Cvent Holding (CVT) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	CVENT HOLDING CORP.
Entity Central Index Key	0001827075
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		491,620,840
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	CVT
Security Exchange Name	NASDAQ
Entity File Number	001-39709
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1560055
Entity Address, Address Line One	1765 Greensboro Station Place
Entity Address, Address Line Two	7th Floor
Entity Address, City or Town	Tysons
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	703
Local Phone Number	226-3500
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 102,220	$ 99,108
Restricted cash	2,535	815
Short-term investments	53,872	40,925
Accounts receivable, net of allowance of $1.8 million and $2.6 million, respectively	97,018	120,362
Capitalized commissions, net	27,473	26,685
Prepaid expenses and other current assets	24,759	17,819
Total current assets	307,877	305,714
Property and equipment, net	14,577	15,250
Capitalized software development costs, net	92,759	96,959
Intangible assets, net	161,076	172,781
Goodwill	1,620,270	1,620,312
Operating lease right-of-use assets	28,453	20,398
Capitalized commission, non-current, net	23,828	23,477
Deferred tax assets, non-current	2,440	2,425
Other assets, non-current, net	5,493	8,617
Total assets	2,256,773	2,265,933
Current liabilities:
Current portion of long-term debt	0	0
Accounts payable	2,804	2,147
Accrued expenses and other current liabilities	88,993	82,249
Fees payable to customers	63,589	38,379
Operating lease liabilities, current	11,121	11,070
Deferred revenue	302,216	267,882
Total current liabilities	468,723	401,727
Deferred tax liabilities, non-current	18,126	18,103
Long-term debt, net	138,000	208,000
Operating lease liabilities, non-current	26,790	19,712
Other liabilities, non-current	6,413	7,526
Total liabilities	658,052	655,068
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.0001 par value, 1,500,000,000 shares authorized at March 31, 2023 and December 31, 2022, respectively; 491,358,090 and 488,296,792 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	49	49
Additional paid-in capital	2,591,042	2,571,424
Accumulated other comprehensive loss	(7,850)	(8,731)
Accumulated deficit	(984,520)	(951,877)
Total stockholders’ equity	1,598,721	1,610,865
Total liabilities and stockholders’ equity	$ 2,256,773	$ 2,265,933

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Net of allowance	$ 1.8	$ 2.6
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,500,000,000	1,500,000,000
Common stock, shares issued	491,358,090	488,296,792
Common stock, shares outstanding	491,358,090	488,296,792

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 166,205	$ 137,356
Cost of revenue	60,691	56,200
Gross profit	105,514	81,156
Operating expenses:
Sales and marketing	44,960	40,091
Research and development	35,973	31,406
General and administrative	39,768	24,951
Intangible asset amortization, exclusive of amounts included in cost of revenue	11,713	12,154
Total operating expenses	132,414	108,602
Loss from operations	(26,900)	(27,446)
Interest expense	(2,647)	(2,592)
Amortization of deferred financing costs and debt discount	(158)	(320)
Other income, net	1,169	260
Loss before income taxes	(28,536)	(30,098)
Provision for income taxes	4,107	1,291
Net loss	(32,643)	(31,389)
Other comprehensive income:
Other comprehensive income	881	131
Comprehensive loss	$ (31,762)	$ (31,258)
Earnings per share, basic	$ (0.07)	$ (0.07)
Earnings per share, diluted	$ (0.07)	$ (0.07)
Weighted average number of shares outstanding, basic	488,983,183	481,144,118
Weighted average number of shares outstanding, diluted	488,983,183	481,144,118

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income / (Loss)
Beginning balance at Dec. 31, 2021	$ 1,629,456	$ 48	$ 2,483,761	$ (851,607)	$ (2,746)
Beginning balance, shares at Dec. 31, 2021		481,121,695
Stock-based compensation expense	9,768		9,768
Net loss	(31,389)			(31,389)
Common stock issued under share-based compensation plans	443		443
Common stock issued under share-based compensation plans, shares		144,701
Other comprehensive income	131				131
Ending balance at Mar. 31, 2022	1,608,409	$ 48	2,493,972	(882,996)	(2,615)
Ending balance, shares at Mar. 31, 2022		481,266,396
Beginning balance at Dec. 31, 2022	1,610,865	$ 49	2,571,424	(951,877)	(8,731)
Beginning balance, shares at Dec. 31, 2022		488,296,792
Stock-based compensation expense	14,574		14,574
Net loss	(32,643)			(32,643)
Common stock issued under share-based compensation plans	5,044		5,044
Common stock issued under share-based compensation plans, shares		3,061,298
Other comprehensive income	881				881
Ending balance at Mar. 31, 2023	$ 1,598,721	$ 49	$ 2,591,042	$ (984,520)	$ (7,850)
Ending balance, shares at Mar. 31, 2023		491,358,090

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net loss	$ (32,643)	$ (31,389)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	30,582	30,187
Amortization of the right-of-use assets	2,231	2,077
Allowance for expected credit losses, net	(462)	279
Amortization of deferred financing costs and debt discount	158	320
Amortization of capitalized commission	8,924	7,948
Unrealized foreign currency transaction (gain)/loss	(1,020)	287
Stock-based compensation	14,556	9,768
Change in deferred taxes	7	2
Change in operating assets and liabilities, net of acquired assets and liabilities:
Accounts receivable	23,932	18,968
Prepaid expenses and other assets	(17,840)	(7,021)
Capitalized commissions, net	(13,700)	(13,581)
Accounts payable, accrued expenses and other liabilities	47,168	16,783
Operating lease liabilities	(3,158)	(2,864)
Deferred revenue	33,790	48,160
Net cash provided by operating activities	92,525	79,924
Investing activities:
Purchase of property and equipment	(2,356)	(1,375)
Capitalized software development costs	(12,725)	(11,891)
Purchase of investments	(56,051)	(21,238)
Maturities of investments	46,127	16,824
Net cash used in investing activities	(25,005)	(17,680)
Financing activities:
Principal repayments of revolving credit facility	(115,000)
Proceeds from revolving credit facility	45,000
Proceeds from exercise of stock options	5,127	510
Net cash (used in) provided by financing activities	(64,873)	510
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	2,185	(1,209)
Change in cash, cash equivalents, and restricted cash	4,832	61,545
Cash, cash equivalents, and restricted cash, beginning of year	99,923	126,629
Cash, cash equivalents, and restricted cash, end of year	104,755	188,174
Supplemental cash flow information:
Interest paid	2,448	2,584
Income taxes paid	455	1,743
Supplemental disclosure of non-cash investing and financing activities:
Outstanding payments for purchase of property and equipment at year end	153	382
Outstanding payments for capitalized software development costs at year end	$ 883	$ 887

