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Events, Meetings & Webinars

Cvent Announces Fourth Quarter and Fiscal Year 2021 Financial Results

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Fourth Quarter 2021 Revenue of $144.7 Million Grows 25.3% Year-Over-Year Reaffirms Fiscal Year 2022 Revenue Guidance of $622.6M Increases Fiscal Year 2022 Adjusted EBITDA Margin Guidance to 16.9%
webinar meeting

Cvent Holding Corp. (“Cvent”) (Nasdaq: CVT), a market-leading meetings, events and hospitality technology provider, today announced financial results for the fourth quarter and full fiscal year ended December 31, 2021.

“Cvent’s strong performance in 2021 highlights our ability to grow revenue in an increasingly dynamic and digitized meetings and events environment that includes in-person, virtual and hybrid events,” said Reggie Aggarwal, Cvent CEO & Founder. “Our consistent momentum enabled us to more than offset Delta and Omicron headwinds and grow top-line revenue by over 25% in the fourth quarter, bolstering our confidence in full year 2022 guidance.

“Over the last twenty-four months, we have supported our customers, strengthened our market leadership, and delivered innovative products that helped the industry navigate accelerated digital transformation. The power of the Cvent Attendee Hub, our new award-winning digital-first events solution, perfectly complements our two-plus decades leading the in-person events space. Cvent is well positioned to capture share across in-person, virtual and hybrid events as companies invest in more ways to engage their audiences across their Total Event Programs.”

Fourth Quarter 2021 Financial Highlights

Revenue

  • Total revenue was $144.7 million for the fourth quarter of 2021, an increase of 25.3% from the comparable period in 2020, and $3.6 million, or 2.5%, higher than the high end of our guidance.
  • Event Cloud revenue was $102.9 million for the fourth quarter of 2021, an increase of 31.5% from the comparable period in 2020.
  • Hospitality Cloud revenue was $41.8 million for the fourth quarter of 2021, an increase of 12.1% from the comparable period in 2020.

Net Loss and Adjusted EBITDA

  • Net loss was $(21.5) million for the fourth quarter of 2021 compared to $(16.7) million in the comparable period in 2020. Net loss per share for the fourth quarter of 2021 was $(0.05) compared to $(0.04) in the comparable period in 2020 based on 433.3 million and 416.2 million basic and diluted weighted average common shares outstanding, respectively.
  • Adjusted EBITDA was $32.8 million for the fourth quarter of 2021, representing an Adjusted EBITDA margin of 22.7%, compared to $30.6 million, or an Adjusted EBITDA margin of 26.5%, in the comparable period in 2020. Adjusted EBITDA was $10.1 million, or 44.3% higher than the high end of our guidance, and Adjusted EBITDA margin was 22.7% compared to the high end of our guidance of 16.1%.

Fiscal Year 2021 Financial Highlights

Revenue

  • Total revenue was $518.8 million for fiscal year 2021, an increase of 4.0% from the comparable period in 2020, and $3.5 million, or 0.7%, higher than the high end of our guidance.
  • Event Cloud revenue was $362.1 million for fiscal year 2021, an increase of 14.6% from the comparable period in 2020.
  • Hospitality Cloud revenue was $156.7 million for fiscal year 2021, down (14.2)% from the comparable period in 2020.

Net Loss and Adjusted EBITDA

  • Net loss was $(86.1) million for fiscal year 2021 compared to $(83.7) million in the comparable period in 2020. Net loss per share for fiscal year 2021 was $(0.20) compared to $(0.20) in the comparable period in 2020 based on 420.7 million and 416.2 million basic and diluted weighted average common shares outstanding, respectively.
  • Adjusted EBITDA was $103.7 million for fiscal year 2021, representing an Adjusted EBITDA margin of 20.0%, compared to $129.2 million, or an Adjusted EBITDA margin of 25.9%, in the comparable period in 2020. Adjusted EBITDA was $10.1 million, or 10.8%, higher than the high end of our guidance, and Adjusted EBITDA margin was 20.0% compared to the high end of our guidance of 18.2%.

Cash, Cash Equivalents and Short-Term Investments

  • Cash, cash equivalents and short-term investments at the end of the quarter totaled $127.1 million, compared to $65.3 million as of December 31, 2020.

Fourth Quarter and Full Year 2021 Business Highlights:

  • 20% year-over-year growth in number of customers with over $100,000 ARR.
  • For the Event Cloud, organizations that chose Cvent’s Event Marketing & Management Platform include Zoom Communications, Fisher Investments, Yale University, American Bankers Association, Zurich Insurance Co. Ltd., Alnylam Pharmaceuticals, United Workers Union (AU) and Anti-Defamation League.
  • For the Hospitality Cloud, organizations that chose Cvent for their group business and corporate travel needs include Ritz-Carlton New York – NoMad, Dublin Convention Bureau, Live Nation, AT&T Center, Beverly Hills Conference & Visitors Bureau, Destination Weddings, Tourisme Montreal and Jordan Tourism Board.
  • Announced new partnership with ID.me, the leading secure digital identity network, to bring seamless health, testing, and vaccine status verifications to support the return of in-person events.
  • Hosted its North American and European Cvent CONNECT customer conferences as hybrid events in Las Vegas and London, respectively, with thousands of attendees online and in-person. Powered by Cvent technology, these showcase events helped to set the industry standard for delivering more impactful and engaging hybrid event experiences that drive bigger audiences.
  • Cvent named gold winner in Best in Biz Awards for Most Customer Friendly Company. Recognition highlights the company’s resilience and adaptability to turn challenges into remarkable growth opportunities, while displaying exemplary dedication to their customers.
  • Additional product and innovation accolades in 2021 include: Event Management Innovation Award (MarTech Breakthrough Awards), Technology Innovation – Meetings & Events (Business Travel Awards Europe), Best Virtual Events Platform (Micebook V Awards), and Most Innovative Tech Company of the Year – Bronze (Stevie International Business Awards).

Guidance

Based on information as of today, March 3, 2022, the Company is providing the following guidance:

Full Year 2022:

  • Revenue is expected to be in the range of $619.6 million to $625.6 million, representing 20.0% year-over-year growth at the mid-point, reaffirming our previous guidance of $622.6 million.
  • Adjusted EBITDA is expected to be in the range of $102.5 million to $107.5 million, or 16.9% of revenue at the mid- point, which is increased from our previous guidance of $102.6 million and 16.5% of revenue.

First Quarter 2022:

  • Revenue is expected to be in the range of $133.0 million to $133.5 million, representing 13.6% year-over-year growth at the mid-point.
  • Adjusted EBITDA is expected to be in the range of $9.9 million to $10.4 million, or 7.6% of revenue at the mid-point.

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.

Conference Call Information

Cvent will host a conference call and webcast at 5:00 p.m. ET today, March 3, 2022, to discuss its fourth quarter and fiscal year 2021 financial results and business highlights. The conference call can be accessed by dialing (888) 440-5667 from the United States or +1 (646) 960-0476 internationally with conference ID 7981326. The live webcast of the conference call and other materials related to Cvent’s financial performance can be accessed from Cvent’s investor relations website at https://investors.cvent.com/.

Following the completion of the call until 11:59 p.m. ET on Thursday, March 10, 2022, a telephone replay will be available by dialing (800) 770-2030 from the United States, +1 (647) 362-9199 internationally with conference ID 7981326. A webcast replay will also be available at https://investors.cvent.com/.

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