Strong Balance Sheet Positions Company for Continued Growth and Expansion
Cvent Holding Corp. (“Cvent”) (Nasdaq: CVT), a market-leading meetings, events and hospitality technology provider, today announced financial results for the second quarter ended June 30, 2022.
“Our strong second quarter growth was driven by a healthier and more dynamic events industry, where in-person events are quickly returning and interest in virtual events continues,” said Reggie Aggarwal, CEO & Founder of Cvent. “In this more complex events landscape, organizations increasingly want one platform to manage all their events – whether in-person, virtual, or hybrid. Cvent gives organizations greater flexibility to pivot and adapt their programs quickly to maximize engagement and optimize their budgets. We believe these trends, combined with our all-in-one platform offering, helped drive our second quarter growth and further strengthens our position in the marketplace.”
Second Quarter 2022 Financial Highlights
Revenue
- Total revenue was $161.0 million for the second quarter of 2022, an increase of 31.1% from the comparable period in 2021, and $6.8 million, or 4.4%, higher than the high end of our guidance. Total revenue for the quarter represented the highest in Company history.
- Event Cloud revenue was $112.6 million for the second quarter of 2022, an increase of 31.6% from the comparable period in 2021.
- Hospitality Cloud revenue was $48.3 million for the second quarter of 2022, an increase of 29.8% from the comparable period in 2021.
Net Loss and Adjusted EBITDA
- Net loss was $31.5 million for the second quarter of 2022 compared to $21.8 million in the comparable period in 2021.
- Adjusted EBITDA (defined below) was $23.4 million for the second quarter of 2022, which was $7.3 million higher than the high end of our guidance, and Adjusted EBITDA margin (defined below) was 14.5% compared to the high end of our guidance of 10.4%. Adjusted EBITDA in the comparable period of 2021 was $24.8 million, or an Adjusted EBITDA margin of 20.2%.
Cash, Cash Equivalents and Short-Term Investments
- Cash, cash equivalents and short-term investments as of June 30, 2022 totaled $123.3 million, compared to $127.1 million as of December 31, 2021. Cash, cash equivalents and short-term investments declined from $193.0 million as of March 31, 2022 due to paying down $70.0 million of our revolving credit facility we entered into in May 2022.
Recent Business Highlights
- For the Event Cloud, organizations that chose Cvent in the second quarter of 2022 for their event marketing and management needs include Penn State University, Baker Tilly, Aon, Ingram Micro, The CMO Council, California Association for Bilingual Education and The University of Melbourne.
- For the Hospitality Cloud, organizations that chose Cvent in the second quarter of 2022 for their group business and corporate travel needs include Accor, Visit Charlotte, The LINE Austin, The Resort at Pelican Hill, Bristol Event Center, The Ascott Limited, Sheraton Dallas and Sonoma County Tourism.
- In the first half of 2022, Cvent received several awards and accolades: Ranked eighth on the Top 100 Software Companies of 2022 list published by The Software Report, received Gold Stevie® Award in the Event Management Solution category in The 20th Annual American Business Awards®, received Platinum Award in the Virtual Event Platform category in The Eventex Awards, named a Top Washington-Area Workplace by The Washington Post, ranked second on the UK’s Best Workplaces 2022 List by Great Place to Work® and named a Premier Sales Employer by the Institute for Excellence in Sales.
Guidance
Based on information as of today, August 4, 2022, Cvent is providing the following guidance:
Third Quarter 2022
- Revenue for the third quarter of 2022 is expected to be in the range of $158.0 million to $159.0 million, representing 18.2% year-over-year growth at the mid-point.
- Adjusted EBITDA for the third quarter of 2022 is expected to be in the range of $27.8 million to $28.6 million, or 17.8% of revenue at the mid-point.
Full Year 2022
- Revenue for the full year 2022 is expected to be in the range of $624.9 million to $628.4 million, representing 20.8% year-over-year growth at the mid-point and a $2.6 million increase over the mid-point of our previously provided guidance.
- Adjusted EBITDA for the full year 2022 is expected to be in the range of $104.7 million to $109.6 million, or 17.1% of revenue at the mid-point. This represents a $2.0 million increase over the mid-point of our previously provided Adjusted EBITDA guidance for the year and a 20-basis point increase over the mid-point of our previously provided Adjusted EBITDA margin guidance.
Reconciliation of Adjusted EBITDA results to its GAAP basis results are shown in detail below. Cvent has not reconciled the Adjusted EBITDA forward-looking guidance included in this press release to the most directly comparable GAAP measure because certain items are out of Cvent’s control or cannot reasonably be predicted, as the items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. Accordingly, a reconciliation of forward-looking Adjusted EBITDA is not available without unreasonable effort.
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