Cvent Announces Fourth Quarter and Full Year 2013 Financial Results

Full Year 2013 revenue of $111.1 million increases 33% year-over-year

McLean, Va. – Cvent (NYSE:CVT), a leading cloud-based enterprise event management platform, today announced its financial results for the fourth quarter and year ended December 31, 2013.



"We delivered a strong finish to 2013, highlighted by fourth quarter revenue growth of 30% compared to a year ago," said Reggie Aggarwal, Chief Executive Officer of Cvent. "This performance reflects our belief that the marketplace is choosing our solutions to replace manual processes at all stages of the meetings and events lifecycle, serving both meetings and events planners on one side, and hotels and venues on the other. Our continued momentum is driven by the addition of numerous, diverse, new customers to Cvent, as well as by continued strong renewals and upgrade activity with existing customers across our broad portfolio of products."



Aggarwal added, "As we look ahead, we remain optimistic about Cvent's growth opportunity, which is evidenced by our guidance for continued strong growth. We are still in the early stages of ramping investments in our long-term growth initiatives following our IPO in 3Q13, and we believe continued execution of our strategy will enable us to meaningfully scale our business and continue to take a disproportionate share of the large opportunity in front of Cvent."

Fourth Quarter 2013 Financial Highlights

Revenue

  • Total revenue was $30.7 million, an increase of 30% from the comparable period in 2012.
  • Platform Subscription revenue was $21.4 million, an increase of 28% from the comparable period in 2012.
  • Marketing Solutions revenue was $9.3 million, an increase of 35% from the comparable period in 2012.

Operating Income

  • GAAP operating loss was $(0.7) million, compared to operating income of $1.8 million in the comparable period in 2012.
  • Non-GAAP operating income was $0.3 million, compared to non-GAAP operating income of $3.8 million in the comparable period in 2012.

Net Income (Loss)

  • GAAP net loss was $(0.6) million, compared to net income of $1.5 million for the comparable period in 2012. GAAP net loss per share for the three months ended December 31, 2013 was $(0.02), based on 39.9 million basic and diluted weighted average shares outstanding, compared to GAAP net income per share of $0.04 for the comparable period in 2012, based on 34.6 million diluted weighted average common shares outstanding.
  • Non-GAAP net income was $0.4 million compared to $3.6 million in the comparable period in 2012. Non-GAAP net income per diluted share was $0.01, based on 39.9 million diluted weighted average common shares outstanding, compared to non-GAAP net income per diluted share of $0.10 for the fourth quarter of 2012, based on 34.6 million diluted weighted average common shares outstanding.

Adjusted EBITDA

  • Adjusted EBITDA was $2.3 million, representing an adjusted EBITDA margin of 7%. This compared to $5.4 million and 23% in the comparable period in 2012.

Balance Sheet

  • Cash, cash equivalents and short-term investments at December 31, 2013 totaled $157.8 million.

Full Year 2013 Financial Highlights

Revenue

  • Total revenue was $111.1 million, an increase of 33% from 2012.
  • Platform Subscription revenue was $77.4 million, an increase of 32% from 2012.
  • Marketing Solutions revenue was $33.7 million, an increase of 36% from 2012.

Operating Income

  • GAAP operating loss was $(2.0) million, compared to operating income of $7.9 million in 2012.
  • Non-GAAP operating income was $7.3 million, compared to $14.9 million in 2012.

Net Income (Loss)

  • GAAP net loss was $(3.4) million, compared to net income of $4.3 million in 2012. GAAP net loss per share was $(0.14), based on 25.3 million basic and diluted weighted average shares outstanding, compared to GAAP net income per share of $0.12 in 2012, based on 34.8 million diluted weighted average common shares outstanding.
  • Non-GAAP net income was $5.9 million compared to $11.3 million in 2012. Non-GAAP net income per diluted share was $0.23, based on 25.3 million diluted weighted average common shares outstanding, compared to non-GAAP net income per diluted share of $0.32 in 2012, based on 34.8 million diluted weighted average common shares outstanding.

Adjusted EBITDA

  • Adjusted EBITDA was $15.0 million, representing an adjusted EBITDA margin of 14%. This compared to $20.3 million and 24% in 2012.

Decreases in profitability compared to the comparable period in the prior year were due primarily to the continued integration of companies acquired during 2012, investments in research and development to enhance existing and develop new products, increased costs of being a public company and incremental sales and marketing investments.

