Cvent Holding (CVT) 10 May 222022 Q1 Earnings call transcript

Good afternoon everyone. My name is -- and I'll be your Conference Operator for today. At this time I'd like to welcome everyone to today's Cvent's First Quarter 2022 Earnings Conference Call. Today's conference is being recorded, all lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. time over remarks, Relations. to this turn like At conference the April Instructions] for I'd opening to [Operator Seed, Investor go ahead, Please ma'am.

conference Founder XXXX. Chief With thank us on Newman, today's financial and Cvent's for Reggie me Executive for call Aggarwal, Officer, are today's Billy Cvent's results quarter afternoon, the Chief to Financial first Good Cvent's Officer. call discuss and you on joining and

and first discuss will we our results quarter review second of the and XXXX. XXXX guidance During year today's call, quarter our for financial the for of both full

XXXX, In the XXXX, Securities a not and product include at will addition, opportunity, found Harbor Safe including investors. our call our strategy of on earnings Litigation of but be statements to our call Today's quarter forward-looking press of second provisions our growth release, year statements the SEC filings, opportunities. can website cvent.com. Act Reform replay which and and financial our are including relations regarding Private investor full market pursuant guidance today's made outlook, to limited division, the market for

material statements. statements from implied and unknown risks be our actual expressed and those Forward-looking forward-looking results, performance, involve by achievements to that the may or or uncertainties known cause different

ended section matters statements XXst, SEC, the XXQ, the filings titled Factors the the Information covered of quarter beliefs our by in on with with on is SEC XXXX, quarterly March including Form in Forward-looking Risk represent forward-looking periodic the and made. for of management's these the as filed today. the report the factors affect date our assumptions only outcome that included could statements

as for December as Form report XX, on is release. language our information our well available cautionary year ended Additional the in press XX-K included the earnings XXXX, the on in annual

included principles. filed I'd earnings discuss turn and SEC is will like to with over we financial non-GAAP call and available call, -- generally in accounting results Reggie. accepted Investor our not release relations accordance which today's are call financial now non-GAAP reconciliation during And to addition, between on our The prepared in results with In GAAP the the website.

I'm April here today. and to excited afternoon, Thanks, you good Seed, with everyone. be

our revenue we great were the the Now beat $XXX.X a guidance. beat versus end versus guidance. revenue million, that higher XXXX, high as our And driven on-site by functionality. demand our above first delivering a EBITDA of in-person with to adjusted of droves associated in profitability $X.X for this Revenue guidance quarter for performance start of the and our in high got was off well. a The end on was million revenue greater

trends full-year our Now the later a the resulting strong we guidance, we're in second expect XX% And call. growth will therefore these quarter. in which of in modestly Billy to continue detail increasing

Cvent to our organizers are overview. event our Cvent who event For here's new a those a our to with and SaaS provides venues through story, and is platform event that hotels solutions. cloud hospitality solutions quick to value cloud

and of for engaging and at to hybrid. and XXXX I organizers sizes customers enables our including venues, call, as marketplace earnings and that In all and And reducing across Our as formats, is plan, beyond. hotels in-person promote Fundamentally, venues market, well our software and unique our cloud solutions top growth hospitality space used event a event OpEx helps that their platform while meetings about ensuring events three grow drive virtual, find organize event help offers manage drivers compliance. engagement and greater business. book events our revenue their our cloud fueling and and to talked line last all meeting

events demand hybrid. in-person to the for return accelerating the First, and

across growth drivers the attending our entire strong ecosystem. our Second, with progress clouds quarter. In business grow expansion third, to And new and these engagement. both the opportunities to QX, performance of fuel showing measure in continue

and the QX, a our desire is our socialize, on for extended the and views recap year. to to throughout I human every of Cvent's period world in-person the a This pent-up connect, state the natural when business demand hospitality believe to share I fundamentally conduct such there rest before the didn't of in-person We for organizations markets. first and are and see history time day, and business Never collaborate, event face-to-face counter an meet will has This again. at continue yearning Now we been tailwind connection. attendees why for that to is be want it of it interactions before in events. hear

help Now events. will hybrid to might we otherwise and that pressures believe demand return this macroeconomic in-person a offset pent-up dampen

our at looking to you me quarter detail, in on start through and impacted growth walk plan more the QX each how by us. let we business continue of capitalize opportunity Now driver the in to front how

First, in-person events. start the to let's with return

pandemic, of XX came revenue from a spent meetings XX% in-person innovating building the We technology. Just power and platform comprehensive to events years to before industry. our remind the everyone, and

in-person was two powered As all been we've years, in our millions leader, the Then meeting generally over a seen steady increase pandemic in-person market the a events. But we've global events, this and and strength. year, virtually. past of throughout we hit,

planning cost-efficient sourcing teams’ us This in year event show in to continue for data technology. NorthStar XX% inherent due will or them their our stakeholders. event and landscape naturally before new We of that massive both industry this But to connections, Now, triple their based threat and events to demand budgets, maximizes levels, events point according Cvent because they pre engagement in our are reach -COVID. our customers, to According be booking planners audiences in in-person surveyed manner. of announce most now planned QX, in-person size XX% for will survey trade event their more XX% conference event is the new with we QX as rising and to And help hybrid We are and and what's conversations meet In-person the And and events engage the a net both. in event strategy. landscape, planners to goals. very deep options in the desired was of overall And the customers XXX%, in data. I'm more are threat. at are in in dollar demand rise increased QX industry prove customers they'll our and as same planners platform and you on recall, sales looking we believe making that than the it for see this actively triple XXXX. may over for our power to flow personal retention strength pulse X% space. meetings throughout XXXX matter in-person Cvent of events call believe excited encouraging, for within our of the point events of XX% their the this a survey, survey, Virtual employees, to of ever low is than levels confidence components own audiences, can ideal and above of action, the the prospects, there pandemic. No what will or

product support retention I our net of customer our which you examples leading mentioned. event program, leveraging to that total that just organizations the dollar me walk through is Let to highlights are how one strong

quickly engaging Cvent They were Attendee spends team banks an of right adopter at support laurel that leading One in-person over returning software. investment their they needed year world's of million in-person recognized $X the were a deliver events the early early COVID Hub virtual their to events. of beginning the In to on the QX, experiences. solution and

base the only we So power bank in-person investment just increase not other our of for they Attendee revenue to of online And their also our is install and events. application by Cvent's This customers QX total recurring $X.X increased and a $X their software. event on-site many upsells of both power hybrid Cvent's products, But in web in-person they program. Hub, solutions but Cvent example. recurring this modules, solution events, one new which for annual The testament software of for from purchasing hundreds purchased use your experience and and have the revenue overall platform in the million. over to virtual now their million as increasing mobile annual

on-site Fortune XXX a counsel increases traded Ivy ARR Some school an these first it $XXX,XXX, computer increased League increased and that on-site graduate company publicly by their include, emissions the for a time nearly purchased increased solutions that by software that it of pharmaceutical $XXX,XXX, XXXX for February a by $XXX,XXX. company $XXX,XXX, since

is think spending that these on steadily increasing. examples I in-person show functionality

virtual by solution. We our for also A see continued including cloud, ARR company XXX,XXX. increased software ARR of their increased by large parts Fortune our their private event other virtual XXX XXX,XXX. A investment bank demand virtual

