Cvent Announces Second Quarter 2013 Financial Results
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Adjusted EBITDA was $4.3 million, compared to $5.3 million in the
comparable period in 2012.
Decreases in profitability compared to the year-ago period were due
primarily to the impact of companies acquired during 2012, investments
in R&D to enhance existing and develop new products, costs of preparing
to be a public company and incremental sales & marketing investments.
Cash, cash equivalents and short-term investments at June 30, 2013
totaled $33.4 million, compared with $40.9 million at the end of the
first quarter, with the decrease due primarily to the seasonality of
invoicing patterns. Cash and cash equivalents do not include $122.2
million in net proceeds, after underwriting discounts and IPO-related
expenses, generated from the completion of the company’s initial
public offering in August, 2013.
Second Quarter 2013 and Recent Business Highlights
Demonstrated success in signing platform subscriptions with new
customers, including ADP, American Honda, Darden Restaurants, Disney,
Kaiser Permanente, and Regeneron Pharmaceuticals, and renewals with
Allscripts, Bucknell University and Russell Investments, among others.
Signed new customers, significant renewals and expanded relationships
with Strategic Meeting Management customers such as Deere & Company,
GE Capital and Halliburton, among others.
Added new customers and expanded existing relationships for marketing
solutions with organizations such as Accor Europe, Crowne Plaza
Hotels, Dorchester Collection, Fontainebleau Miami Beach,
InterContinental Hotel Group of China and Sonesta Collection.
Renewed our relationship with HelmsBriscoe and entered into a new
partnership with Experient, representing two of the largest
professional meeting planning firms in the world. Each of these
partners made multi-year commitments to use the Cvent Supplier Network
as their sourcing platform, and each has historically sourced tens of
thousands of meetings and millions of room nights per year.
Introduced a major new release of CrowdCompass that allows for
multiple events to be created within one mobile app, as well as the
OnArrival mobile app to streamline the onsite event check-in process
for meetings and events.
Launched a new customer support center in partnership with
Salesforce.com to provide our users with an array of on-demand
Based on information available as of September 16, 2013, Cvent is
issuing guidance for the third quarter and full year 2013 as indicated