[May 05, 2016] |
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Cvent Announces First Quarter 2016 Financial Results
Cvent, Inc. (NYSE: CVT), a leading cloud-based enterprise event
management company, today announced its financial results for the first
quarter ended March 31, 2016.
Reggie Aggarwal, founder and chief executive officer of Cvent, said, "We
had a strong start to the year with first quarter revenue up 27.3% from
a year ago, and momentum continuing in both the Event Cloud and
Hospitality Cloud. We executed well in the quarter delivering better
than expected earnings, as we continue to invest in our technology
leadership and expanding our sales focus on enterprise-scale
organizations. We are excited to be joining Vista Equity Partners, whose
investment in Cvent will continue to position us to deliver innovative
solutions that can transform the meetings and events industry."
First Quarter 2016 Financial Highlights
Revenue
-
Total revenue was $52.3 million, an increase of 27.3% from the
comparable period in 2015.
-
Event Cloud revenue was $36.4 million, an increase of 28.7% from the
comparable period in 2015.
-
Hospitality Cloud revenue was $15.9 million, an increase of 24.1% from
the comparable period in 2015.
Operating (Loss) Income
-
GAAP operating loss was $(1.0) million, compared to $(4.3) million in
the comparable period in 2015.
-
Non-GAAP operating income was $3.0 million, compared to a loss of
$(0.9) million in the comparable period in 2015.
Net (Loss) Income
-
GAAP net loss was $(1.2) million, compared to $(2.4) million for the
comparable period in 2015. GAAP net loss per share was $(0.03), based
on 42.1 million basic and diluted weighted average common shares
outstanding, compared to $(0.06) for the comparable period in 2015,
based on 41.2 million basic and diluted weighted average common shares
outstanding.
-
Non-GAAP net income was $2.8 million, compared to $1.1 million in the
comparable period in 2015. Non-GAAP net income per diluted share was
$0.07, based on 43.4 million diluted weighted average common shares
outstanding, compared to $0.03 for the comparable period in 2015,
based on 43.2 million diluted weighted average common shares
outstanding.
Adjusted EBITDA
-
Adjusted EBITDA was $8.9 million, representing an adjusted EBITDA
margin of 17.0%, compared to $3.2 million, or an adjusted EBITDA
margin of 7.8% in the comparable period in 2015.
Recent Business Highlights
-
Signed new enterprise solutions customers across the US and
internationally, including a Fortune 50 technology company, a Forbes
Global 1000 pharmaceutical company, and the subsidiary of a Fortune 50
healthcare company, as well as expansions or renewals with a Fortune
50 technology company, a Forbes Global 100 bank, a Fortune 100
healthcare company, and a Fortune 200 medical equipment company.
-
Attracted new mid-market event management customers including one of
the largest U.S. community-based nonprofit organizations and The
International Air Cargo Association, and renewed or expanded
agreements with Association of American Medical Colleges, In-N-Out
Burger, and California Public Employees Retirement System.
-
Experienced continued adoption of mobile app technology with new
customers including Torchmark, Sun Life Assurance Co. of Canada, and
Inc. Magazine. Organizations that renewed or expanded relationships
include a Fortune 50 insurance company, Reckitt Benckiser, and the
American Institute of CPA's.
-
Added new Hospitality Cloud customers such as Palladium Hotel Group,
and signed renewals or expansions with customers such as Fairmont
Raffles Hotels International, Preferred Hotel Group, and other top
hotel chains.
-
Entered into a definitive agreement to be acquired by Vista Equity
Partners for approximately $1.65 billion. Pursuant to terms of the
agreement, Cvent shareholders will receive $36.00 in cash for each
share of common stock. The transaction, which is anticipated to close
during the third quarter of 2016, is subject to the approval of a
majority of the outstanding shares of Cvent and other customary
closing conditions and regulatory approvals.
Business Outlook
Given the announcement made on April 18, 2016 regarding Cvent's entry
into an agreement and plan of merger with Vista, the company will not
provide outlook for its second quarter 2016 financial results. The
company's previously issued financial guidance for full year 2016 should
no longer be relied upon.
Conference Call Information
Given the announcement made on April 18, 2016 regarding Cvent's entry
into an agreement and plan of merger with Vista, the company will not be
hosting a conference call to discuss its first quarter 2016 financial
results.