Recent Business Highlights

  • Launched a new Audience Management Platform (AMP), CrowdTorch, bringing together ticketing, mobile apps, digital and social marketing, fan engagement and customer analytics into one integrated solution.
  • Unveiled a new feature of the Cvent Supplier Network, Promotions Hub, centralizing thousands of promotions from hotels and venues to help meeting planners easily find special offers.
  • Closed upsized follow-on offering of 6,072,000 shares, with net proceeds to Cvent of approximately $25.4 million, after underwriting discounts and commissions and before deducting offering-related expense.
  • Signed new Strategic Meeting Management customers across the US and internationally, including a Big Four accounting firm and Kaiser Permanente, and multi-year renewals with customers such as Deloitte and Touche, Raytheon, and Roche Pharmaceuticals.
  • Attracted new platform subscription customers including Ellie Mae and the International Baccalaureate Organization, and renewed multi-year customers including AARP, CoreNet Global, and Thomson Reuters UAE.
  • Added new marketing solutions customers such as the ClubCorp, Salamander Hotels, the St. Louis Convention & Visitors Commission, and the San Francisco Travel Association, and signed multi-year renewals with organizations including Caesars Entertainment, Millennium Hotels, and several of the largest global chains and management companies.

Additional Full Year 2013 Business Metrics

  • Managed 205,000 meetings, an increase of 48% from 2012
  • Processed and managed 8.7 million individual event registrations, a 19% increase from 2012
  • Ended the year with 14,000+ customers, an increase of 16% compared to approximately 10,900 customers at the end of 2012
  • Processed $6.5 billion in meeting and event request for proposal (RFP) volume at hotels and venues on the Cvent Supplier Network, an increase of 38% from 2012
  • Transmitted 1.2 million RFPs via the Cvent Supplier Network, an increase of 9% from 2012
  • Managed 20.9 million hotel room-nights requests, an increase of 50% from 2012

For a further description of how the Company defines and calculates these metrics, see our final prospectus for Cvent's public offering dated January 16, 2014 which was filed with the Securities and Exchange Commission.

Business Outlook

Based on information available as of February 20, 2014, Cvent is issuing guidance for the first quarter and full year 2014 as indicated below.

First Quarter 2014:

  • Total revenue is expected to be in the range of $30.6 million to $31.0 million.
  • GAAP net loss is expected to be in the range of $(2.3) million to $(1.9) million, or $(0.06) to $(0.05) per share, based on 40.9 million basic weighted average common shares outstanding.
  • Non-GAAP net income (loss) is expected to be in the range of $(0.6) million to $(0.2) million, or $(0.01) to breakeven per share, based on 40.9 million basic weighted average common shares outstanding.
  • Adjusted EBITDA is expected to be in the range of $1.6 million to $2.0 million.

Full Year 2014:

  • Total revenue is expected to be in the range of $137.8 million to $139.6 million.
  • GAAP net loss is expected to be in the range of $(11.1) million to $(7.6) million, or $(0.27) to $(0.23) per share, based on 41.1 million basic weighted average common shares outstanding.
  • Non-GAAP net income (loss) is expected to be in the range of $(1.4) million to $0.3 million, or $(0.03) to $0.01 per share, based on 42.7 million diluted weighted average common shares outstanding and 41.1 million basic average common shares outstanding respectively.
  • Adjusted EBITDA is expected to be in the range of $12.8 million to $14.3 million.

Conference Call Information

What: Cvent Fourth Quarter and Full Year 2013 Financial Results Conference Call
When: Thursday, February 20, 2014

Time: 5:00 p.m. ET

Live Call: (800) 860-2442, domestic

(412) 858-4600, international

Replay: (877) 344-7529, passcode 10039998, domestic

(412) 317-0088, passcode 10039998, international

Webcast: http://investors.cvent.com (live and replay)

The webcast will be archived on Cvent's website for a period of three months.