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Cvent Holding Corp. (together with its subsidiaries, the “Company”) is the indirect parent company of Cvent, Inc. (“Cvent”). The Company provides a cloud-based platform of enterprise event marketing and management and hospitality solutions with capabilities for both sides of the meetings and events ecosystem: (i) for marketers and meeting and event planners, through its Event Cloud offering and (ii) for hoteliers and venues, through its Hospitality Cloud. The Company’s integrated event marketing and management platform powers the event lifecycle by enabling marketers and event planners to automate and streamline the process of creating, promoting, managing, and measuring events for organizations of all sizes. Cvent solutions empower customers to deliver and maximize engagement across their event programs helping to forge deeper relationships with attendees, build brand advocacy and increase demand for their products and services. It also helps organizations more efficiently manage critical event processes, control spend and reduce meetings costs. The Company’s Hospitality Cloud provides hoteliers and venues with an integrated platform that enables properties to increase group and business transient revenue through a combination of cloud-based software products and targeted advertising to organizations that run events while they are in the process of sourcing their events. Hospitality Cloud solutions also improve purchasing intelligence through innovative demand management and business intelligence. By connecting event organizers to venues, the Company powers an entire ecosystem that increases Cvent’s “stickiness” and drives sales of its software offerings across its Event and Hospitality Cloud businesses. Agreement and Plan of Merger On March 14, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Capstone Borrower, Inc. (“Capstone Parent”), and Capstone Merger Sub, Inc., a wholly owned subsidiary of Capstone Parent (“Merger Sub”). Capstone Parent and Merger Sub are affiliates of investment funds affiliated with or managed by affiliates of Blackstone Inc. Pursuant to the Merger Agreement and subject to the satisfaction of customary closing conditions, Merger Sub will be merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Capstone Parent (the “Merger”). If the Merger is consummated, the Company’s common stock (the “Company Common Stock”) will be delisted from the Nasdaq Global Market and deregistered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Merger Agreement provides, among other things, that upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of Company Common Stock that is issued and outstanding as of immediately prior to the Effective Time (other than any shares of Company Common Stock that may be held by the Company as treasury stock or that are owned by Capstone Parent, Merger Sub or any other subsidiaries thereof, or any shares of common stock as to which appraisal rights have been properly exercised in accordance with Delaware law), will be automatically cancelled, extinguished and converted into the right to receive $ 8.50 per share, without interest thereon. In connection with the Merger, the Company expects to incur significant expenses. An estimate of those expenses cannot be made at this time. During the three months ended March 31, 2023, the company incurred $ 13.5 million of expenses related to the Merger, which are recorded as part of general and administrative expenses on the Company's condensed consolidated financial statements. The closing of the proposed Merger is subject to certain conditions, including the adoption of the Merger Agreement by stockholders representing a majority of the outstanding shares of Company Common Stock and the receipt of applicable regulatory approvals. The proposed Merger is expected to close mid-year 2023. Trends and Economic Conditions Global events, such as recent geopolitical instability, inflation and the COVID-19 pandemic have created or contributed to uncertainty in macroeconomic conditions, including changes in interest rates, supply chain disruptions, labor shortages and increased labor costs, which, in turn, could decrease overall economic activity, hinder economic growth or cause a recession in the United States or in the global economy. Negative macroeconomic conditions may affect the businesses of the Company's clients, which could result in reduced demand for the Company's services or cancellations, increased demands for pricing accommodations or higher rates of delays in collection of, or losses on, the Company's accounts receivable, which could adversely affect its results of operations. If the Company is unable to offset any decrease in revenue by increasing sales to new or existing customers, or offset higher costs through price increases, its revenues may decline or grow at lower rates. The extent of the impact of ongoing macroeconomic conditions on the Company’s operational and financial performance is uncertain and will depend on political, social, economic and regulatory factors that are outside of the Company's control, including but not limited to the incidence and severity of additional COVID-19 virus variants and actions that may be taken by regulators and businesses (including customers) in response to macroeconomic uncertainty. The Company considered the impact of the current economic environment and COVID-19 on its estimates and assumptions and determined that there were no material adverse impacts on the consolidated financial statements as of March 31, 2023 and December 31, 2022 and for the three months ended March 31, 2023 and 2022 , respectively. As events continue to evolve and additional information becomes available, the Company’s estimates and assumptions may change materially in future periods.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The unaudited interim condensed consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair statement of the financial position as of March 31, 2023, the results of operations for the three months ended March 31, 2023 and 2022, and cash flows for the three months ended March 31, 2023 and 2022. The condensed consolidated balance sheet at December 31, 2022 was derived from audited annual financial statements and does not contain all of the footnote disclosures from the annual financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Restricted Cash Restricted cash represents amounts required to be held as collateral in a money market account for treasury management service agreements as well as payroll deductions from employees associated with the 2021 Employee Stock Purchase Plan (see Note 10). The Company held $ 2.5 million and $ 0.8 million of restricted cash as of March 31, 2023 and December 31, 2022, respectively. The following table presents the Company’s cash, cash equivalents and restricted cash by category in the Company’s condensed consolidated balance sheets (in thousands): March 31, 2023 December 31, 2022 Cash and cash equivalents $ 102,220 $ 99,108 Restricted cash 2,535 815 Cash, cash equivalents, and restricted cash $ 104,755 $ 99,923 Revenue Recognition The Company derives revenue from two primary sources: Event Cloud subscription-based solutions and Hospitality Cloud marketing and subscription-based solutions. Subscription services revenue consists primarily of fees to provide the Company’s customers with access to its cloud-based platform. Subscription service contracts do not provide customers with the right to take possession of the software, are non-cancellable, and do not contain rights of return. Hospitality Cloud marketing solutions primarily relate to digital advertising on the Company’s hosted venue sourcing networks. Revenue is recognized when control of these services is transferred to a customer. A time-elapsed method is used to measure progress for subscription contracts because control is transferred evenly over the contract term. For the three months ended March 31, 2023, the Company recognized approximately 81.1 % of its revenue from services transferred to the customer over time, with the remaining 18.9 % of revenue recognized at a point in time upon delivery, generally when an event occurred. The Company’s services are generally provided under annual and multi-year contracts with invoicing occurring in annual or quarterly installments at the beginning of each year, or quarter, as applicable, in the contract period. Revenue is presented net of sales and other taxes the Company collects on behalf of governmental authorities. Certain contracts may include multiple distinct performance obligations which may consist of some or all of subscription services, marketing packages, and professional services. When an arrangement includes multiple performance obligations relating to SaaS subscriptions, which are concurrently delivered and have the same pattern of transfer to the customer (the services transfer to the customer ratably over the contract period), the entire contract value is recognized on a straight-line basis over the contract term. When an arrangement includes multiple performance obligations that do not have the same pattern of transfer to the customer, revenue is recognized at each performance obligation’s respective standalone selling price (“SSP”), when the performance obligations are satisfied. The SSP is the price at which the Company would sell a promised good or service separately to a customer. The Company estimates SSP based on internal margin analysis, competitor data, and other industry standards for SaaS-based companies. Segment and Geographic Data Net Loss per Share of Common Stock Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share adjusts basic earnings per share for the potentially dilutive impact of stock options. As the Company has reported losses for all periods presented, all potentially dilutive securities, including stock options, are antidilutive and accordingly not considered, therefore basic net loss per share equals diluted net loss per share. For the three months ended March 31, 2023 and 2022, 48,782,589 and 55,354,536 stock options, respectively, were excluded from the computation of diluted net loss per share of common stock because including them would have been antidilutive. Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Property and equipment outside North America geographic locations represented 32.9 % and 35.5 % of total property and equipment, net as of March 31, 2023 and December 31, 2022 , respectively, and are located primarily in India. The composition of the Company’s property and equipment between North America and locations outside of North America is set forth below (in thousands): March 31, 2023 December 31, 2022 North America $ 9,785 $ 9,829 Outside North America 4,792 5,421 Total $ 14,577 $ 15,250