About Cvent, Inc.
Cvent, Inc. (NYSE: CVT) is a leading cloud-based enterprise event
management company, with approximately 16,000 customers and 2,000
employees worldwide. Cvent offers software solutions to event planners
for online event registration, venue selection, event management, mobile
apps for events, e-mail marketing and web surveys. Cvent provides
hoteliers with an integrated platform, enabling properties to increase
group business demand through targeted advertising and improve
conversion through proprietary demand management and business
intelligence solutions. Cvent solutions optimize the entire event
management value chain and have enabled clients around the world to
manage hundreds of thousands of meetings and events. For more
information, please visit www.cvent.com,
or connect with us on Facebook, Twitter or LinkedIn.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures:
non-GAAP cost of revenue expenses, non-GAAP sales and marketing
expenses, non-GAAP research and development expenses, non-GAAP
general and administrative expenses, non-GAAP operating (loss) income,
Adjusted EBITDA, non-GAAP net (loss) income and non-GAAP net income per
share.
We believe that these non-GAAP measures of financial results provide
useful information to management and investors regarding certain
financial and business trends relating to Cvent's financial condition
and results of operations. We use these non-GAAP measures for financial,
operational and budgetary decision-making purposes, and to compare our
performance to that of prior periods for trend analyses. We believe that
these non-GAAP financial measures provide useful information regarding
past financial performance and future prospects, and permit us to more
thoroughly analyze key financial metrics used to make operational
decisions. We believe that the use of these non-GAAP financial measures
provides an additional tool for investors to use in evaluating ongoing
operating results and trends and in comparing our financial measures
with other software companies, many of which present similar non-GAAP
financial measures to investors.
We do not consider these non-GAAP measures in isolation or as an
alternative to financial measures determined in accordance with GAAP.
The principal limitation of these non-GAAP financial measures is that
they exclude significant expenses and income that are required by GAAP
to be recorded in the Company's financial statements. In addition, they
are subject to inherent limitations as they reflect the exercise of
judgment by management about which expenses and income are excluded or
included in determining these non-GAAP financial measures. In order to
compensate for these limitations, management presents non-GAAP financial
measures in connection with GAAP results. We urge investors to review
the reconciliation of our non-GAAP financial measures to the comparable
GAAP financial measures, which are included in this press release, and
not to rely on any single financial measure to evaluate our business
Cvent excludes one or more of the following items from these non-GAAP
financial measures:
Interest income. Cvent excludes this income from certain non-GAAP
financial measures primarily because it is not considered a part of
ongoing operating results.
Other expense. Cvent excludes this expense from certain non-GAAP
financial measures primarily because it is not considered a part of
ongoing operating results.
Provision for (benefit from) income taxes. Cvent excludes this
expense (benefit) from certain non-GAAP financial measures primarily
because of the volatility in the amount of expense (benefit) that Cvent
does not consider a meaningful component of our operating results when
assessing the performance of our business. The exclusion of this expense
(benefit) facilitates the comparison of our business outlooks for future
periods with the results from prior periods.
Depreciation and amortization. In accordance with GAAP, our
expenses, including cost of revenue and operating expenses, include
depreciation and amortization, which consists of depreciation of
property, plant and equipment, amortization of capitalized software
development costs and amortization of intangible assets. Cvent excludes
these expenses from certain of its non-GAAP financial measures primarily
because they are non-cash expenses that are not considered part of
ongoing operating results when assessing the performance of our
business. Excluding these amounts improves comparability of the
performance of the business across periods, and to the results of other
companies in our industry, which have their own unique histories
associated with depreciation and amortization.
Losses on divested businesses. Cvent's non-GAAP financial
measures exclude losses on divested businesses. Cvent excludes these
expenses from its non-GAAP financial measures primarily because they are
non-cash expenses that are not considered part of ongoing operating
results when assessing the performance of our business. Excluding these
amounts improves comparability of the performance of the business across
periods, and to the results of other companies in our industry, which
have their own unique histories associated with divested businesses.