 

Cvent, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
             
 

December 31,
2013

   

December 31,
2012

      Unaudited      
Assets            
Current assets:            
Cash and cash equivalents     $ 146,407       $ 16,850  
Restricted cash       664         455  
Short-term investments       11,359         9,320  
Accounts receivable, net of reserve of $731 and $505 , respectively       32,770         29,081  
Prepaid expense and other current assets       7,936         3,128  
Deferred tax assets       2,681         2,486  
Total current assets       201,817         61,320  
Property and equipment, net       7,898         6,756  
Capitalized software development costs, net       9,264         5,428  
Intangible assets, net       3,123         3,919  
Goodwill       12,611         12,505  
Other assets       1,176         102  
Total assets     $ 235,889       $ 90,030  
             


Liabilities and Stockholders' Equity
           
Current liabilities:            
Accounts payable     $ 4,855       $ 3,272  
Accrued and other current liabilities       18,252         13,921  
Deferred revenue       65,215         51,554  
Total current liabilities       88,322         68,747  
Deferred tax liabilities, non-current       3,967         2,134  
Other liabilities, non-current       1,407         419  
Total liabilities       93,696         71,300  

Commitments and contingencies

           
Stockholders' equity            
Series A convertible preferred stock, $0.001 par value, 100,000,000 shares authorized at December 31, 2013; and zero and 17,418,807 issued and outstanding at December 31, 2013 and 2012, respectively       -         17  
Common stock, $0.001 par value;1,000,000,000 shares authorized at December 31, 2013; 40,409,791 and 15,901,183 shares issued and 39,889,577 and 15,380,969 outstanding at December 31, 2013 and 2012, respectively       40         16  
Treasury stock       (3,966)         (3,966)  
Additional paid-in capital       169,291         42,409  
Accumulated deficit       (23,172)         (19,746)  
Total stockholders' equity       142,193         18,730  
Total liabilities and stockholders' equity     $ 235,889       $ 90,030  
                     
Cvent, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
                         
                         
     

Fourth Quarter Ended
December 31,

   

Year Ended
December 31,

                         
      2013     2012     2013     2012
      Unaudited           Unaudited      
                         
Revenue     $ 30,684       $ 23,609     $ 111,125       $ 83,474
Cost of revenue1       10,809         5,925       32,397         20,573
                         
Gross profit       19,875         17,684       78,728         62,901
Operating expenses:                        
Sales and marketing1       13,128         10,125       48,330         35,873
Research and development1       3,111         2,214       11,216         7,605
General and administrative1       4,315         3,566       21,207         11,523
                         
Total operating expenses       20,554         15,905       80,753         55,001
                         

Income (loss) from operations

      (679)         1,779       (2,025)         7,900
Interest income       338         141       1,015         811
                         
Income (loss)from operations before income tax expense       (341)         1,920       (1,010)         8,711
Provision for income taxes (benefit)       280         399       2,416         4,406
                         
Net income (loss)     $ (621)       $ 1,521     $ (3,426)       $ 4,305
                         
Net income (loss) per common share:                        
Basic     $ (0.02)       $ 0.05     $ (0.14)       $ 0.13
Diluted     $ (0.02)       $ 0.04     $ (0.14)       $ 0.12
                         
Weighted average common shares outstanding - basic       39,887,467         32,915,267       25,289,788         33,167,358
Weighted average common shares outstanding - diluted       39,887,467         34,622,006       25,289,788         34,790,637
                         
1Stock-based compensation expense included in the above:                        
Cost of revenue     $ 294       $ 176     $ 1,180       $ 762
Sales and marketing       354         790       2,446         2,895
Research and development       81         147       634         539
General and administrative       126         276       815         1,010
                         
Total     $ 855       $ 1,389     $ 5,075       $ 5,206
                                     
Cvent, Inc.
Consolidated Statements of Cash Flows
(in thousands)
             
     

Year
ended
December 31,
2013

   

Year
ended
December 31,
2012

Cash flows from operating activities:     Unaudited      
Net Income     (3,426)       4,305  
Adjustments to reconcile net income to net cash provided by operating activities            
Depreciation and amortization     7,768       5,446  
Bad debt expense     392       344  
Foreign currency transaction loss     190       -  
Stock-based compensation     5,075       5,206  
Changes in deferred taxes    

893

      434  
Change in operating assets and liabilities    

 

     

 

 
Accounts receivable, net    

(4,515)

      (9,618)  
Prepaid expenses and other assets     (4,808)       (587)  
Accounts payable, accrued and other liabilities     6,826       4,486  
Deferred revenue     13,661       13,565  
      -       -  
Net cash provided by operating activities     22,056       23,581  
             