Fortune increased company One XXX,XXX. a of XXX,XXX. and international XXX virtual by increased gas ARR oil U.S. ARR by largest the their their distributors industrial virtual And

from the for since cloud in-person Now XX% Hospitality business. This on quarter last and the positive revenue the XX% side, Hospitality also up the the return impact represents events year-over-year is grew is having QX cloud from a hospitality of year-over-year. largest growth real of cloud XXXX.

recovery sales Now reason one upsell. when why, my the ask I is number team

want They and they starts optimized back, to are RFP's. using Hospitality to and RFP these leads, higher are Cloud space they can As are event them so their come analyze, our and a Cvent much strategic capture their software close market to hotels meeting using at business they then turning investment. manage, rate. to planners, a they can, to to as as Cvent group then advertise And as

late in there's in example, new Vegas to slated an property a XXXX. that Here's open is

And etc. modules, plan, in Hospitality property Cvent market. annual of deal increase in contract their was almost for because competitive in event our property was heavily those analytics, and very value And hotels, beyond. invest value management, opening is as history. This are in convention business As million. planners it behind one as group Cloud our thousands don't contract their to and to ever-increasing with capabilities competitors. comes to tools of largest not when events black deals further total individual of renew may businesses winning almost key spend that our book find venues in the The 'XX bought blue themselves such all is diagramming, our of $XXX,XXX. part advertising, on and a are This approaching alone. We win the bureaus, $X had this they essential their investing They Cvent XXXX,

seeing data is Now being hotels s to aligns with this our Cvent what RFP on space. sent for event what demand for we're showing and

excited we're about our Cloud overall, Now the return. business, events Hospitality as in-person for potential

their to organizers the driver, to with Cvent increasing total growth to engage use our second moving for solutions across Now attendees program. opportunities event event

engaging event about during event. Now the cared attendees mostly organizers pre -pandemic,

with engage their video, With before, after the organizations needs. now event more rise even into of during, online and and the attendees gaining virtual occurs, to insight platforms, they tools event networking, have an buyer need

in-person XXXX. event nearly format, and Let events engage second me hospitality and This industry ago, in we within this a Cvent virtually attendees program. Connect both conference, ago, share a conference months event even network own together, hybrid our their in our in-person Cvent annual This evolve how just year out August hospitality we hosting brings we meetings and held of was our held of weeks had and more and play user we're is that hybrid multi-track and in seeing Vegas. year Connect multi-day, XX% Las it At than thousands few to eight when programs. events a professionals,

and program. not create a interactions hybrid served imitations continue Hub Conference, on event. Hub we to seamless and our experience during Now as Attendee attendees. our the in-person and measured Cvent audience to this event Not scanned, data Cvent attendee questions Attendee relevant for across as generated and and event nearly facilitate attending only it lead But to discussions. With scheduling, between leveraged just content did appointment from asked, pre leverage relationships these such unique Connect insights the a content, engagement after pre focal downloaded, with powering attendees, event Cvent and content post and from technology XXX,XXX post entire engagement and point in-person to and networking, engagement based more. before event -event of virtual We polls we build but our answered, follow-up our to attended, event points, able by offering a were sessions our

stickier across between high enabled events often Cvent event an the as level technology use of to friction Cvent events, even just strategic low as this entire even and more and is channel not This marketing engagement customers Our making organizations make technology event. during program. deliver more

having of our our Finally, just The But finding let's the opportunity and book expand more physical ecosystem. growth talk and about into physical suppliers space. space third We event buyers goes streamline event event connect our to driver. than an venues.

At and in-person that impact. marketers other for we event the need centralized partners execution, hybrid one a technology to Cvent Cvent virtual, connect platform, launched planners which and deliver at compelling place Connect, find also events. the improve delivered key partners Marketplace, technology You deliver and complementary to greater business to Cvent to

also launched example, as suppliers Cvent help for We needs, Supplier Cvent virtual, AV marketplace, within and it's whether vendors built to transportation, event planners and or hybrid. and such the Vendor the for all their in-person Network

expect the Now shop investment revenue are XXXX is We see believe more these make the one-stop any for the sourcing we events to of CSN needs. material industry. into to products. marketplaces to impact be now and Cvent embedded don't fabric your long-term your a from even all going in Well, these

monetizing highlighted easier the and experiences. about we've to making make event showcase event customers venue conference, customers and our collaborate our for services. in fundamentally customer professionals vendor to been deliver space, is great showcase customers their events event as business Cloud to with Win business, our And Hospitality to and hotel more an we event ecosystem. investments Our our

suppliers Cvent For example, we Planners localization of other each in can languages. the now communicate Supplier with and XX expand Network. the

announced event the Supplier also space tours. of We XD on to the Network the showcase XD event hotel help immersive launch by your spaces photorealistic Cvent

from platform Cloud We marketplace of Cloud shapes maximize In innovations and the events. to continue results positioned movement the in variants, return well more very excited will the to and that we're invest our COVID believe to strong the with first-quarter, the what the organizations from with our about all is the that's ROI and towards summary, event events deliver resilient for financial we're make Cvent to need in-person sizes. our Hospitality one pleased demands that potential but even continued future, we to business new it's to capabilities

from our we're all and we With these strong the further as strengthening platform, both we in platform, mark a macroeconomic ourselves distancing As and $XX nearly continue further from to we're position XXXX. TAM. our after and broaden well-positioned our deepen for we're investments competition pressures go unified our insulated billion

to CFO, our Now, over I'll turn it Billy.

