TYSONS, Va.–(BUSINESS WIRE)–Cvent Holding Corp. (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.
About Cvent
Cvent Holding Corp. (Nasdaq: CVT) is a leading meetings, events, and hospitality technology provider with approximately 4,900 employees and approximately 22,000 customers worldwide as of December 31, 2022. Founded in 1999, the company delivers a comprehensive event marketing and management platform and offers a global marketplace where event professionals collaborate with venues to create engaging, impactful experiences. Cvent is headquartered in Tysons, Virginia, just outside of Washington D.C., and has additional offices around the world to support its growing global customer base. The comprehensive Cvent event marketing and management platform offers software solutions to event organizers and marketers for online event registration, venue selection, event marketing and management, virtual and onsite solutions, and attendee engagement. Cvent’s suite of products automate and simplify the event management lifecycle and maximize the impact of in-person, virtual, and hybrid events. Hotels and venues use Cvent’s supplier and venue solutions to win more group and corporate travel business through Cvent’s sourcing platforms. Cvent solutions optimize the event management value chain and have enabled clients around the world to manage millions of meetings and events. For more information, please visit Cvent.com. From time to time, we plan to utilize our investor relations website, investors.cvent.com, as a channel of distribution for material company information.
