Third-quarter revenue for meetings management company Cvent increased 13.1 percent year over year to $134.1 million, the company reported this week.
Cvent founder and CEO Reggie Aggarwal during an earnings call acknowledged that the delta variant of Covid-19 had a negative effect on the meetings industry and slowed the return of in-person events, but called its effect "limited."
"The silver lining is that we were able to accelerate our growth during this time," Aggarwal said. "The limited impact of the delta variant really showed our business' true resiliency. Quarter three 2021 is the first quarter we've grown since we felt the impact of the pandemic, and it's a great foundation for our future growth."
Aggarwal attributed the growth to factors including what he called significant new business signed during the quarter, existing clients expanding their usage of the Cvent platform and product innovation.
The company reported third-quarter revenue for its Event Cloud product for planners of $92.5 million, representing a 27.2 percent year-over-year increase, according to Cvent CFO and SVP William Newman. Revenue for its Hospitality Cloud product for suppliers declined 9.2 percent during the period to $41.6 million. "We are seeing signs of recovery in the Hospitality Cloud as the rate of decline improved significantly relative to the second quarter of 2021, when it declined by 23.2 percent," he said.
Cvent also increased its fourth quarter and full-year 2021 guidance based on the strong revenue performance during the third quarter. The company expects fourth-quarter revenue in the range of $139.9 million to $141.1 million, representing increases of 21.1 percent and 22.2 percent, respectively, compared with the fourth quarter of 2020. Full-year revenue guidance is in the range of $514.1 million to $515.3 million, representing increases of 3.1 percent and 3.3 percent, respectively.
Cvent in July announced its intention to go public via a merger with a special purpose acquisition company, Dragoneer Growth Opportunities Corp. II, at a valuation of $5.3 billion. That merger is expected to close during the fourth quarter of 2021.
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