XXXX. higher first updated guidance to quarter Reggie, walk increase this Hub, Event than of quarter On-site in-person compared the return. for financial first the Total begin These reinvestment our year-over-year. higher and XX.X% fourth platform, quarter expected, guidance Cloud Management, growth saw And group Event Hospitality for I'll year-over-year. the to growth continued we're after second Attendee Thanks, increase and Cloud as XX.X% $XX quarter XX.X% as quarter the XX.X% we across good seeing afternoon, Hospitality high Cloud, revenue, row was our end a quarter. or a in-person you Cloud Event an their This quarter $XXX.X growth revenue ' our year-over-year. hotels revenue, total on-site increase first the quarter. acceleration XXXX XX.X% the XXXX first in COVID-impacted growth five Cloud the quarter the to discuss of of in guidance beat in is result million, for is saw through growth the by growth, due and revenue was portion revenue of of performance, of and million quarter everyone. then functionality in Year-over-year the rate. the business quarters. events of $XX.X including of an Hospitality is Solutions. second an $X.X for of solutions we X.X%. demand full-year We was for were million, largely was first an expected in driven And by Within as million,

before a move to business to Now business. expenses, minute in discuss the want point I as metrics to they take also key seeing on we're to our trends I the

of at retention dollar point the this in COVID As is Reggie already - X% end XXXX. the first to mentioned, than quarter, net XXX% metric increased pre which our was higher rate where

also in than more revenue. the customers $XXX,XXX We number increase annual in crane demonstrably contribute of who saw

believe COVID be and XX, basis. in since record report higher We a the that we're Cvent. As the year XXXX customers event than quarterly will could hospitality of be forward, these cloud be annual tracked the moving issue. will not impact on in by customers number the a and Note than seeing contributed in we this and is I'm The ago, number quarterly anomalies which Cloud both for temporary of XXX XXX adoption more quarter-to-quarter. On customers, more sequential driven basis, than misleading there that XXXX, a customers metric XXX of an is the on and revenue on annual who attending when of XXX,XXX metrics was XXXX that not sorry lessening of an -- March is increases up. contribute who number this could a basis, Crane event

as the in So year we'll report metric of each this December future. XX

We expect discussing clients. each all expenses and on results strategy continue of this land increase year are our remainder will as unless within a result into statement, our expand otherwise to the and income the Then non-GAAP operating metric a references existing noted, of basis. to

is can gross quarter earnings metrics most of or You same of lower and comparable in in XX.X% The information solutions the margin from year-over-year the prior in due in decline on revenue first-quarter XX.X% compared margin, have find to was non-GAAP higher GAAP primarily $XX.X release. directly profiles. to year. period the non-GAAP million profit the in services, our on-site coming the quarter of revenue merchant percentage a gross which total

research in is services. we've for employee it's key an marketing wage to expenses, expenses growth prior increase percentage other of growth year. increased of due is And we expenses lower as main from measures statement. expenses average down operating the about and reflective as expenses to increased in driver both a beat our in growth in through, compensation expenses in in increased first in addition Outside in seen, employee public again due -- to the beyond. XX.X% drivers I'm and as quarter. growth. Delta to was heavily the in inflation. and were given did margin invest, first operating XXXX hired of XXXX million of that to The and in to point expenses Shifting see place million in making income a massive because XX.X%. The exist marketing COVID, take a quarter in $X.X contracted result increased not investments the support X.X% increase headcount decline development And general that the EBITDA XXXX the to line The to margin. still today, that period. measures the high dollars Note expense of Adjusted XX.X%, XX.X%, for terms COVID new the were margin that that X.X general cost-saving which administrative expenses the last decision that meaningfully adjusted beat the revenue, And year. comparison growth revenue was place down increases earnings, beat $XX.X operating of $XX.X of reflect of the opportunity were related of continue EBITDA of and a Moving is the for result in company and in still was each you our beat. terms to item a represents cost-saving also from guidance. employee costs increased million over we're administrative end expenses conscious

and end Turning quarter. collections flow balance was equivalents the XXXX. in fourth the to cash ended by quarter merchant increase for and we cash -- an high million first the of in Deferred revenue year. from the to cash $XX.X at that contracts of was driven the services of the last million, is bookings are related the But quarter to the XX% million end million, $XXX.X in of check a cash of the of on prior to up first quarter compared first increase million quarter, interest $XX.X The of compared of quarter, return. let's short-term to due strong was $XXX.X percentage year-over-year typical revenue. the to adoption turn the quarter calendar-year-based with to the invoiced payments the client of first first increase an investments guidance driven of first at first in-person and seasonally $X.X quarter the second sheet, before long-term events for Free free year, our which change by beginning quarter, the our client to -- Hub with in the the starting debt growth due Attendee

timing of event We contract it the our led in-person switched equally events of of quarter virtual. Clouds saw midpoint of quarter million equal compared expect for in-person conference in to the the second-quarter at client benefit quarter up million the we'll in-person have year, third by we continue of that back as points of by bounce and into in third the the This second revenue of events We a to the $XXX.X exchange XXXX the by driven to growth in typically growth conference. shifting $XXX.X XXXX. result powered hold a we client return. a benefits There's revenue growth. out of This growth to But strong but hold both revenue we to is also quarter earlier-than-expected the year to first revenue full the second year X.X% quarter quarter. effect our a for We each the in XX.X% this is being an in had but on annual in related the guidance quarter. the second opposite

month. pushed revenue the midpoint the are the because the quarter million raise the $X.X to of and first We million Earnings occurred less to million XX.X% shared $X.X raise million B than guidance last we the in is up our quarter $XXX.X $XXX.X of Call majority B, The result in quarter the our of the thought the events remaining guidance end expected due to revenue in to the our This first full-year to a bounce that The the original expectation quarter. from early was Omicron. that as quarter, the million bounce at compared quarter forward occurring increasing later prior in reflects late anticipated the later we the of $X.X second year to events the over midpoint, due year of to back in-person that first to quarter. we the opposed be -- sooner to the of beat shifted realize than in out year will towards was due first

For started full helps the the first the earlier the doesn't bounced quarter of but remainder the a have and year, year. back snowball effect the for

Looking we to after forward I point year-over-year consistent X.X second-quarter will to an on conference but but revenue revenue third-quarter the will for the second This item in of half timing benefit fourth growth, that of and opposite timing related have relatively our to growth expect effect previously. mentioned client equal revenue the year, third be percentage impact quarters adjusting the growth.