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue Disaggregation of Revenue The Company derives revenue from two primary sources: Event Cloud subscription-based solutions and Hospitality Cloud marketing and subscription-based solutions. They are principally generated from North America, which comprises the United States and Canada, with Canada representing 2.3 % and 2.4 % of total revenue for the three months ended March 31, 2023 and 2022, respectively. Revenue from sources outside North America represented 13.7 % and 12.0 % of total revenue for three months ended March 31, 2023 and 2022 , respectively. The Company’s disaggregation of revenue by primary geographic region is as follows (in thousands): Three Months Ended March 31, 2023 2022 North America $ 143,364 $ 120,823 Outside North America 22,841 16,533 Revenue $ 166,205 $ 137,356 The Company’s disaggregation of revenue by major business activity is as follows (in thousands): Three Months Ended March 31, 2023 2022 Event Cloud $ 114,686 $ 94,988 Hospitality Cloud 51,519 42,368 Revenue $ 166,205 $ 137,356 Deferred Revenue Deferred revenue represents billings under signed contracts before the related products or services are transferred to customers. The portion of deferred revenue that is expected to be recognized as revenue during the subsequent 12-month period is recorded as deferred revenue in current liabilities and the remaining portion is recorded as other liabilities, non-current, which is not material. Deferred revenue was $ 302.2 million and $ 267.9 million as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023, the Company recognized $ 108.5 million of revenue that was included in the deferred revenue balance at the beginning of 2023. Remaining Performance Obligations For multiple-year agreements for either Event Cloud or Hospitality Cloud, the Company typically invoices the amount for the first year of the contract at signing followed by subsequent annual invoices at the anniversary of each year. Since the Company bills most of its customers in advance, there can be amounts that contractually the Company is not yet able to invoice. Until such time as these amounts are invoiced or recognized in revenue, they are considered by the Company to be unbilled contract value, and together with deferred revenue, remaining performance obligations. As of March 31, 2023 and December 31, 2022, the Company's total current deferred revenue was $ 302.2 million and $ 267.9 million , respectively, which amount does not include unbilled contract value for contracts of approximately $ 532.1 million and $ 539.7 million , respectively. The Company expects that the amount of unbilled contract value relative to the total value of our contracts will change from year to year for several reasons, including the amount of cash collected early in the contract term, the specific timing and duration of customer agreements, varying invoicing cycles of agreements, the specific timing of customer renewals, changes in customer financial circumstances and foreign currency fluctuations. The Company expects to recognize 71.5 % of our remaining performance obligations as revenue over the subsequent 24 months, and the remainder thereafter. Sales Commission The current portion of capitalized commissions, net was $ 27.5 million and $ 26.7 million and the noncurrent portion of capitalized commissions, net was $ 23.8 million and $ 23.5 million as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023 and 2022, $ 8.9 million and $ 7.9 million of capitalized commissions, respectively, were amortized to sales and marketing expense in the accompanying condensed consolidated statements of operations and comprehensive loss. Allowance for Expected Credit Losses The change in the Company’s allowance for expected credit losses is as follows (in thousands): March 31, 2023 December 31, 2022 Allowance for expected credit losses, beginning of period $ 2,644 $ 4,547 Credit loss (recovery)/expense ( 461 ) 1,316 Write-offs and adjustments ( 336 ) ( 3,219 ) Allowance for expected credit losses, end of period $ 1,847 $ 2,644

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	4. Property and Equipment Property and equipment are summarized as follows (in thousands): March 31, December 31, 2023 2022 Computer equipment, purchased software and software developed for internal-use $ 20,100 $ 18,190 Leasehold improvements 21,954 21,906 Furniture and equipment 8,213 8,048 Rentable onsite solutions equipment 6,531 6,531 Other 349 1,231 Property and equipment, gross 57,147 55,906 Less accumulated depreciation ( 42,570 ) ( 40,656 ) Property and equipment, net $ 14,577 $ 15,250 Depreciation of property and equipment was $ 1.8 million and $ 2.0 million for the three months ended March 31, 2023 and 2022 , respectively.

Capitalized Software Developmen

Capitalized Software Development Costs	3 Months Ended
	Mar. 31, 2023
Capitalized Computer Software, Net [Abstract]
Capitalized Software Development Costs	. Capitalized Software Development Costs Capitalized software for the Company’s software platforms was developed either internally or was acquired through acquisitions. Capitalized software development costs and acquired software technology are summarized as follows (in thousands): March 31, 2023 December 31, 2022 Capitalized software development costs, gross $ 398,644 $ 385,717 Less, accumulated amortization ( 305,885 ) ( 288,758 ) Capitalized software development costs, net $ 92,759 $ 96,959 Amortization of capitalized software development costs, recorded as cost of revenue, was $ 17.0 million and $ 16.0 million during the three months ended March 31, 2023 and 2022 , respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	6. Goodwill and Intangible Assets The change in carrying amount of goodwill is summarized as follows (in thousands): Goodwill as of January 1, 2023 $ 1,620,312 Foreign currency translation adjustments 67 Measurement period adjustments ( 109 ) Goodwill as of March 31, 2023 $ 1,620,270 Intangible assets are amortized based on a pattern in which the asset’s economic benefits are consumed, or if not reliably determined, amortized on a straight-line basis over their estimated useful lives between two and fifteen years . Intangible assets consisted of the following as of March 31, 2023 (in thousands) : Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Weighted Customer relationships $ 433,832 $ ( 302,540 ) $ 131,292 3.2 years Trademarks 82,235 ( 52,513 ) 29,722 3.5 years Intangible assets subject to amortization 516,067 ( 355,053 ) 161,014 Indefinite-lived assets 62 - 62 Intangible assets, net $ 516,129 $ ( 355,053 ) $ 161,076 Intangible assets consisted of the following as of December 31, 2022 (in thousands): Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Weighted Customer relationships $ 433,825 $ ( 292,935 ) $ 140,890 3.4 years Trademarks 82,234 ( 50,405 ) 31,829 3.8 years Intangible assets subject to amortization 516,059 ( 343,340 ) 172,719 Indefinite-lived assets 62 - 62 Intangible assets, net $ 516,121 $ ( 343,340 ) $ 172,781 The total amount of amortization expense related to intangible assets, recorded as intangible asset amortization, exclusive of amounts included in cost of revenue, was $ 11.7 million and $ 12.2 million during the three months ended March 31, 2023 and 2022 , respectively. The intangible asset balance remaining as of March 31, 2023 will be amortized into expense in future years as follows (in thousands): 2023 (remaining nine months) $ 35,017 2024 45,164 2025 39,322 2026 35,540 2027 3,997 2028 and thereafter 1,974 Total amortization expense related to acquired intangible assets $ 161,014

