CVT - CVT STOCK NEWS

Cvent Holding Corp. (CVT) reported a strong second quarter for 2022 with revenues of $161.0 million, marking a 31.1% year-over-year increase, the highest in the company’s history. Event Cloud revenue grew by 31.6% to $112.6 million, while Hospitality Cloud revenue saw a 29.8% rise to $48.3 million. Despite a net loss of $31.5 million, adjusted EBITDA improved to $23.4 million, exceeding guidance. Cash reserves decreased to $123.3 million as of June 30, 2022. Cvent expects third-quarter revenue between $158.0 million and $159.0 million, indicating an 18.2% increase.

Cvent (Nasdaq: CVT) announced its CEO, Reggie Aggarwal, and CFO, Billy Newman, will present at the Canaccord Genuity Growth Conference on August 10, 2022, at 8:00 a.m. ET. Additionally, Aggarwal will engage in a Fireside Chat hosted by Water Tower Research on August 15, 2022, at 1:00 p.m. ET. Live webcasts and archived replays of these events will be accessible on Cvent's investor relations website.

Cvent, founded in 1999 and headquartered in Tysons, Virginia, provides technology solutions for meetings and events management, serving nearly 21,000 customers worldwide.

Cvent (NASDAQ: CVT), a leader in meetings and events technology, is set to release its Q2 2022 financial results on August 4, 2022, post-market close. Following this, a conference call will be held at 5:00 p.m. ET for discussions on the results. Interested parties can access the live call via a provided link or by phone. The replay will be available shortly after the call concludes. Cvent has a strong global presence with over 21,000 customers and offers comprehensive event management solutions.

Cvent has been included in the Russell 2000® Index, effective June 27, 2022. This marks a significant achievement for Cvent, affirming its strong fundamentals and leadership in the event technology sector. The Russell 2000 Index captures the largest US stocks, and Cvent's inclusion may provide greater visibility and investment opportunities. CEO Reggie Aggarwal highlighted the company's successful adaptation during the pandemic and expressed optimism about the return of in-person events. The Russell indexes manage approximately $12 trillion in assets.

Cvent (NASDAQ: CVT) has closed a new $500 million revolving credit facility to enhance its strategic growth opportunities. This facility replaces an existing $266 million term loan and a $40 million revolving credit line, projecting annual interest savings of $4 million

With positive cash flow from operations, Cvent aims to solidify its market position and expand platform capabilities. The credit facility, secured through PNC Bank, was notably oversubscribed, indicating strong investor confidence in Cvent's financial strength and growth potential.

Cvent (NASDAQ: CVT) is hosting its annual Travel Summit on May 24, featuring nearly 2,500 registered attendees. This virtual event emphasizes education and networking for travel buyers, TMCs, and hoteliers. Keynote speakers include industry leaders from organizations like Deloitte and AHLA. The Summit will explore trends in business travel as recovery continues post-pandemic. Attendees can join in-person receptions in London and New York City on May 23 and May 24, respectively. Cvent aims to provide insights on critical topics including sustainability and the business travel rebound.

Cvent Holding Corp. (CVT) reported a strong financial performance for Q1 2022, achieving $137.4 million in total revenue, a 17.1% increase year-over-year and exceeding guidance by 2.9%. The Event Cloud and Hospitality Cloud segments both grew by over 17%. Despite a net loss of $31.4 million, adjusted EBITDA reached $12.8 million, surpassing guidance. Cvent raised its full-year revenue forecast to $621.4 million to $626.9 million, reflecting a projected growth of 20.3%. Cash equivalents increased to $193 million, indicating solid liquidity.