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Cvent Holding Corp. (CVT) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

Cvent Holding Corp.

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CIK: 1827075 Ticker: CVT

Exhibit 99.1

 

Cvent Announces Fourth Quarter and Fiscal Year 2022 Financial Results

Revenue Exceeds High End of Guidance
Full Year Revenue Grows 21.5%
 

Tysons, VA (March 14, 2023) — Cvent Holding Corp. (“Cvent”) (Nasdaq: CVT), an industry-leading meetings, events and hospitality technology provider, today announced financial results for the fourth quarter and full fiscal year ended December 31, 2022.

 

Fourth Quarter 2022 Financial Highlights

 

Revenue

 

•
Total revenue was $170.9 million for the fourth quarter of 2022, an increase of 18.2% from the comparable period in 2021, and $0.6 million higher than the high end of our guidance.
•
Event Cloud revenue was $120.6 million for the fourth quarter of 2022, an increase of 17.2% from the comparable period in 2021.
•
Hospitality Cloud revenue was $50.3 million for the fourth quarter of 2022, an increase of 20.5% from the comparable period in 2021.


Net Loss and Adjusted EBITDA

 

•
Net loss was $19.1 million for the fourth quarter of 2022 compared to $21.5 million in the comparable period in 2021.
•
Adjusted EBITDA (defined below) was $43.5 million for the fourth quarter of 2022, which was $3.7 million higher than the high end of our guidance.
•
Adjusted EBITDA margin (defined below) was 25.5% compared to the high end of our guidance of 23.4%. Adjusted EBITDA in the comparable period of 2021 was $32.8 million, with an Adjusted EBITDA margin of 22.7%.

 

Fiscal Year 2022 Financial Highlights

 

Revenue

 

•
Total revenue was $630.6 million for the fiscal year 2022, an increase of 21.5% from the comparable period in 2021, and $0.7 million higher than the high end of our guidance.
•
Event Cloud revenue was $441.1 million for the fiscal year 2022, an increase of 21.8% from the comparable period in 2021.
•
Hospitality Cloud revenue was $189.5 million for the fiscal year 2022, an increase of 20.9% from the comparable period in 2021.


Net Loss and Adjusted EBITDA

 

•
Net loss was $100.3 million for the fiscal year 2022 compared to $86.1 million in the comparable period in 2021.
•
Adjusted EBITDA (defined below) was $113.4 million for the fiscal year 2022, which was $3.7 million higher than the high end of our guidance, and Adjusted EBITDA margin (defined below) was 18.0% compared to the high end of our guidance of 17.4%. Adjusted EBITDA in the comparable period of 2021 was $103.7 million, with an Adjusted EBITDA margin of 20.0%.

 

Cash, Cash Equivalents and Short-Term Investments

 

•
Cash, cash equivalents and short-term investments as of December 31, 2022 totaled $140.0 million, compared to $127.1 million as of December 31, 2021.

 

Reconciliation of Adjusted EBITDA and Adjusted EBITDA margin results to their GAAP basis results are shown in detail below.

 

Guidance

 

Given Cvent’s entry into a definitive agreement on March 14, 2023 to be acquired by an affiliate of private equity funds managed by Blackstone (“Blackstone”), the Company will not provide guidance for first quarter and full year 2023.

 

The following information was filed by Cvent Holding Corp. (CVT) on Tuesday, March 14, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cvent Holding Corp.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Operations And Comprehensive Loss
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Expenses And Other Current Liabilities - Summary Of Accrued Expenses And Other Current Liabilities (Details)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Details)
Business Combinations - Summary Of Allocation Of Purchase Price Between Net Assets Assumed And Intangible Asset (Details)
Business Combinations - Summary Of Identifiable Intangible Assets Acquired And Their Useful Lives (Details)
Business Combinations - Summary Of Loss Recorded On Disposition (Details)
Capitalized Software Development Costs
Capitalized Software Development Costs (Tables)
Capitalized Software Development Costs - Additional Information (Details)
Capitalized Software Development Costs - Summary Of Capitalized Software Development Costs And Acquired Software Technology (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Condensed Financial Information (Parent Company Only)
Condensed Financial Information (Parent Company Only) (Tables)
Condensed Financial Information (Parent Company Only) - Additional Information (Details)
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details)
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Parenthetical) (Details)
Condensed Financial Information (Parent Company Only) - Condensed Statements Of Operations And Comprehensive Loss (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Outstanding Principal Amount And Unamortized Debt Issuance Costs,Net (Details)
Description Of Business
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Schedule Of Estimated Future Amortization Expense (Detail)
Goodwill And Intangible Assets - Summary Of Change In Carrying Amount Of Goodwill (Details)
Goodwill And Intangible Assets - Summary Of Intangible Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Schedule Of Provision For/(Benefit From) Income Taxes (Details)
Income Taxes - Summary Of Change In Valuation Allowance (Details)
Income Taxes - Summary Of Estimated Values Of Gross Uncertain Tax Positions (Details)
Income Taxes - Summary Of Loss Before Income Taxes (Details)
Income Taxes - Summary Of Reconciliation Between The Statutory Tax Rate And Its Effective Tax Rate (Details)
Income Taxes - Summary Of Significant Components Of Deferred Tax Assets And Liabilities (Details)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Components Of Lease Expense (Detail)
Leases - Other Information Related To Leases (Details)
Leases - Summary Of Future Minimum Payments (Detail)
Leases - Summary Of Lease Assets And Liabilities (Detail)
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Additional Information (Details)
Property And Equipment - Schedule Of Property And Equipment (Details)
Related-Party Transactions
Related-Party Transactions - Additional Information (Details)
Retirement Plans
Retirement Plans - Additional Information (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Additional Information (Details) 1
Revenue - Schedule Of Disaggregation Of Revenue By Geographic Region (Details)
Revenue - Schedule Of Disaggregation Of Revenue By Major Business Activities (Details)
Reverse Recapitalization Transaction
Reverse Recapitalization Transaction (Tables)
Reverse Recapitalization Transaction - Additional Information (Details)
Reverse Recapitalization Transaction - Schedule Of Number Of Shares Of Common Stock Issued Immediately Following The Consummation Of The Re (Details)
Reverse Recapitalization Transaction - Schedule Of Transaction To The Consolidated Statement Of Cash Flows And Stockholders' Equity (Details)
Stockholders Equity - Additional Information (Details)
Stockholders Equity - Summary Of Stock-Based Compensation Activity Rollforward (Details)
Stockholders Equity - Summary Of Stock-Based Compensation Expense Including Expense With Liability Classified Awards (Details)
Stockholders Equity - Summary Of Weighted Average Assumptions Used In Valuation Of Stock Option Awards Granted Under Black- Scholes Model (Details)
Stockholders' Equity - Summary Of Stock-Based Compensation Rsu Activity (Details)
Stockholders??? Equity
Stockholders??? Equity (Tables)
Subsequent Events
Subsequent Events (Additional Information) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Schedule Of Composition Of Property And Equipment Between North America And Locations Outside Of North America (Details)
Summary Of Significant Accounting Policies - Summary Of Allowance For Expected Credit Losses (Detail)
Summary Of Significant Accounting Policies - Summary Of Cash, Cash Equivalents And Restricted Cash (Detail)
Ticker: CVT
CIK: 1827075
Form Type: 10-K Annual Report
Accession Number: 0000950170-23-007888
Submitted to the SEC: Tue Mar 14 2023 4:46:24 PM EST
Accepted by the SEC: Tue Mar 14 2023
Period: Saturday, December 31, 2022
Industry: Prepackaged Software

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