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of accrued compensation, such as bonuses, commissions, and payroll taxes, sales and other tax liabilities. The following table summarizes the Company’s accrued expenses and other current liabilities as of the dates indicated (in thousands): March 31, 2023 December 31, 2022 Accrued compensation $ 39,482 $ 49,219 Sales and other tax liabilities 13,960 11,877 Other 35,551 21,153 Accrued expenses and other current liabilities $ 88,993 $ 82,249

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The effective tax rate for the three months ended March 31, 2023 and 2022 was ( 14.39 %) and ( 4.29 %) , respectively. The difference between the Company’s effective tax rates for the 2023 and 2022 periods and the U.S. statutory tax rate of 21 % related primarily to U.S. taxes on foreign earnings, foreign tax rate differentials, and valuation allowance. The Company evaluates its tax positions on a quarterly basis. There were no material changes to the Company’s uncertain tax positions, interest, or penalties during the three months ended March 31, 2023 and 2022 .

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders’ Equity	9. Stockholders’ Equity The Company’s Certificate of Incorporation authorizes 1,500,000,000 shares of common stock and 1,000,000 of preferred stock, each $ 0.0001 par value per share. As of March 31, 2023 and 2022, 491,358,090 and 481,266,396 shares of common stock were outstanding, respectively, and no shares of preferred stock were outstanding. The holders of the common stock are entitled to dividends only when declared by the Board of Directors ratably on a per share basis. Each share of common stock has one vote under the Company’s Certificate of Incorporation. Stock-based Compensation The weighted-average assumptions used in the valuation of stock option awards granted under the Black-Scholes model are summarized as follows: Three Months Ended March 31, 2023 2022 Dividend yield N/A 0.0 % Volatility N/A 45.30 % Expected term (years) N/A 5.92 Risk-free interest rate N/A 1.85 % Stock Option Activity Rollforward Stock options Number of shares subject to option Weighted average exercise price per share Weighted average remaining contractual term (years) Aggregate intrinsic value (in thousands) Unrecognized compensation expense (in thousands) Balance as of December 31, 2022 50,013,426 $ 4.45 5.61 $ 58,326 $ 19,997 Granted - - Exercised ( 1,181,835 ) 4.35 Forfeited ( 49,002 ) 7.83 Expired - - Balance as of March 31, 2023 48,782,589 $ 4.45 5.35 $ 190,657 $ 13,043 Vested and exercisable as of December 31, 2022 35,321,479 $ 3.85 4.42 $ 54,842 Vested and exercisable as of March 31, 2023 43,963,138 $ 4.11 4.97 $ 186,839 The Company did not grant any options during the three months ended March 31, 2023. The total intrinsic value of options that were exercised during the three months ended March 31, 2023 was $ 3.9 million . During the three months ended March 31, 2023, 1,181,835 options were exercised. As of March 31, 2023, the $ 13.0 million in unrecognized compensation cost related to stock options will be recognized over a weighted-average period of 1.83 years. The following table summarizes RSU activity for the three months ended March 31, 2023. Restricted Stock Units Number of shares Weighted Average Grant Date Fair Value Balance at December 31, 2022 13,685,748 $ 7.56 Granted - Vested ( 1,879,277 ) 7.28 Forfeited ( 169,765 ) 7.74 Balance at March 31, 2023 11,636,706 $ 7.61 The Company did not grant any RSUs during the three months ended March 31, 2023. As of March 31, 2023, $ 73.2 million in unrecognized compensation cost related to RSUs will be recognized over a weighted-average period of 1.88 years. Stock-based Compensation Expense Stock-based compensation expense for equity and liability classified awards is recognized using the straight-line attribution method. In addition, the Company ensures that it has fully recognized expense for at least the option and RSU tranches that have fully vested in the period in which they vest. Stock-based compensation expense is summarized as follows (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenue $ 1,231 $ 590 Sales and marketing 4,938 2,980 Research and development 3,829 2,588 General and administrative 4,557 3,610 Total stock-based compensation $ 14,555 $ 9,768 2021 Employee Stock Purchase Plan The Cvent Holding Corp. 2021 Employee Stock Purchase Plan (the “ESPP”) permits employees to purchase common stock through payroll deductions during biannual offering periods, or during such other offering periods as the Board of Directors may determine. Participants may authorize payroll deductions of a specific percentage of compensation not to exceed 15% , with such deductions being accumulated for biannual purchase periods beginning on the first business day of each offering period and ending on the last business day of each offering period. The ESPP provides that 11,500,000 shares of common stock may be made available for sale under the ESPP (the “ESPP Reserve”). The ESPP Reserve automatically increases on each January 1 of each year, by an amount equal to 1 % of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, or a lesser number as may be determined by the Board of Directors. The Board of Directors waived the automatic increase that would have taken effect on January 1, 2022 under the ESPP. Under the terms of the ESPP, the purchase price per share will equal 85 % of the fair market value of a share of common stock on the first day of an offering period or the last date of an offering period, whichever is lower, although the Board of Directors has discretion to change the purchase price with respect to future offering periods. An employee may not purchase more than $ 25,000 of stock during any calendar year. Payroll deductions from employees related to the ESPP are classified as restricted cash on the condensed consolidated balance sheets. At March 31, 2023, there were 15,060,931 shares available for issuance under the ESPP. As of March 31, 2023 , the Company had $ 0.2 million of unrecognized compensation cost related to the offering period beginning on December 1, 2022. The last date for the current offering period is May 31, 2023.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	10. Debt The outstanding principal amount and related unamortized debt issuance costs, net, are summarized as follows (in thousands): March 31, 2023 December 31, 2022 Senior Secured Revolving Credit Facility $ 138,000 $ 208,000 Less: unamortized deferred financing costs ( 2,609 ) ( 2,766 ) Total principal amount and related unamortized debt issuance costs, net $ 135,391 $ 205,234 On May 27, 2022, Cvent, as borrower, entered into a five-year $ 500.0 million senior secured revolving credit facility (the “Revolving Credit Facility”) pursuant to the Credit Agreement, dated as of May 27, 2022, by and among Cvent, Holdings (as defined below) and the other loan parties party thereto, the lenders party thereto, and PNC Bank, National Association, as administrative agent (the “Credit Agreement”). A portion of the Revolving Credit Facility, not to exceed $ 35.0 million, will be available for the issuance of letters of credit, and Cvent has the option to increase borrowing capacity under the Revolving Credit Facility or to incur incremental term loans, subject to certain provisions outlined in the Credit Agreement. The Revolving Credit Facility has a maturity date of May 27, 2027. The interest rate on outstanding borrowings under the Revolving Credit Facility was 6.47 % as of March 31, 2023. The carrying value of variable rate debt approximates fair value due to the short-term nature of the Company's interest rate elections. As of March 31, 2023 , the Company had $ 138.0 million outstanding borrowings under the Revolving Credit Facility. The Company had $ 362.0 million available for borrowing under the Revolving Credit Facility based on the outstanding balance as of March 31, 2023. The Company is in compliance with all covenants outlined in the Credit Agreement as of March 31, 2023 and currently has no required prepayments with respect to borrowings made under the Revolving Credit Facility prior to the maturity date of May 27, 2027 .