Stock-based compensation expense. Cvent's non-GAAP financial
measures exclude stock-based compensation, which consists of expenses
for stock options and restricted stock units. Cvent excludes these
expenses from its non-GAAP financial measures primarily because they are
non-cash expenses that are not considered part of ongoing operating
results when assessing the performance of our business. Excluding these
amounts improves comparability of the performance of the business across
periods, and to the results of other companies in our industry, which
have their own unique histories associated with stock-based compensation.
Foreign currency remeasurement and transaction gains (losses).
Cvent's non-GAAP financial measures exclude these gains and losses
primarily because they are non-cash, and are driven primarily by our
India operations, which for accounting purposes is not considered a
stand-alone entity and are remeasured instead of translated. In
accordance with GAAP, the gains and losses associated with remeasuring
our India financial statements, are recognized through our Consolidated
Statements of Operations and Comprehensive Loss instead of through our
Consolidated Balance Sheets, where translation gains and losses from
most foreign subsidiaries would be included. Excluding these amounts
improves comparability of the performance of the business across periods
and to the results of other companies in our industry, which generally
recognize similar gains and losses through their Consolidated Balance
Sheets.
Costs related to acquisitions. Cvent's non-GAAP financial
measures exclude contingent payments included in compensation expense
which relates to the potential cash payment to certain employees of
acquired companies whose right to receive such payment is forfeited if
they terminate their employment prior to the required service period. As
the contingent payments are subject to continued employment, GAAP
requires that these payments be accounted for as compensation expense
and such expense is subject to revaluation. Cvent excludes this item
from its non-GAAP financial measures primarily because it is a component
of the contractual deal consideration and it is not considered part of
ongoing operating results when assessing the performance of our
business. Additionally, Cvent's non-GAAP financial measures exclude
costs related to performing due diligence, drafting and negotiating
definitive agreements, valuation, earn-out payments, retention payments
and severance or other acquisition-related activities. The exclusion of
these expenses facilitates the comparison of post-acquisition operating
results to the results of other companies in our industry, which have
their own unique acquisition histories.
Additional Information and Where to Find It
In connection with the proposed merger transaction, Cvent has filed
relevant materials with the Securities and Exchange Commission (the
"SEC"), including a preliminary proxy statement on Schedule 14A.
Promptly after filing its definitive proxy statement with the SEC, Cvent
will mail the definitive proxy statement and a proxy card to each
stockholder entitled to vote at the special meeting relating to the
transaction. INVESTORS AND SECURITY HOLDERS OF CVENT ARE URGED TO READ
THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND
ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT
CVENT WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT CVENT AND THE TRANSACTION. The
definitive proxy statement, the preliminary proxy statement and other
relevant materials in connection with the transaction (when they become
available), and any other documents filed by Cvent with the SEC, may be
obtained free of charge at the SEC's website (http://www.sec.gov)
or at Cvent's website (http://investors.cvent.com)
or by writing to Cvent's Investor Relations at 1765 Greensboro Station
Place, 7th Floor, Tysons Corner, Virginia 22102.
Participants in the Solicitation
Cvent and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from Cvent's stockholders
with respect to the transaction. Information about Cvent's directors and
executive officers and their ownership of Cvent's common stock is set
forth in Cvent's preliminary proxy statement on Schedule 14A filed with
the SEC on May 4, 2016, and Cvent's Annual Report on Form 10-K for the
fiscal year ended December 31, 2015, which was filed on March 1, 2016,
as amended by Form 10-K/A filed on April 29, 2016. Information regarding
the identity of the potential participants, and their direct or indirect
interests in the transaction, by security holdings or otherwise, will be
set forth in the definitive proxy statement and other materials to be
filed with SEC in connection with the proposed merger transaction.
