Cvent Beats Revenues Estimate, Loss Expands

Scott Peters
10 May, 2022
New York City

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.