adjusted Moving at EBITDA million expect to midpoint. of a the XX.X adjusted EBITDA EBITDA, second million to margin representing $XX.X we $XX.X adjusted quarter

guidance company detail key is the of event. is for cost I margin marketing by one is believe initiative, mentioned exceed cost revenue so the the just materially our to the we Now our that the net justified. It's that adjusted generated our understanding EBITDA conference X number client annual

first, would conference and second to guidance, that margin and we're cost quarters X.X% EBITDA see. between the revenue the our normalized our XX.X%, expecting a the basis. on guidance client adjusted of our points midpoint meaning of margin from Excluding the of expansion be second-quarter

which from through margin prior adjusted unchanged the EBITDA guidance to keeping guidance does currently to first-quarter full-year in our EBITDA XX.X% we're from increase adjusted inflation. million especially of our on EBITDA result play, EBITDA factors Turning dollars are terms feel to in guidance, a our wage be, a results we're macroeconomic to the The revenue guidance in expenses fully as to starting flow our $X.X guidance, of impact because of adjusted slight increase our adjusted XX.X%, not that an our full-year the to

the expansion the forward the in QX, forecasting Looking of in magnitude QX and the quarterly we're quarters. step-up expansion, to those and margin

of Pete, high events to angles. our are we've result a springboard to of of up business been Since quarter unstated setting. we adjusted support terms our and how of when expansion. customers development sales in solution Extensive solid the process. And a who footing degree from our virtual margin, As reaching friction flux related reintroduced a a of virtual, learning EBITDA to now in perspective from technology the XXXX all third lots hold can which in of margin virtual

As we helped them, what's our environment determine best the customers for in-person ever-changing given solution for events. an

expansion of meetings year. our through since we're recovery But the recovery late operating form have and predictable, formats, process. the margin event that the of in and of begin We're In of the proud rewards off more stable and and all we industry. signs becoming to programs in-person, supports performance in to and of the been technology support progress the hybrid are in start in We in end are Now XXXX, reap ' the virtual, increasing more positive a incremental three seeing quarter. increased more platform making general planners customers in event our that level spend, becoming confident, we've expense events. still using and events can we're investments and to the first summary,

created by fading, to uncertainty the COVID beginning are Although macroeconomic is other rise. factors

TAM. However, made billion very to well-positioned the of support across and our most total importantly, believe we're nearly to $XX as we've result of deepen our formats and share to a and disproportionate broaden program, event event types the investments take all we the platform

the Q&A. I'll over Operator to for back Now it turn

Bhatia hear from Instructions] Thank William Arjun We'll you. Blair. [Operator first with

virtual the from customers. reach doing think macro the with the like and that events customers seems I nature you're while as your very between cost the lower lot shifts of and you of think on certainly interesting that and in-person first quarter continue, on and expecting Thank a good commentary return curious you much somewhat Perfect. QX. given impact and navigating you're of I'm virtual of that saw congrats definitely uncertainties to here allocation same, events, we really guys. engage in how an these was having Reggie, and to are events in-person still

Just year. out curious, that of see remainder pointing how the the over you

Arjun, question. yeah. thanks. Yeah, Great

event just has depends every it every characteristics So its they're achieve. trying so look, own to what business, on

an The out had it's in had will I would hybrid. half be think was think to And before we we first previously. XX%-XX% that's it what would allocation, I virtual. thing I say person be what think I about, are be and the don't then from remaining put much. said changed about going was roughly

bit it's events. a lot, news the I balloon, it again, then squeeze come the we the the of use other the bigger of But analogies, depends think look, balloon on whether through. or the a of part changes little goals one that

say people do more macroeconomic if may get a of and again they're are said. attendees some they budget on the virtual just as let's more bit cuts there little environments to trying focusing to I because So of tend

to went in from they the only. goals really response. their tell you But I or of you to to some, to recently hybrid it can had a virtual in switched case of studies are and And depends and banking So on a then like give what they're couple XXth. amount records fully broke the in-person conference what model seeing I they in they

That the demand the of People willing in-person that are really regardless willing to come more people leaders frankly, because We again, the to in-person so and of to God the can't in because I business in-person pent-up that travel people more doing back more is on we're it on event done And better this company see it's like. comes going engagement for you pandemic. much and they and of do in-person, of say, virtually. to than more that I went how and level to conversation I and go more would say, out in-persons We're forgot relationship. it becoming depth The what's depends go and way strongly. get just more environment, my our more say more. the see investing

out, and with as But we we're we're do And that going shift QX in going what we think, think will a seeing, all. for new in already said. we're the all I the showed, as what any to we is combination that somewhere mix be where a QX, can now but owe tailwind, seeing for things of there's We're prepared right think prepared environment. and scenario. come variants in least continue but to that's macroeconomic see So again, always look, generally again, probably at happen things you're be person to

in you that perspective? have know material monetizing but already or that And nothing marketplace are about on how one getting and in the of That's have final curious you in just the then functional still sides the Supplier a out our something that data, monetization event works mentioned whether is you the And types. XXXX, Cvent out across that at aspect, ability that are marketplace from I side how that that's you the monetize of think to the I'm something CONNECT, the that vendor very vendor where on all in that the and player from process in developing? stuck then curious you you made or announcements helpful. one little building bit about actually you perspective, just Network the with both

So we office the all gathering just We as of should data, our we that, Network, India and build I used our get it, have a hotels data. when built venues we're that XXX,XXX. part but granular reminder first for to Cvent still helped the the say, Supplier and

up of should for We say. I venues, to that, have each a those couple or characteristics XXX of

we're we're a of So lot it's doing data the here. same thing collecting,

didn't the were Now have we the XX, our much reputation evolved now. Cvent Network ago, scale differences that XX we launched Supplier when the in was have more we that years

that So dataset it that just people vendors as give recommend. and at supplier. make basically that on the is a look any we're example we're getting an dataset curated curated trying to I'll is what data, way that gathering

something simple just as Let's transportation. use as

get strong about to just lot and hundred deliver. referrals big companies. customers. a is that small that particular references about they know, the we way that just city. have are can reputation the help particular people literally get so scale, you do from is who to You ones. in as our organizations and It's programs they And from have very which it's But And are also great got choose. the of these a we you not to are in certainly more our curated, they enterprise can day helping want have one a have What a customers midsize

be So that we're just to good also building can It's but there. the making really as a we've that they turning of again, little we it's so recommended, again data not they're come walks that. over something we're find like when anyone our we're curated bit about system, and it's But speak. before done and

monetary, And one-stop extension the makes really have organizers, it, forward we that event now a time. you're revenue And revenue had ad Right fields then any to then, this. a as I the transaction it second in while a fragmented now of know this, to an is start just you to take terms expect it But stress But more and it that do in material build beta we the But a right do it marketplace. We're the does while. to that of to from build -- how are not -- we'll build revenue, fees. time monetize. prime go event market it's network, planners going while. takes the doing also not hasn't do potentially ad even again, starting a part, then because you from takes we really us that how we just XXXX it. almost great think we ecosystem, as the want we're like takes now long-term off right And we to a from a it but get looking that we've after just as it which definitely and shop. Now

helpful. Thank Okay. very That's you much. very

Arjun. Thanks,

with We'll Tyler hear next from today Radke Citi.

