Cvent Beats Revenues Estimate, Loss Expands
- May 10, 2022
- Scott Peters
Cvent Holding reported first quarter revenues ahead of expectations but losses expanded. The meeting and event platform operator
Cvent Holding Corp reported first quarter 2022 ending in March revenues increased 17% to $137.4 million and net loss in the quarter increased to $31.4 million from $16.6 million a year ago.
Diluted loss per share increased to 7 cents from 4 cents a year ago.
Revenues from event organizers increased 17.1% to $95 million and from venue and hotel operators increased 17.2% to $42.2 million.
Total revenues in the quarter were $3.9 million ahead of its own estimate range between $133.0 and $133.5 million.
Net dollar retention rate increased to 109%, ahead of 108% in 2019 before the pandemic.
The number of clients spending more than $100,000 on an annual basis increased to 840 from 802 in 2021, 666 in 2020, and 722 in 2019.
Adjusted free cash flow in the quarter increased to $44.7 million from $40.8 million a year ago.
Guidance and Outlook
Cvent guided second quarter revenues between $1153.2 million and $154.2 million and adjusted operating earnings between $15.1 million and $16.1 million, a 10.1% of revenues at the mid-range.
For the full-year 2022 revenues are expected to fall between $621.4 million $626.9 million, an increase of $1.5 million at the mid-point to the previous guidance.
For the full year, adjusted operating earnings are expected to fall between $102.5 million and $107.8 million, an increase of 0.2 million from the previous estimate.
The company also reaffirmed its previous operating margin guidance.
Company and Stock
Cvent Holding is headquartered in Tysons Corner, Virginia and employs about 4,300 people.
Cvent stock declined more than 10% to $4.33 and has fallen 38% in the year so far.
“In-person events continued to recover while virtual and hybrid events remained core to our revenue growth in the first quarter,” said Reggie Aggarwal, CEO & Founder of Cvent.
“Our market position has been built on one unified technology platform that manages the entire event lifecycle and delivers engaging experiences for all event types and formats, whether in-person, virtual or hybrid.
“Because our platform helps organizations meet in whatever format they want, this in-turn helps insulate us from today’s uncertain macroeconomic environment and positions us for continued growth.
Our diversified offering, combined with the performance we are seeing across the entire business, is giving us the confidence to raise our full year revenue guidance for 2022.”