Cautionary Language Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to, statements
regarding the timing of the pending merger with Papay Merger Sub, Inc.,
an affiliate of Vista Equity Partners, our momentum, progress and market
share; statements regarding our preliminary unaudited revenue, net
(loss) income and profitability margins for Cvent's first quarter ended
March 31, 2016; and statements regarding our expectations regarding the
growth of the meetings and events industry and our market position
therein. These forward-looking statements are made as of the date of
this press release and were based on current expectations, estimates,
forecasts and projections as well as the beliefs and assumptions of
management. Words such as "expect," "anticipate," "should," "believe,"
"hope," "target," "project," "goals," "estimate," "potential,"
"predict," "may," "will," "might," "could," "intend," variations of
these terms or the negative of these terms and similar expressions are
intended to identify these forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties, many of
which involve factors or circumstances that are beyond our control. Our
actual results could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including but not
limited to, the effect of any material weakness in the design and
operating effectiveness of our internal control over financial reporting
and ineffective disclosure controls and procedures; the uncertainty
associated with the time and cost of the process to transition a new
Chief Financial Officer and the impact of the transition; our ability to
renew existing customers and attract new customers; our ability to
manage our growth effectively; our ability to prevent or mitigate any
disruption in our service on our websites, mobile applications or in our
computer systems; our ability to integrate our acquisitions; our ability
to attract, retain and motivate key personnel; and the volatility of
quarterly results and expectations. For a detailed discussion of these
and other risk factors, please refer to the risks detailed in our
filings with the Securities and Exchange Commission, including, without
limitation, our most recent Annual Report on Form 10-K and subsequent
periodic and current reports. Past performance is not necessarily
indicative of future results. We anticipate that subsequent events and
developments will cause our views to change. We undertake no intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise. These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of this
press release.
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Cvent, Inc.
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Consolidated Balance Sheets
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(in thousands, except share data)
|
|
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3/31/2016
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12/31/2015
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(Unaudited)
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Assets
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Current assets:
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Cash and cash equivalents
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$
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157,834
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$
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118,662
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Restricted cash
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-
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378
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Short-term investments
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19,284
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26,799
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Accounts receivable, net of reserve of $359 and $248, respectively
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26,622
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30,483
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Prepaid expense and other current assets
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13,756
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17,175
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Total current assets
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217,496
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193,497
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Property and equipment, net
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24,015
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24,416
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Capitalized software development costs, net
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25,532
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24,039
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Intangible assets, net
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15,999
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17,055
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Goodwill
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38,900
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38,940
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Other assets, non-current, net
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4,788
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3,653
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Total assets
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$
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326,730
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$
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301,600
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Liabilities and Stockholders' Equity
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Current liabilities:
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Accounts payable
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$
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3,250
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$
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1,692
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Accrued expenses and other current liabilities
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28,820
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29,241
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Deferred revenue
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98,258
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77,524
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Total current liabilities
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130,328
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108,457
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Deferred tax liabilities, non-current
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2,393
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2,347
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Deferred rent, non-current
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11,349
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11,527
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Other liabilities, non-current
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5,590
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4,988
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Total liabilities
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149,660
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127,319
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Commitments and contingencies
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Stockholders' equity
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Preferred stock, $0.001 par value, 100,000,000 shares authorized
at March 31, 2016 and December 31, 2015; zero issued and
outstanding at March 31, 2016 and December 31, 2015
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-
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-
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Common stock, $0.001 par value; 1,000,000,000 shares authorized at
March 31, 2016 and December 31, 2015; 42,705,999 and
42,523,229 shares issued and 42,185,785 and 42,003,015
outstanding at March 31, 2016 and December 31, 2015, respectively
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43
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43
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Treasury stock
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(3,966
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)
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(3,966
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)
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Additional paid-in capital, as adjusted (2015)
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224,008
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219,914
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Accumulated other comprehensive loss
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(381
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)
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(274
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)
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Accumulated deficit, as adjusted (2015)
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(42,634
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)
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(41,436
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)
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Total stockholders' equity
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177,070
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174,281
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Total liabilities and stockholders' equity
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$
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326,730
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$
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301,600
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Cvent, Inc.