wanted to Obviously, events, now to question. but talked more the thanks events, about this you has around I for there optimism lot been ask and at competitive in-person my how competitors that changes you a longer-term? helps position you your of you a about do the landscape. think in-person any back focus Yes, you taking just noticed have

Yes.

question. great Tyler, So

thing it our first The back script, is, in is I plays that mentioned go to - my to strength. as things look, in-person, as

years, we in-person XX on pandemic thousand-plus building technology the we For engineers put hit. innovated, til

and product, But comes Now from virtual our a inherent again, in-person. still, we the integrated. strength we've that's great built

competitors it other rise virtual to you of plays it a to our compare So a back, strength, that as lot goes had of as out. came competitors, especially we

why to also virtual now, all I virtual than company. all for us would thousand back to tell why is more the talked knew be going in-person, probably difficult virtual, that eventually it and integrating think candidly, struggle almost launched it three way which to hybrid can you'd compared team, these because than Because they're tough engineers, they is I my has to it to them building probably geometrically, are got we grows candid, with because to start And our we're out? putting we That's features. Not taking with many these But us make virtual. you, Because with way of in-person, be pivot. come in small view, in-person, plus building it, we took you build complexity when the why more saying, companies in our another focused methodologies. as do. complicated combined when need to it and on and platform, it us, wasn't to longer one frustrated tech again, the our struggling virtual, putting anyone launch you about as I

to do small competitors, going in-person, start do virtual, big it happen also total can program platform, different because whole, it, heavy event is those types. struggle And need. between with the So between depth to what's external. look, as and starting the hybrid. you and all all And seamlessly, again, product hybrid, our I different that That's you of event as doing types they think, a the the you and internal, need. event modules can't despite to across have service that you the of in-person and different And the lot whole that iterations that they're

going I one in the people it's to whole a towards, of think of be the customer want that this and get is across lot do platform they this, where worlds compete to moving to flexibility. difficult they again, journey. that to want But engagement for all

never up they know they look, can, towards able be you shipped to need in-person live. of to go what platform this they a the didn't you where event. happens that but of you And we because to I'll why the I then happen. that's was event it know there this, the that one conference, know be literally times. different one a to As changed that you know is in-person three need ability having shift That's virtual flexibility one mentioned to one a bank went able conference our to why to, tell and changing strength And to to before month strength. things, we service all flexibility platform we them to platform is the is and it are they going and to right going other the that and drive our certainly They're

our our feel That's for about. comfortable it thing compared one feel, we business that why that's competitors. helps we to So

increased events two you there, how in-person pre Great. outlook it for the guide? guess way that. strong guess questions I you that saw investing see secondly, demand. year And that thinking -COVID. could you're And what are forward any then Thanks. exceed I given to for that started the up captured talked that you in bookings in the that changing indicators Thanks is multiyear for you terms of that spending show in outlook, about earlier, leading next business? would XXXX, have the in capture

just methodologies, So know Look, comfortable stable, virtual, and of to their one so going with do start height invest let what me pandemic, didn't they're of event let's that deal multiyear didn't lower because was any the and during feel really They definitely have the deals multiyear it a with with know program. to call saw it quick. they they didn't program. know the we hesitating people event in-person any

that tools times, normalized engagement and we But best customers a to mean, getting and or can in-person. of understanding big feel are, I might comfortable, they I are is this we starting know we going -- with we going because we're play to think and, are going a virtual to comfortable feel more is three As our the one of we're we start have they have frankly, people how combination employees what and And events back is know don't to and stakeholders. our out.

going see one as they we're we're as feel to out comfortable deals. starting fact, more than So more going bunch multiyear to to a they're comfortable, them see, throw matter signing named people of that starting I'm to feel of there. We

that the If and year brought XXX,XXX you quarter, Cloud to relationship in million, deal Well, Event was to roadshow, we value. association we've had for we QX, $XX a remember, total deal that they they group is almost five-year history close a X.X which during biggest up that expanded contract signed in said that million. that our head a last signed

in QX. to That's So that comfortable example an with more going prepared because do to that they're feeling signed just have three they and we're multiyear again signing do of know people deals that. all

So that deals. the multiyear about first question was

of terms investments. our second In the is question, we which changing how

look, So

a put energy here more little continue in are do person, to a putting also. virtual. to since stay, it. got it our in-person Because And better, virtual is we got we've to a we because now go bit balance to of bit of in little back towards to changing to course, lot we've

we're here's a couple that doing. of areas Now

virtual for So again, virtual, includes again virtual, for our virtual. Attendee engagement, all a whether our in-person, combination or originally, the includes features, it's we launched, first of app, it's when three. it virtual Hub, events, and includes all everyone, it all engagement was so of Then course, hybrid. remind of to our types it for just mobile And it's because of our kind now,

event, we're for arrival, competency then which look, core to So in on-site And a a we're is are bigger we're look, webinar Hub. strategy, year-round be used event. and areas again, like tools, for during general. heavily, new still engagement. of a something more of because because video video needs we're example, that, work On kind stay, that. all engagement our as of after in area is a Cvent types investment. is seeing our it's lot new because invest in virtual the still here, excited again, before Attendee it's because a it's there's a the here do the engagement investing other And because demand for to continuing invest look, in that about And lot, is middle and we're And to things event, we now it's reinventing center just webinars of much in the some driver the that reinventing continuing the of so again, to still events. And is to

of And in our script. some things that I these new ecosystems, mentioned

invest. to now. all three I'd there's investing thing, So triple it’s need the lot fundamental with that because areas call had if a continuing of say, little going There's a in-person those the look, but right I But all more models, of were of lot on. to innovation put would towards it They threat. down, bit we investment, a

need an because is the we more digitizing. area is because in-person Just to some experience, whole put that that

also way and the competitors. event and open of more well-positioned that's business. our So old exciting it. to back at the one technology people not with we to our just of we're because platform, doing to is And again, that's really It's digitizing of it's more it part compared but believe it, it's center certainly

details. the all for Thanks

for the Thanks question.