Cash flows from investing activities:            
Purchase of PP&E    

(11,333)

      (8,118)  
Purchase of Short-term investments     (2,039)       (986)  
Acquisitions, net of cash acquired     (90)       (12,460)  
Restricted cash     (209)       (455)  

Net cash used in investing activities

    (13,671)       (22,019)  
             
Cash flows from financing activities:            
Repurchase of common stock and warrants     (1,275)       (3,950)  
Proceeds from exercise of stock options     506       1,088  
Proceeds from IPO, net of expense     122,131       -  
Net cash provided (used) by financing activities     121,362       (2,862)  
             
Effect of exchange rate changes on cash and cash eq     (190)       -  
             
Net change in cash and cash equivalents     129,557       (1,300)  
             
             
Beginning Cash     16,850       18,150  
Ending Cash     146,407       16,850  
Change in Cash     129,557       (1,300)  
                 
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(in thousands)
(unaudited)
                         
     

Fourth Quarter ended December 2013

   

Year ended December 2013

      2013     2012     2013     2012
      (In thousands)
Cost of revenue     $ 10,809       $ 5,925       $ 32,397       $ 20,573  
Adjustments                        
Stock-based compensation expense       (294)         (176)         (1,180)         (762)  
Non-GAAP Cost of Revenue Expenses     $ 10,515       $ 5,749       $ 31,217       $ 19,811  
                         
     

Fourth Quarter ended December 2013

   

Year ended December 2013

      2013     2012     2013     2012
Sales and marketing     $ 13,128       $ 10,125       $ 48,330       $ 35,873  
Adjustments                        
Stock-based compensation expense       (354)         (790)         (2,446)         (2,895)  
Non-GAAP Sales & Marketing Expenses     $ 12,774       $ 9,335       $ 45,884       $ 32,978  
                         
     

Fourth Quarter ended December 2013

   

Year ended December 2013

      2013     2012     2013     2012
      (In thousands)
Research and Development     $ 3,111       $ 2,214       $ 11,216       $ 7,605  
Adjustments                        
Stock-based compensation expense       (81)         (147)         (634)         (539)  
Non-GAAP Research & Development Expenses     $ 3,030       $ 2,067       $ 10,582       $ 7,066  
                         
     

Fourth Quarter ended December 2013

   

Year ended December 2013

      2013     2012     2013     2012
      (In thousands)
General and administrative     $ 4,315       $ 3,566       $ 21,207       $ 11,523  
Adjustments                        
Stock-based compensation expense       (126)         (276)         (815)         (1,010)  
Costs related to acquisitions and dispositions       (384)         (477)         (2,436)         (1,507)  
Foreign currency remeasurement and transaction gains (losses)       256         (185)         (1,796)         (286)  
Non-GAAP General and administrative Expenses     $ 4,061       $ 2,628       $ 16,160       $ 8,720  
                         
     

Fourth Quarter ended December 2013

   

Year ended December 2013

      2013     2012     2013     2012
      (In thousands)
Net income (loss)     $ (621)       $ 1,521       $ (3,426)       $ 4,305  
Adjustments                        
Interest income       (338)         (141)         (1,015)         (811)  
Provision for income taxes       280         399         2,416         4,406  
Depreciation and amortization expense       1,986         1,583         7,768         5,446  
Stock-based compensation expense       855         1,389         5,075         5,206  
Foreign currency remeasurement and transaction (gains) losses       (256)         185         1,796         286  
Costs related to acquisitions and dispositions       384         477         2,436         1,507  
Adjusted EBITDA     $ 2,290       $ 5,413       $ 15,050       $ 20,345  
                         
     

 

   

 

     

Fourth Quarter ended December 2013

   

Year ended December 2013

      2013     2012     2013     2012
      (In thousands)
GAAP operating income (loss)     $ (679)       $ 1,779       $ (2,025)       $ 7,900  
Adjustments                        
Stock-based compensation expense       855         1,389         5,075         5,206  
Foreign currency remeasurement and transaction (gains) losses       (256)         185         1,796         286  
Costs related to acquisitions and dispositions       384         477         2,436         1,507  
Non-GAAP operating income     $ 304       $ 3,830       $ 7,282       $ 14,899  
                         
     

Fourth Quarter ended December 2013

   