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Consolidated Statements of Operations and Comprehensive Income
(Loss)
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(in thousands, except share and per share data)
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(unaudited)
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Three Months Ended March 31,
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2016
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2015
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Revenue
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$
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52,318
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$
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41,106
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Cost of revenue1
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14,606
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14,602
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Gross profit
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37,712
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26,504
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Operating expenses:
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Sales and marketing1
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18,771
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17,740
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Research and development1
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10,364
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5,035
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General and administrative1
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9,068
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7,967
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Intangible asset amortization, excluding cost of revenue
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737
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293
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Gain from foreign currency transactions
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(214
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)
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(186
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)
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Total operating expenses
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38,726
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30,849
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Loss from operations
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(1,014
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)
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(4,345
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)
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Interest income
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552
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544
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Other expense
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-
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(426
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)
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Loss before income taxes
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(462
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)
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(4,227
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)
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Provision for (benefit from) income taxes
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736
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(1,875
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)
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Net loss
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$
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(1,198
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)
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$
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(2,352
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)
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Net loss per common share:
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Basic
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$
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(0.03
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$
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(0.06
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)
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Diluted
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$
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(0.03
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)
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$
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(0.06
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)
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Weighted average common shares outstanding-basic
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42,061,527
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41,236,164
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Weighted average common shares outstanding-diluted
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42,061,527
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41,236,164
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Other comprehensive loss:
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Foreign currency translation loss
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(107
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)
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(45
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)
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Comprehensive loss
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$
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(1,305
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)
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$
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(2,397
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)
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1Stock-based compensation expense included in the above:
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Cost of revenue
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$
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453
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$
|
475
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Sales and marketing
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1,230
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1,030
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Research and development
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1,122
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|
745
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General and administrative
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818
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|
556
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Total
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$
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3,623
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$
|
2,806