Hynes Canaccord. David onto move We with

attendance of the guys. is actual based -COVID better hey to but words, not the the that pre than else I'm if and for it's are all registration, appreciate event business? anything thinking relative that rate customers read so Thanks different the in-person relevant, people if any anything you about to curious other dynamics at any question ratio I difference, pay on might that, the guess Hey, showing Reggie, and and there out maybe is in taking on registrations saw what color call. the renewal could expect, you into there's what mean know that I impact? for in-person

in-person still a were strong I'll -COVID. where trend are even you I what would absolutely are renewals. less pre up, we're of we actually, And you so why? not that up signal seeing showing Yeah, for tell because varies, because though you, it people tell strong people is to how

XX% I say your saw that attendants -COVID. that seeing If an me XX% somewhere XX% attendance example. I'd just of pre they let give of So conferences pick to or average a between would number, the

idea. So think rough of give you it, just a

they say make You come conference to conference, conferences decision XX back attendance and not like certainly more said hybrid, person. a bank because that, but made in have we I'll everyone's had to refer to just that they it to went in that their the got

so And people's virtual forces and course sometimes in-person. not that's to do come hands

on if it customer goal we strategy. your total, depends is, conference, it our call around XX,XXX. your that say In So Right? take But had let's you but have what let's generally conference. speaking,

I Okay? we a above pre look like think. If Covid, little X,XXX, were you X,XXX -

after what we got just X.X I in more I gets we would my during speech But it's in different it in times front those XX the can you of we ask okay little of it had; what digital virtual then call instead had more. all over the XX% more a than that's a of the like our had XX% of CMO, XXXX, about had mix. in-person. We of let's if hybrid that we leverage because what but So Patrick, because we was XXXX event Patrick front engagement. tell the think XX our of like previously, you And and all just actual -- were -- you in you, got gets end, than have -- model assets, XX

mean, certainly in pre in I'm say - of reasons, are to seeing it's time the a And three is, course, it's the with in psychologically it but to people and they that growing because not of what have though people getting month they with reasons, COVID, of just the It's more even -- XX in think I tough you're health, budgets. going is up just some events psychologically, two end comfortable the more every people one comfortable. person So people week are health, not is are over getting of in-person again. where second traveling, third were just their concern even all, going in in office engaging not I

the think variant you -- going stuff to in we in with if And to how January how back December, budgets to model the in going didn't year. it didn't beginning were when people finalizing the November, as Just in out and it's know general, because was know COVID the go didn't was to much of going people they to budgets, play some maybe go. Omicron how

think I think course of the which see year. you're XXXX, to normalization, of in you So the is then going as And normalized. get more to that more I half back

doesn't the terms how impacts really that paid. in -- that it there's matter. as attendee we of virtual, or get end, doesn't. a business, come no-show, attendee an again, in again, Because -- So still balloon, and Ais the counts it person really or the whether it if a, they in

Now and again.

that. want whether So large to these seeing And take shop you registration and registrations the capture people mid all it's a and amount we're seeing from attendees again, why get view, We're generally are with more not more a to paid then let's conference. we leads that's say basically. they or same

So information component. you up, shop but to want don't engage the if I and a tend I collect they organization for virtual virtually generally don't to know of show And the you. some register have people in-person, still the registered from that you again, conference, if those

us way. from why really that's There's either So doesn't it matter. value-added

Okay. Got it. on numbers. And just you then for the Billy follow-up a

the So through me out? you Right. to risk might notionally like help why to revenue me profit guidance but understand year net it and little Can of shouldn't guidance, clearly that to think add call, just walked the moving back-end that pulled plays some we a forward the seems dynamic you think bit parts on I more pretty loaded. the that how became

revenue first the obviously like ended obviously events because thought second-quarter, begin late in Omicron And impact snowball than for push see from to and happening don't that benefits that effect year, QX first much happening full the bounce-back in we'd bounce good. turning to the first saw in-person going up larger don't back. X.X Yes. forward raise you actually forward quarter the that see There That also sooner of originally that's was the opposed as due what doesn't full which to some pulling the quarter, events thought we the started some and and we're a why you but full-year, pulled year. we a sort does impact into the is so quarter

gross we the that off of there. say I starting first to terms especially because wouldn't related in we a always change employment there down. in always talked a first have of there about was knew profitability terms margin We backfilling the is lower costs, change more the quarter In in costs going quarter, year really the profitability? be as

second out got we're solution we've ground, level quarter three are was not that then of quite The But going you expansion, Reggie going margin conference the have large can as there. of increase that, formats going is But normalize client that a percentage in that my to you quarter, even support into in still if quarter. a because is But mentioned, quarter-to-quarter and recovery increase, the we've Because, as in increase of to to X.X margin more so out margin more. that fourth pulls you point gotten there quarter, I all we comments, see speak. the as and the in to phase, did again see margin the third do mentioned but starting events. a we the see down expansion expansion back as to types

technology, from where out, customer in And you comfortable base, feel virtual using program how commit a feel now, of just just We've of and so that's predict a an to here, got we can they more terms hybrid especially got irrespective now. event have and So more comfortable pop a the they there. it's going they've base, good goes to trying play perspective. more customer

as we much, and and not spend on the more have to customer of sales. more incrementally really, above. R&D, we're not spend so spend support all going And to We're incrementally to going on

it. name You

do hockey didn't see we're that's increase don't allow invest, margins stick an going perspective. full-year last again, of that get not not up it. That's to happening, It's us going a enough do on you're yes, me expectations, right? look, did knew are, job the margin we still so from really didn't quarter's guys didn't like that I a we call. And But that's just was articulating to we where why what's our you of change. going to But good to our wrong. annual from Maybe to it. we - going -

wonderful super color. that's But No.

friction. example, there's sales, less for one example. in Just give Like, you

you they paradigm. in just still There's are used They when going imagine be because year doing were to like what educated, Now people were to the that. person. assisted ago were sales, still a new was getting virtual. Know

more So lot to the then, it took And longer. them just importantly longer. a cycle and sales educate took

more. You them get a handhold

see sort So to a just to more. ability leverage little examples those were one area some we're that some in going

can a little get bit You more efficient.

sense. Makes

Okay, guys, I appreciate the color.