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	11. Leases The Company enters into lease arrangements for office facilities under non-cancellable operating leases with various expiration dates. As of March 31, 2023, the Company’s right-of-use (“ROU”) assets and total operating lease liabilities were $ 28.5 million and $ 37.9 million , respectively. As of December 31, 2022, the Company’s ROU assets and total operating lease liabilities were $ 20.4 million and $ 30.8 million , respectively. During the three months ended March 31, 2023, $ 10.1 million of ROU assets were obtained in exchange for new operating lease liabilities related to a new office lease in Australia as well as the renewal and expansion of certain office leases in India. During the three months ended March 31, 2022 , no ROU assets were obtained in exchange for new operating lease liabilities.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Legal Proceedings, Regulatory Matters and Other Contingencies The Company is, and from time to time may become, involved in legal proceedings, regulatory matters or other contingencies in the ordinary course of its business. In its opinion, the Company is not presently involved in any legal proceeding, regulatory matter or other contingency that, if determined adversely to it, would individually or in the aggregate have a material adverse effect on its business, operating results, financial condition or cash flows. Purchase Commitments In the ordinary course of business, the Company enters into various purchase commitments primarily related to third-party cloud hosting, technology operations and data services. Total non-cancellable purchase commitments as of March 31, 2023 were approximately $ 31.1 million expiring at various dates through 2026.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	13. Related-Party Transactions The Company did not incur any consulting fees from Vista Equity Partners Management, LLC (“Vista”) during the three months ended March 31, 2023 and incurred less than $ 0.1 million for consulting fees from Vista the three months ended March 31, 2022, which is recorded in general and administrative expenses. As of March 31, 2023 and December 31, 2022, respectively, less than $ 0.1 million was included in accrued expenses in the condensed consolidated balance sheet. The Company also entered into transactions during the three months ended March 31, 2023 and 2022 to sell services to other Vista controlled entities. The Company recognized $ 0.4 million and $ 0.2 million in revenue related to these transactions for the three months ended March 31, 2023 and 2022, respectively. Cvent also purchased software subscription and other services from Vista affiliates. The Company recognized $ 0.7 million and $ 0.6 million in expenses related to these transactions for the three months ended March 31, 2023 and 2022 , respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements as of March 31, 2023 and for the three months ended March 31, 2023 and 2022 include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair statement of the financial position as of March 31, 2023, the results of operations for the three months ended March 31, 2023 and 2022, and cash flows for the three months ended March 31, 2023 and 2022. The condensed consolidated balance sheet at December 31, 2022 was derived from audited annual financial statements and does not contain all of the footnote disclosures from the annual financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2022.
Restricted Cash	Restricted Cash Restricted cash represents amounts required to be held as collateral in a money market account for treasury management service agreements as well as payroll deductions from employees associated with the 2021 Employee Stock Purchase Plan (see Note 10). The Company held $ 2.5 million and $ 0.8 million of restricted cash as of March 31, 2023 and December 31, 2022, respectively. The following table presents the Company’s cash, cash equivalents and restricted cash by category in the Company’s condensed consolidated balance sheets (in thousands): March 31, 2023 December 31, 2022 Cash and cash equivalents $ 102,220 $ 99,108 Restricted cash 2,535 815 Cash, cash equivalents, and restricted cash $ 104,755 $ 99,923
Revenue Recognition	Revenue Recognition The Company derives revenue from two primary sources: Event Cloud subscription-based solutions and Hospitality Cloud marketing and subscription-based solutions. Subscription services revenue consists primarily of fees to provide the Company’s customers with access to its cloud-based platform. Subscription service contracts do not provide customers with the right to take possession of the software, are non-cancellable, and do not contain rights of return. Hospitality Cloud marketing solutions primarily relate to digital advertising on the Company’s hosted venue sourcing networks. Revenue is recognized when control of these services is transferred to a customer. A time-elapsed method is used to measure progress for subscription contracts because control is transferred evenly over the contract term. For the three months ended March 31, 2023, the Company recognized approximately 81.1 % of its revenue from services transferred to the customer over time, with the remaining 18.9 % of revenue recognized at a point in time upon delivery, generally when an event occurred. The Company’s services are generally provided under annual and multi-year contracts with invoicing occurring in annual or quarterly installments at the beginning of each year, or quarter, as applicable, in the contract period. Revenue is presented net of sales and other taxes the Company collects on behalf of governmental authorities. Certain contracts may include multiple distinct performance obligations which may consist of some or all of subscription services, marketing packages, and professional services. When an arrangement includes multiple performance obligations relating to SaaS subscriptions, which are concurrently delivered and have the same pattern of transfer to the customer (the services transfer to the customer ratably over the contract period), the entire contract value is recognized on a straight-line basis over the contract term. When an arrangement includes multiple performance obligations that do not have the same pattern of transfer to the customer, revenue is recognized at each performance obligation’s respective standalone selling price (“SSP”), when the performance obligations are satisfied. The SSP is the price at which the Company would sell a promised good or service separately to a customer. The Company estimates SSP based on internal margin analysis, competitor data, and other industry standards for SaaS-based companies.
Segment and Geographic Data	Segment and Geographic Data Net Loss per Share of Common Stock Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share adjusts basic earnings per share for the potentially dilutive impact of stock options. As the Company has reported losses for all periods presented, all potentially dilutive securities, including stock options, are antidilutive and accordingly not considered, therefore basic net loss per share equals diluted net loss per share. For the three months ended March 31, 2023 and 2022, 48,782,589 and 55,354,536 stock options, respectively, were excluded from the computation of diluted net loss per share of common stock because including them would have been antidilutive.
Net Loss per Share of Common Stock	Net Loss per Share of Common Stock Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share adjusts basic earnings per share for the potentially dilutive impact of stock options. As the Company has reported losses for all periods presented, all potentially dilutive securities, including stock options, are antidilutive and accordingly not considered, therefore basic net loss per share equals diluted net loss per share. For the three months ended March 31, 2023 and 2022, 48,782,589 and 55,354,536 stock options, respectively, were excluded from the computation of diluted net loss per share of common stock because including them would have been antidilutive.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Cash, Cash Equivalents and Restricted Cash	The following table presents the Company’s cash, cash equivalents and restricted cash by category in the Company’s condensed consolidated balance sheets (in thousands): March 31, 2023 December 31, 2022 Cash and cash equivalents $ 102,220 $ 99,108 Restricted cash 2,535 815 Cash, cash equivalents, and restricted cash $ 104,755 $ 99,923
Summary of Allowance for Expected Credit Losses	The change in the Company’s allowance for expected credit losses is as follows (in thousands): March 31, 2023 December 31, 2022 Allowance for expected credit losses, beginning of period $ 2,644 $ 4,547 Credit loss (recovery)/expense ( 461 ) 1,316 Write-offs and adjustments ( 336 ) ( 3,219 ) Allowance for expected credit losses, end of period $ 1,847 $ 2,644
Schedule of Composition of Property and Equipment between North America and Locations Outside of North America	The composition of the Company’s property and equipment between North America and locations outside of North America is set forth below (in thousands): March 31, 2023 December 31, 2022 North America $ 9,785 $ 9,829 Outside North America 4,792 5,421 Total $ 14,577 $ 15,250