Year ended December 2013

      2013     2012     2013     2012
      (In thousands)
GAAP net income (loss)     $ (621)       $ 1,521       $ (3,426)       $ 4,305  
Adjustments                        
Stock-based compensation expense       855         1,389         5,075         5,206  
Foreign currency remeasurement and transaction (gains) losses       (256)         185         1,796         286  
Costs related to acquisitions and dispositions       384         477         2,436         1,507  
Non-GAAP net income     $ 362       $ 3,572       $ 5,881       $ 11,304  
                         

Non-GAAP diluted weighted average common shares outstanding

      39,887,467        

34,622,006

        25,289,788         34,790,637  
Non-GAAP net income per diluted share     $ 0.01       $ 0.10       $ 0.23       $ 0.32  
                         

About Cvent

Cvent is a leading meetings, events, and hospitality technology provider with 4,800+ employees and ~22,000 customers worldwide as of December 31, 2023. Founded in 1999, the company delivers a comprehensive event marketing and management platform and offers a global marketplace where event professionals collaborate with venues to create engaging, impactful experiences. Cvent is headquartered in Tysons, Virginia, just outside of Washington D.C., and has additional offices around the world to support its growing global customer base. The comprehensive Cvent event marketing and management platform offers software solutions to event organizers and marketers for online event registration, venue selection, event marketing and management, virtual and onsite solutions, and attendee engagement. Cvent’s suite of products automate and simplify the event management lifecycle and maximize the impact of in-person, virtual, and hybrid events. Hotels and venues use Cvent’s supplier and venue solutions to win more group and corporate travel business through Cvent’s sourcing platforms. Cvent solutions optimize the event management value chain and have enabled clients around the world to manage millions of meetings and events. For more information, please visit Cvent.com

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: Non-GAAP operating income, Adjusted EBITDA, Non-GAAP net 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. Additionally, we have not reconciled the non-GAAP guidance measures disclosed under "Business Outlook" to their corresponding GAAP measures because we do not provide guidance for the various reconciling items such as stock-based compensation, provision for income taxes, depreciation and amortization, costs related to acquisitions (including earn-outs), and foreign currency remeasurement and transactions gains and losses, as certain items that impact these measures are out of our control or cannot be reasonably predicted. Accordingly, reconciliations to the non-GAAP guidance measures is not available without unreasonable effort.

Cvent excludes the following items from these non-GAAP financial measures:

Interest income. Cvent excludes this income primarily because it is not considered a part of ongoing operating results.

Provision (benefit) for income taxes. Cvent excludes this expense (benefit) from certain non-GAAP financial measures primarily because it is largely a non-cash 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, operating expenses include amortization of intangible assets such as software development and acquisition of technology. Cvent excludes these items from its non-GAAP financial measures because they are typically static expenses that Cvent does not consider part of ongoing operating results when assessing the performance of our business, and Cvent believes that doing so facilitates comparisons to its historical operating results and to the results of other companies in our industry, which may have their own unique acquisition histories and varied approaches to capitalization of software development.

Stock-based compensation expense. Cvent's non-GAAP financial measures exclude stock-based compensation, which consists of expenses for stock options and other awards. 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 losses (gains). Cvent's non-GAAP financial measures excludes these losses (gains) 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 losses (gains) associated with remeasuring their financial statements, are recognized through our Consolidated Statements of Operations instead of through our Consolidated Balance Sheets, where translation losses (gains) 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 losses (gains) through their Consolidated Balance Sheets.

Costs related to acquisitions and disposition. 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 deal consideration and it is not considered part of ongoing operating results when assessing the performance of our business. 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.

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 our preliminary unaudited revenue, net income (loss) and profitability margins for Cvent's fourth quarter and year ended December 31, 2013, statements regarding our guidance for the first quarter and full year 2014 revenue, net loss, net loss per share, non-GAAP net income (loss), non-GAAP net income (loss) per share and adjusted EBITDA, 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 completion of our audited financial statements as of and for the year ended December 31, 2013; adjustments to our anticipated revenues for those periods as a result of our closing process; the effect of any further adjustments to our historical financial statements on our disclosed guidance for the first quarter and full year 2014; our ability to renew existing customers and attract new customers; our ability to manage our growth effectively; 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 final prospectus for our public offering dated January 16, 2014 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.