Scott with Needham. from now We'll Berg hear

to with what's products Hi return Could on longer-term and recent everybody, near-term is excited give Thank Maybe Michael you a little this Rackers. maybe for in-person your Cloud. more I'm you. the and Scott today. us then announcements innovation bit Hospitality about color your within more on events.

Yeah.

Hospitality Event there's back. doing coming So first on thanks asking we're to and lot the a focus a look, is of tend lot. Look, the is group for things thing on because Cloud we

you're So group general. of a digitization seeing sales in

So people. some I'm my they've of understanding example. say is is, year, ever that in hotels My positions as in the The an to things we when that hotel -- almost hire for one salespeople, struggling about most open talk been understanding. XX,XXX going remember to is are probably there's history

for reliance Cvent and they're the means hopefully that group just so And high on technology business. on

So that's framework. give you a

media that terms we're engage and trying doing all, of more. fundamentally we're in we're, -- things to first planner of some look the Now,

the the where hotels. the honey Because is, of is course, come, and again, source. to and tool bees honey our are using they're the So will meeting the bees planners the

we it doing the making investing more. providers. first like, be what for that's So some The going more is to I more help conversion. by service them going increase find come that things more example, volume to by doing really friendly. really to other And you're something you're can increase when that That's continued content, vendor planner, a sourcing you think you better Cvent getting by and might because XD. experience photorealistic, going and photorealistic say, we're going Supplier see to areas content, in marketplace I'm visit venue you can of course, us, and know And it to But the maybe also consider. a venue venues we're a really visiting much XD other they're our over without want really see to I you making engaging getting might say, but better not when get things of doing have I time UI Network help sensors the -- the then will able not

call example, custom we're letting for what for the what is, we're doing we do smart salespeople, proposals. So hotel

do given they remember, are by a So millions literally responses when hotels, millions a out RFP of year. in proposal,

them the again, room And that CSN, salespeople so less and event with right it's makes that in they to as helping from more to to leads make they our manual Typically, nice for the competitive don't find and that and the doing proposal salespeople, them like things have customer proposal there better. to mentioned, but it respond them proposal looks Cvent they custom it, that a into I less call it. automating using can because for proposals have doing our system them them we're And we're integrating their it responses makes our with it with get the So management to things we easier faster. I black and so a want want also again, because do more respond, that change a really the differentiate as do out smart nice hotels better proposals we're And diagramming. response quicker. and seamless

we are know in people hotels the of looking And having some what the problem these we're more. which So product automate up not experience for, we doing things more. what that And event because planners are of terms the know that we're are is innovations for. and what asking digitizing the is looking

people sales So they they of until they want. better don't a what really have idea with have interact to

of back the how in-person drive because business. hits some to that innovations in-person anything Hospitality comes about Cloud that more would So and of doing, we're need we're that than that's the course that excited you

been taking That time you. helpful. guess one run there super out you Thank the has one quick hybrid, and advantage Great. I mix of are or from Have go-to-market in-person your between that a more event was how any of strategy, how go-to-market virtual. shifts here. in shifted Maybe before But we perspective?

in-person changed tremendously or a event to program over the total go-to-market I well year, not maybe the Of hasn't is a over go-to-market could say, and well been now but has their strategy year, you're again, program, some events, not you three planning or that virtual in and don't planning need event total what and know a in-person with we advance. at you're four months forget

XXXX started later you getting our big the in first they're making that they're customers, virtual, going quarter least and in events year needed which so my therefore like? into was 'XX virtual, lessen you but will thinking, get XXXX, my with decision. to pandemic already contracting venue a in lot already conference 'XX, I look what if all and been virtual, maybe virtual, thinking XXXX assuming of all have virtual, have I'm probably they on negotiating what's can mentally, they're the a at So 'XX people is there

we've So help that's in been all you because three been and our three go-to-market we what that, has over can basically XX for months. pushing and strategy say all of well

everyone think also now, I sometimes program. coming said, And and find virtual. are because because more a there's there's back willing is to comfortable of the to except, don't seeing right right backlog because now. So they're jamming venues hard it's huge in that friction And commit. are that, shift They their less confidence they in have as people see in-person we now

'XX. bit little is our we virtual And like which again, particular us technology, that's in who up. total go-to-market our a can of point are with of meow pushing strength beginning our strategy our lined that competition, of half XXXX that So in-person. program, and competitors But only the the In the our our event support solutions we and better get first services, were consistent, well. there cats kind positions the everything all pretty in get

that's Now the showing I think weakness.

about in-person shows, because able them in-person one to biggest I'm and just we to seminars. getting product we're a shows for of Hopefully, hundreds but a end, XXX doing Europe, things of we're - where lunch-and-learn. where that are Trade like show make those of the we're of in the trade in seeing tons did So lunches, to be of up. ones it's coming ourselves, going our used it shows trade yeah, years. the trade We've you're We to one going blossoming do that's industry. talked our year, that that

have or to think XX,XXX globally. people, people coming they I XX,XXX it

see come back. to starting you're So that

a budget, have little see that, our which did, we'll course, So that our love in-person we to that something bit events but we in of helps business. love because of because we more is certainly

you. Thank Great.

- And in Go interest ahead? the of sorry. time I'm

had we one think last to caller I analyst or cover?

course, from Of Baer. will Morgan Stanley's be that Josh

question. for Great. you Thank the

bit about you I'm to more how big of little just thinking a time? that. hoping are expansions and ARR mentioned the virtual over several understand How You virtual the durability is virtual ARR, expansions. about