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Geographic Region	The Company’s disaggregation of revenue by primary geographic region is as follows (in thousands): Three Months Ended March 31, 2023 2022 North America $ 143,364 $ 120,823 Outside North America 22,841 16,533 Revenue $ 166,205 $ 137,356
Schedule of Disaggregation of Revenue by Major Business Activities	The Company’s disaggregation of revenue by major business activity is as follows (in thousands): Three Months Ended March 31, 2023 2022 Event Cloud $ 114,686 $ 94,988 Hospitality Cloud 51,519 42,368 Revenue $ 166,205 $ 137,356
Summary of Allowance for Expected Credit Losses	The change in the Company’s allowance for expected credit losses is as follows (in thousands): March 31, 2023 December 31, 2022 Allowance for expected credit losses, beginning of period $ 2,644 $ 4,547 Credit loss (recovery)/expense ( 461 ) 1,316 Write-offs and adjustments ( 336 ) ( 3,219 ) Allowance for expected credit losses, end of period $ 1,847 $ 2,644

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment are summarized as follows (in thousands): March 31, December 31, 2023 2022 Computer equipment, purchased software and software developed for internal-use $ 20,100 $ 18,190 Leasehold improvements 21,954 21,906 Furniture and equipment 8,213 8,048 Rentable onsite solutions equipment 6,531 6,531 Other 349 1,231 Property and equipment, gross 57,147 55,906 Less accumulated depreciation ( 42,570 ) ( 40,656 ) Property and equipment, net $ 14,577 $ 15,250

Capitalized Software Developm_2

Capitalized Software Development Costs (Tables)	3 Months Ended
	Mar. 31, 2023
Capitalized Computer Software, Net [Abstract]
Summary of Capitalized Software Development Costs and Acquired Software Technology	Capitalized software development costs and acquired software technology are summarized as follows (in thousands): March 31, 2023 December 31, 2022 Capitalized software development costs, gross $ 398,644 $ 385,717 Less, accumulated amortization ( 305,885 ) ( 288,758 ) Capitalized software development costs, net $ 92,759 $ 96,959

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Change in Carrying Amount of Goodwill	The change in carrying amount of goodwill is summarized as follows (in thousands): Goodwill as of January 1, 2023 $ 1,620,312 Foreign currency translation adjustments 67 Measurement period adjustments ( 109 ) Goodwill as of March 31, 2023 $ 1,620,270
Summary of Intangible Assets	: Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Weighted Customer relationships $ 433,832 $ ( 302,540 ) $ 131,292 3.2 years Trademarks 82,235 ( 52,513 ) 29,722 3.5 years Intangible assets subject to amortization 516,067 ( 355,053 ) 161,014 Indefinite-lived assets 62 - 62 Intangible assets, net $ 516,129 $ ( 355,053 ) $ 161,076 Intangible assets consisted of the following as of December 31, 2022 (in thousands): Intangible Assets, Gross Accumulated Amortization Intangible Assets, Net Weighted Customer relationships $ 433,825 $ ( 292,935 ) $ 140,890 3.4 years Trademarks 82,234 ( 50,405 ) 31,829 3.8 years Intangible assets subject to amortization 516,059 ( 343,340 ) 172,719 Indefinite-lived assets 62 - 62 Intangible assets, net $ 516,121 $ ( 343,340 ) $ 172,781
Schedule of Estimated Future Amortization Expense	The intangible asset balance remaining as of March 31, 2023 will be amortized into expense in future years as follows (in thousands):

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other current Liabilities	The following table summarizes the Company’s accrued expenses and other current liabilities as of the dates indicated (in thousands): March 31, 2023 December 31, 2022 Accrued compensation $ 39,482 $ 49,219 Sales and other tax liabilities 13,960 11,877 Other 35,551 21,153 Accrued expenses and other current liabilities $ 88,993 $ 82,249

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Weighted Average Assumptions Used in Valuation of Stock Option Awards Granted under Black- Scholes Model	The weighted-average assumptions used in the valuation of stock option awards granted under the Black-Scholes model are summarized as follows: Three Months Ended March 31, 2023 2022 Dividend yield N/A 0.0 % Volatility N/A 45.30 % Expected term (years) N/A 5.92 Risk-free interest rate N/A 1.85 %
Summary of Stock-based Compensation Activity [Roll Forward]	Stock Option Activity Rollforward Stock options Number of shares subject to option Weighted average exercise price per share Weighted average remaining contractual term (years) Aggregate intrinsic value (in thousands) Unrecognized compensation expense (in thousands) Balance as of December 31, 2022 50,013,426 $ 4.45 5.61 $ 58,326 $ 19,997 Granted - - Exercised ( 1,181,835 ) 4.35 Forfeited ( 49,002 ) 7.83 Expired - - Balance as of March 31, 2023 48,782,589 $ 4.45 5.35 $ 190,657 $ 13,043 Vested and exercisable as of December 31, 2022 35,321,479 $ 3.85 4.42 $ 54,842 Vested and exercisable as of March 31, 2023 43,963,138 $ 4.11 4.97 $ 186,839
Summary of stock-based Compensation RSU activity	The following table summarizes RSU activity for the three months ended March 31, 2023. Restricted Stock Units Number of shares Weighted Average Grant Date Fair Value Balance at December 31, 2022 13,685,748 $ 7.56 Granted - Vested ( 1,879,277 ) 7.28 Forfeited ( 169,765 ) 7.74 Balance at March 31, 2023 11,636,706 $ 7.61
Summary of Stock-based Compensation Expense Including Expense with Liability Classified Awards	Stock-based compensation expense is summarized as follows (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenue $ 1,231 $ 590 Sales and marketing 4,938 2,980 Research and development 3,829 2,588 General and administrative 4,557 3,610 Total stock-based compensation $ 14,555 $ 9,768