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Cvent, Inc.
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Consolidated Statements of Cash Flows
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(in thousands)
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(unaudited)
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Three Months Ended March 31,
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2016
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2015
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Operating activities:
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Net loss
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$
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(1,198
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)
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$
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(2,352
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)
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Adjustments to reconcile net loss to net cash provided by operating
activities:
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Depreciation and amortization
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5,898
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4,059
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Loss on asset disposal
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-
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436
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Foreign currency transaction gain
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(1
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)
|
|
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(23
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)
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Stock-based compensation expense
|
|
|
|
3,623
|
|
|
|
2,806
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Deferred taxes
|
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|
47
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(1,472
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)
|
Change in operating assets and liabilities:
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|
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|
|
|
Accounts receivable, net
|
|
|
|
3,755
|
|
|
|
7,316
|
|
Prepaid expenses and other assets
|
|
|
|
2,574
|
|
|
|
(3,352
|
)
|
Accounts payable, accrued expenses and other liabilities
|
|
|
|
1,369
|
|
|
|
2,897
|
|
Deferred revenue
|
|
|
|
21,583
|
|
|
|
4,072
|
|
Net cash provided by operating activities
|
|
|
|
37,650
|
|
|
|
14,387
|
|
Investing activities:
|
|
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
|
(1,228
|
)
|
|
|
(773
|
)
|
Capitalized software development costs
|
|
|
|
(5,390
|
)
|
|
|
(4,724
|
)
|
Net maturities (purchases) of short-term investments
|
|
|
|
7,515
|
|
|
|
(331
|
)
|
Acquisition and acquisition-related consideration payments
|
|
|
|
-
|
|
|
|
(17
|
)
|
Restricted cash
|
|
|
|
378
|
|
|
|
(8
|
)
|
Net cash provided by (used in) investing activities
|
|
|
|
1,275
|
|
|
|
(5,853
|
)
|
Financing activities:
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
|
466
|
|
|
|
237
|
|
Net cash provided by financing activities
|
|
|
|
466
|
|
|
|
237
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
(219
|
)
|
|
|
(123
|
)
|
Change in cash and cash equivalents
|
|
|
|
39,172
|
|
|
|
8,648
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
118,662
|
|
|
|
144,544
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
157,834
|
|
|
|
$
|
153,192
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
Income tax (refund) paid
|
|
|
|
$
|
(2,988
|
)
|
|
|
$
|
347
|
|
Supplemental disclosure of noncash investing activities:
|
|
|
|
|
|
|
|
Outstanding payments for purchase of property and equipment in
accounts payable at period end
|
|
|
|
$
|
228
|
|
|
|
$
|
226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
2016
|
|
2015
|
Cost of revenue
|
|
|
|
$
|
14,606
|
|
|
$
|
14,602
|
|
Adjustments
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
|
(453
|
)
|
|
(475
|
)
|
Costs related to acquisitions
|
|
|
|
(22
|
)
|
|
-
|
|
Non-GAAP cost of revenue expenses
|
|
|
|
$
|
14,131
|
|
|
$
|
14,127
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
2016
|
|
2015
|
Sales and marketing
|
|
|
|
$
|
18,771
|
|
|
$
|
17,740
|
|
Adjustments
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
|
(1,230
|
)
|
|
(1,030
|
)
|
Costs related to acquisitions
|
|
|
|
(108
|
)
|
|
-
|
|
Non-GAAP sales and marketing expenses
|
|
|
|
$
|
17,433
|
|
|
$
|
16,710
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
2016
|
|
2015
|
Research and development
|
|
|
|
$
|
10,364
|
|
|
$
|
5,035
|
|
Adjustments
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
|
(1,122
|
)
|
|
(745
|
)
|
Costs related to acquisitions
|
|
|
|
(99
|
)
|
|
-
|
|
Non-GAAP research and development expenses
|
|
|
|
$
|
9,143
|
|
|
$
|
4,290
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
|
2016
|
|
2015
|
General and administrative
|
|
|
|
$
|
9,068
|
|
|
$
|
7,967
|
|
Adjustments
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
|
(818
|
)
|
|
(556
|
)
|
Costs related to acquisitions
|
|
|
|
(497
|
)
|
|
(871
|
)
|
Gain on asset disposition
|
|
|
|
107
|
|
|
-
|
|
Non-GAAP general and administrative expenses
|
|
|
|
$
|
7,860
|
|
|
$
|
6,540
|
|
|
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
|
(in thousands, except per share amounts and share counts)
|
(unaudited)
|
|
|
|
|
Three months ended March 31,
|
|
|
|
2016
|
|
2015
|
Net loss
|
|
|
$
|
(1,198
|
)
|
|
$
|
(2,352
|
)
|
Adjustments
|
|
|
|
|
|
Interest income
|
|
|
(552
|
)
|
|
(544
|
)
|
Provision for (benefit from) for income taxes
|
|
|
736
|
|
|
(1,875
|
)
|
Depreciation and amortization expense
|
|
|
5,898
|
|
|
4,060
|
|
Other expense
|
|
|
-
|
|
|
426
|
|
Stock-based compensation expense
|
|
|
3,623
|
|
|
2,806
|
|
Foreign currency remeasurement and transaction gains
|
|
|
(214
|
)
|
|
(186
|
)
|
Costs related to acquisitions
|
|
|
726
|
|
|
871
|
|
Gain on asset disposition
|
|
|
(107
|
)
|
|
-
|
|
Adjusted EBITDA
|
|
|
$
|
8,912
|
|
|
$
|
3,206
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
2016
|
|
2015
|
GAAP operating loss
|
|
|
$
|
(1,014
|
)
|
|
$
|
(4,345
|
)
|
Adjustments
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
3,623
|
|
|
2,806
|
|
Foreign currency remeasurement and transaction gains
|
|
|
(214
|
)
|
|
(186
|
)
|
Costs related to acquisitions
|
|
|
726
|
|
|
871
|
|
Gain on asset disposition
|
|
|
(107
|
)
|
|
-
|
|
Non-GAAP operating income (loss)
|
|
|
$
|
3,014
|
|
|
$
|
(854
|
)
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
|
|
2016
|
|
2015
|
GAAP net loss
|
|
|
$
|
(1,198
|
)
|
|
$
|
(2,352
|
)
|
Adjustments
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
3,623
|
|
|
2,806
|
|
Foreign currency remeasurement and transaction gains
|
|
|
(214
|
)
|
|
(186
|
)
|
Costs related to acquisitions
|
|
|
726
|
|
|
871
|
|
Gain on asset disposition
|
|
|
(107
|
)
|
|
-
|
|
Non-GAAP net income
|
|
|
$
|
2,830
|
|
|
$
|
1,139
|
|
Non-GAAP diluted weighted average common shares outstanding
|
|
|
43,428,845
|
|
|
43,248,266
|
|
GAAP diluted weighted average common shares outstanding
|
|
|
42,061,527
|
|
|
41,236,164
|
|
Non-GAAP net income per diluted share
|
|
|
$
|
0.07
|
|
|
$
|
0.03
|
|
GAAP net income (loss) per diluted share
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160505006733/en/
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