I question. virtual like mean, good it's balloon. Josh, a look, And

might down or becoming virtual And now it's a you event. person where virtual some So then go have in hybrid. as may

want going it's a can but on in-depth more definitely stay. to I engage with tool event, people for side. CMOs thing event of I all definitely part far for so really where used It's but in-person a effective any And our in, you is you engage is cost about two with them can global. and year-round or what's way have virtual, critical think a what that just this of where sake, not of this should be of a investments, aren't it more say of think core getting engage creates But more hour a always I again, stakeholders. sudden total to But they cases that away, just that making let's those you're here be during are event or think want a could in they part virtual It's audience in-person events. So CEOs which that going to fly again, effective, four get to And because program hour might do new be TAM an it's across engagement all is is you or and because but events. exciting cost-effective increased everyone's relationships. to

to can it you of of going to or I say, customer I customers We're be to continue them we're tell we're flexibility the necessarily of even through put want we kind are next the to you the all and a though conference and in-person the virtual. in-person we still going events. So there's think us around our, we'll We're and the just and that as it. goals see goes to lots both of our know grow how just mix that don't mix. working year for like the assuming example, have grow and going even company

the it year. little is life virtual. then But And for a so continue IRR right in-person, to can just part. happen, things But I million range I less. a way be just you going Because to to a think from core it year $X.X think on all a in had went the I customer, it's $X,XXX virtual range emphasis now, a can all think it

is, there wrap to as where but look, And balance. one thing a through thing now again, whole ecosystem. on to expanding up plays Now for we new platform, up, it a a to it's And the that video, then think because just all like this had in-person, in-person we is of end and all sudden, course. other balance. the three. to company is big then strength being And going virtual, includes return and do it's of opportunity an our attendees the or And I about virtual index and that our going plays to engage way

for I you there for if balloon towards customer think ecosystem. want all We're - squeeze it. we're that we're headed. where and all whole to play then the there where not, But it's hopefully things the whenever those

's We'll do Credit Lee. have we And time or for from Suisse Fred more questions. two one hear

Okay.

year. current expanded drivers is on bit NDRR on this bit, Hi, you comes that guys. quarter. was track. behind dramatically And looks about trend And key you wondering little that. from the start getting whether I a in based to talk like the things Very your could knowledge. if are think back a a sustainable nice the little

Fred, apologize. I

bit little said NDRR, broke You up right? our there. a You

Yes. NDRR. Exactly.

Good. Okay.

we're few want increases Event very talked Cloud think make Cloud thing. past we about the Look, has Just the - when in about for been sure to periods talking centric the the Hospitality because I was reinvest the part recovery return see perspective starting from Cloud. in we're to But to customers groups of the our are events, relative hotel of their we see with lagging to in-person to Event business. starting starting their NDRR

there Cloud for Event didn't so the now. the And to But we -- pickup Cloud for where four -- step-up to We effectively, don't seeing we definitely saw call -- the where a as we've Cloud in are usual Event Hospitality in starting was. quarters a behind NDRR Event nice that we larger it see me three get wrong. than several been Cloud quarters saw the

So to of being increasing see there opposed in our at increasing definitely multiplying there. the at across good clients the seeing terms same there board, it's Attendee adoption stand Event continue events the -- in We're of as spend It's cannibalized. Hub. our more Cloud, it's -- or we to the or the

less on-site Hub, Attendee than -- by don't to but are in-person wrong. seeing on the me As it's times where holding on are more as we're than our well, but return, still side. be those to we're being There spend to events higher increasing stand on onsite begin offset be going the to going get

that. be a from So approaching down all they longer-term, where spoken want Cloud can the the can side. business be platforms longer-term, net that's going from this around source the think want and spend come Reggie where recovery, and on we're complicated. for retention to because those from client bounce-back is one seeing that They're start I year. where our a continues being in the or clients can place, span hotel about more that of truth, be recovery platform one don't perspective, increase XXX% that's group the go, centralized do platform on mentioned, they going things to we our to to getting But things Hospitality side. to - really We're one as, think to But look, rate had dollar going

Yeah.

now they're to tell full to we in have be bit three actually platform. XXXX, get you they our people, back XXX and of to events, going has because to do how our peak again platform all little about we we're so that's have as of in to the to to comment. want modules, The all - a sort three take why likely is one is buy XXXX because And do they one just buy had one of we up to as do thing Again, more basically types or three. why more mentioned, just Billy strategic prepared XXXX. was, strategic was it Just I platform, that thesis, our NDRR reason where at and were different did really one in this that peak excited excited what to about And models. that going all plays we're started we be is through important,

into it That to so you modules and therefore, need with term in and us, And you've stickier, stick more more business. invested more you you're just more that likely modules, the because the long get. the makes

Roy today Tower with question Research. final Water be will our John And from

your macro Great, confidence thanks, the the in to Obviously, in some rest up, there's Reggie, driving interesting sum is what the year? of environment. things

is rest the what really driving you? for the for of it So year

question. Good John. Yes

our history. quick give and So look, a is about beat what raise I'm Don't history. going forget to

before. XX in We quarters great So look confidence record at I when of had way a we we say beat and raise. our we're something, at public looked our the when we've financials. had straight

Just May. look, we or I the public put we all and end think where the market the numbers we were per weren't out changes of Seed the public in market. April even mean, April back Seed XXXX at of to our se, in though

'XX, so, this our has been QX, QX course of quarter. of XXXX, And track QX now my of record and view, in

the hopefully we've our public have since put out in establish record. started numbers investors of Many that 'XX. been So us a of following track we already QX to

we track I was say, ever than projecting. So our much that ever think we had would I end, went in time, a in that which in difficult through have view, more difficult we've the terms time of record.

simple. And just confident I the future the think things. reason that that you they at how that is in we're could tell we look just

makes think have how that We delivers. integrated, I want it some do. leads one gone can't all of of just way Events. used companies three us more on a all realize software, are times, still need really believe it's three having or And it we through now lot do to And to put and they're our invest that feeling as be more do of to seeing or we more your helping and two events they're look, use you channel people it place platform. But out we department, that methodologies, Events they'll employees. this are as coming our can. that universities back-end do, strength, all pandemic, tough our power something it And people solution. with our or like of to that team. back service as with able with things formats, different if we have or the software are a can comfortable work They're have and still and get people still of other We getting that team their it's their or shown a--we're And engagement them. predict solutions, reaching really everything in whole strong our management use really through an that compared your pretty might not associations going a going you to sense have -- to technology, look, you a their low experienced other all IT channels, to in costs, We've seeing things And one one of to we number think I variants. continue customers we environment. to one that's live a weathered though now number is the efficiency the And point And we have storm. even can finally, we're presence, terms believing that difficult are I do our with and way with think the

some we're We macroeconomic and that, feel we comfortable well but have still with are. all positioned we where

was you joining all our question. that very So with appreciate call. the that, everyone last thank And think I We much.

that Call. again, you us. this Conference conclude And does Earnings First Quarter Thank joining all Cvent XXXX for

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