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Principal Amount and Unamortized Debt Issuance Costs,Net	The outstanding principal amount and related unamortized debt issuance costs, net, are summarized as follows (in thousands): March 31, 2023 December 31, 2022 Senior Secured Revolving Credit Facility $ 138,000 $ 208,000 Less: unamortized deferred financing costs ( 2,609 ) ( 2,766 ) Total principal amount and related unamortized debt issuance costs, net $ 135,391 $ 205,234

Description of Business (Additi

Description of Business (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 14, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Shares of common stock right to receive from cancelled, extinguished and converted	$ 8.50
Cost Related to Merger		$ 13.5

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Segment shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounting Policies [Line Items]
Restricted cash held as collateral	$ 2,500		$ 800
Credit loss expense	(462)	$ 279
Allowance for expected credit losses	$ 1,847		2,644	$ 4,547
Percentage Of Revenue Recognized Over Time	81.10%
Percentage Of Revenue Recognized At A Point In Time	18.90%
Capitalized commissions, net	$ 27,473		26,685
Capitalized commissions, net, non-current	$ 23,828		$ 23,477
Expected dividend yield		0%
Number of operating segments | Segment	1
Number of reportable segments | Segment	1
Weighted average number of shares outstanding, diluted | shares	488,983,183	481,144,118
Stock Options
Accounting Policies [Line Items]
Stock options excluded from the computation of diluted net loss per share of common stock | shares	48,782,589	55,354,536
Outside North America
Accounting Policies [Line Items]
Property plant and equipment percentage	32.90%		35.50%
Minimum
Accounting Policies [Line Items]
Estimated useful lives of intangible assets	2 years
Maximum
Accounting Policies [Line Items]
Estimated useful lives of intangible assets	15 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 102,220	$ 99,108
Restricted cash	2,535	815
Cash, cash equivalents, and restricted cash	$ 104,755	$ 99,923	$ 188,174	$ 126,629

Summary Of Significant Accoun_6

Summary Of Significant Accounting Policies - Schedule of Composition of Property and Equipment between North America and Locations Outside of North America (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, net	$ 14,577	$ 15,250
North America
Property Plant And Equipment [Line Items]
Property and equipment, net	9,785	9,829
Outside America
Property Plant And Equipment [Line Items]
Property and equipment, net	$ 4,792	$ 5,421

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Deferred revenue, current	$ 302.2		$ 267.9
Deferred revenue recognized	$ 108.5
Geographic Concentration Risk | Total Revenue | Canada
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	2.30%	2.40%
Geographic Concentration Risk | Total Revenue | Outside North America
Disaggregation Of Revenue [Line Items]
Concentration risk, percentage	13.70%	12%

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenue	$ 166,205	$ 137,356
North America
Disaggregation Of Revenue [Line Items]
Revenue	143,364	120,823
Outside North America
Disaggregation Of Revenue [Line Items]
Revenue	$ 22,841	$ 16,533

Revenue - Schedule of Disaggr_2

Revenue - Schedule of Disaggregation of Revenue by Major Business Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 166,205	$ 137,356
Event Cloud
Disaggregation of Revenue [Line Items]
Revenue	114,686	94,988
Hospitality Cloud
Disaggregation of Revenue [Line Items]
Revenue	$ 51,519	$ 42,368

Revenue - Additional Informat_2

Revenue - Additional Information (Details) 1 - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, current	$ 302.2	$ 267.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, current		267.9
Deferred revenue, remaining performance obligations		$ 539.7
Deferred revenue, remaining performance obligation percentage		71.50%
Deferred revenue, remaining performance obligations expected timing of satisfaction period		24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, current	302.2
Deferred revenue, remaining performance obligations	$ 532.1
Deferred revenue, remaining performance obligation percentage	71.50%
Deferred revenue, remaining performance obligations expected timing of satisfaction period	24 months

Revenue (Additional Information

Revenue (Additional Information) (Details) 2 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract]
Amortization of capitalized commission	$ 8,924	$ 7,948
Capitalized commissions, net, non-current	23,828		$ 23,477
Capitalized commissions, net	$ 27,473		$ 26,685

Revenue - Allowance for Expecte

Revenue - Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Allowance for expected credit losses, beginning of period	$ 2,644	$ 4,547
Credit loss expense	(461)	1,316
Write-offs and adjustments	(336)	(3,219)
Allowance for expected credit losses, end of period	$ 1,847	$ 2,644

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 57,147	$ 55,906
Less accumulated depreciation	(42,570)	(40,656)
Property and equipment, net	14,577	15,250
Computer Equipment, Purchased Software and Software Developed for Internal-Use
Property Plant And Equipment [Line Items]
Property and equipment, gross	20,100	18,190
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	21,954	21,906
Furniture and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	8,213	8,048
Rentable Onsite Solutions Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	6,531	6,531
Other
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 349	$ 1,231

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation of property and equipment	$ 1.8	$ 2

Capitalized Software Developm_3

Capitalized Software Development Costs - Summary of Capitalized Software Development Costs and Acquired Software Technology (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Capitalized Computer Software, Net [Abstract]
Capitalized software development costs, gross	$ 398,644	$ 385,717
Less accumulated amortization	(305,885)	(288,758)
Capitalized software development costs, net	$ 92,759	$ 96,959

Capitalized Software Developm_4

Capitalized Software Development Costs - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cost of Revenue
Capitalized Computer Software Net [Line Items]
Amortization of capitalized software development costs	$ 17	$ 16

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Change in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 1,620,312
Foreign currency translation adjustments	67
Measurement period adjustments	(109)
Ending balance	$ 1,620,270

