Cvent officially went public last July, and this week reported its first quarter 2022 earnings. Although the company reported a net loss of $31.4 million — nearly double its net loss of $16.5 million from the same period last year — its total revenues were $137.4 million, representing year-over-year growth of 17.1 percent, which the company largely attributes to the return of in-person events during the quarter.
Cvent’s Event Cloud and Hospitality Cloud revenues experienced similar increases compared to the first quarter of 2021, totaling $95.0 million and $42.4 million, respectively. Hospitality Cloud revenue, in particular, experienced its largest quarter of year-over-year growth since the first quarter of 2020, before the pandemic took hold.
During the company’s earnings conference call, CEO Reggie Aggarwal noted that Q1 revenues were “driven by higher onsite revenues associated with greater demand for in-person functionality…we expect these trends to continue, resulting in a strong growth of 25 percent in the second quarter, and we’re therefore modestly increasing our full-year guidance.”
The company is now expecting second quarter revenues between $153.2 million and $154.2 million, and full-year revenues between $621.4 million and $626.9 million, which would represent 20.3 percent year-over-year growth at the midpoint. Cvent also believes that pent-up demand for in-person events will“help offset macroeconomic pressures that might otherwise dampen a return.”
Aggarwal went on to discuss three factors driving continued growth in 2022: the return to in-person events and the accelerating demand for hybrid, new opportunities to measure and grow attendee engagement, and the expansion of the Cvent ecosystem.
Cvent is aiming to support organizers in planning in-person, virtual, and hybrid experiences and has worked to provide as much functionality and value as possible — for example, at its recent Cvent CONNECT user conference, the company unveiled its new App Marketplace and Venue Marketplace to further facilitate the partner sourcing process for planners.
Aggarwal noted that Cvent does not expect to see a substantial revenue impact from these products in 2022 but that the company is viewing them as a longer-term investment to make Cvent a one-stop shop for event planning needs.
“We will continue to invest in our Event Cloud and Hospitality Cloud capabilities,” he said, “to deliver the innovation that the marketplace demands to make Cvent the one platform that organizations need to maximize the ROI from events of all shapes and sizes.”