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 516,129		$ 516,121
Accumulated Amortization	(355,053)		(343,340)
Accumulated Amortization, Expense, retirements, and and foreign currency translation, net	(11,713)	$ (12,154)
Intangible assets, net	161,076		172,781
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Gross	433,832		433,825
Accumulated Amortization	(302,540)		(292,935)
Intangible assets, net	$ 131,292		$ 140,890
Weighted average remaining life	3 years 2 months 12 days		3 years 4 months 24 days
Trademarks
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 82,235		$ 82,234
Accumulated Amortization	(52,513)		(50,405)
Intangible assets, net	$ 29,722		$ 31,829
Weighted average remaining life	3 years 6 months		3 years 9 months 18 days
Intangible assets subject to amortization
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 516,067		$ 516,059
Accumulated Amortization	(355,053)		(343,340)
Intangible assets, net	161,014		172,719
Indefinite-lived assets
Finite Lived Intangible Assets [Line Items]
Intangible Assets, Gross	62		62
Accumulated Amortization	0
Intangible assets, net	$ 62		$ 62

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Total amortization expense related to acquired intangible assets	$ 161,076	$ 172,781
Finite Lived
Finite-Lived Intangible Assets [Line Items]
2023 (remaining nine months)	35,017
2024	45,164
2025	39,322
2026	35,540
2027	3,997
2028 and thereafter	1,974
Total amortization expense related to acquired intangible assets	$ 161,014

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill And Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 11,713	$ 12,154
Minimum
Goodwill And Intangible Assets [Line Items]
Estimated useful lives of intangible assets	2 years
Maximum
Goodwill And Intangible Assets [Line Items]
Estimated useful lives of intangible assets	15 years

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 39,482	$ 49,219
Sales and other tax liabilities	13,960	11,877
Other	35,551	21,153
Accrued expenses and other current liabilities	$ 88,993	$ 82,249

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective Tax Rate	14.39%	4.29%
U.S. federal statutory rate	21%	21%
Interest and penalties included in income tax expense	$ 0	$ 0

Stockholders Equity - Additiona

Stockholders Equity - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, shares authorized		1,500,000,000
Preferred stock, shares authorized		1,000,000
Common stock, par value	$ 0.0001		$ 0.0001
Preferred stock, par value		$ 0.0001
Common stock, shares outstanding	491,358,090	481,266,396	488,296,792
Voting description		Each share of common stock has one vote under the Company’s Certificate of Incorporation.
Non-qualified stock options outstanding	48,782,589		50,013,426
Percentage of fair market value of a share of common stock			85%
Shares available for issuance under ESPP	11,500,000
Payroll deductions from employees related to ESPP	$ 25,000
Options exercised	1,181,835
Total intrinsic value of options exercised	$ 3,900,000
Unrecognized compensation expense	$ 13,043,000		$ 19,997,000
Weighted average period over which unrecognized compensation cost is expected to be recognized	1 year 9 months 29 days
Stock-based compensation expense	$ 14,555,000	$ 9,768,000
Employee Stock Purchase Plan
Class Of Stock [Line Items]
Percentage of shares outstanding reserved for future issuance	1%
Employee stock purchase plan description	permits employees to purchase common stock through payroll deductions during biannual offering periods, or during such other offering periods as the Board of Directors may determine. Participants may authorize payroll deductions of a specific percentage of compensation not to exceed 15%, with such deductions being accumulated for biannual purchase periods beginning on the first business day of each offering period and ending on the last business day of each offering period.
Shares available for issuance under ESPP	15,060,931
Percentage Of Shares Outstanding Reserved For Future Issuance	1%
Unrecognized compensation expense	$ 200,000
Restricted Stock Units (RSUs)
Class Of Stock [Line Items]
Unrecognized compensation expense	$ 73,200,000
Weighted average period over which unrecognized compensation cost is expected to be recognized	1 year 10 months 17 days

Stockholders Equity - Summary o

Stockholders Equity - Summary of Weighted Average Assumptions Used in Valuation of Stock Option Awards Granted under Black- Scholes Model (Details)	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Dividend yield	0%
Volatility	45.30%
Expected term (years)	5 years 11 months 1 day
Risk-free interest rate	1.85%

Stockholders Equity - Summary_2

Stockholders Equity - Summary of Stock-based Compensation Activity Rollforward (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of shares subject to option, Beginning Balance	50,013,426
Number of shares subject to option, Exercised	(1,181,835)
Number of shares subject to option, Forfeited	(49,002)
Number of shares subject to option, Ending Balance	48,782,589	50,013,426
Number of shares subject to option, Vested and exercisable	43,963,138	35,321,479
Weighted average exercise price per share, Beginning Balance	$ 4.45
Weighted average exercise price per share, Exercised	4.35
Weighted average exercise price per share, Forfeited	7.83
Weighted average exercise price per share, Ending Balance	4.45	$ 4.45
Weighted average exercise price per share, Vested and exercisable	$ 4.11	$ 3.85
Weighted average remaining contractual term (years)	5 years 4 months 6 days	5 years 7 months 9 days
Weighted average remaining contractual term (years), Vested and exercisable	4 years 11 months 19 days	4 years 5 months 1 day
Aggregate intrinsic value	$ 190,657	$ 58,326
Aggregate intrinsic value, Vested and exercisable	186,839	54,842
Unrecognized compensation expense	$ 13,043	$ 19,997

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Stock-based Compensation RSU activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Number of shares subject to option, Beginning Balance | shares	13,685,748
Number of shares subject to option, Vested | shares	(1,879,277)
Number of shares subject to option, Forfeited | shares	(169,765)
Number of shares subject to option, Ending Balance | shares	11,636,706
Share-Based Compensation Arrangement by Share-Based Payment Award, Option, Nonvested, Weighted Average Exercise Price, Begining Balance | $ / shares | $ / shares	$ 7.56
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares	7.28
Weighted average grant-date fair value of non-vested options forfeited | $ / shares | $ / shares	7.74
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 7.61

Stockholders Equity - Summary_3

Stockholders Equity - Summary of Stock-based Compensation Expense Including Expense with Liability Classified Awards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 14,555	$ 9,768
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,231	590
Sales and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	4,938	2,980
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,829	2,588
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,557	$ 3,610

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Principal Amount and Unamortized Debt Issuance Costs, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: unamortized deferred financing costs	$ (2,609)	$ (2,766)
Total principal amount and related unamortized debt issuance costs, net	135,391	205,234
Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount	$ 138,000	$ 208,000

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	May 27, 2022	Mar. 31, 2023
Letters of Credit
Debt Instrument [Line Items]
Reduction in borrowing capacity	$ 35
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500
Debt instrument, maturity date		May 27, 2027
Debt Instrument, term	5 years
Interest rate on outstanding borrowing		6.47%
Outstanding revolving loans		$ 138
Available borrowing credit facility		$ 362

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Lessee Lease Description [Line Items]
Operating lease right-of-use assets	$ 28,453	$ 20,398
Operating lease liabilities	37,900	$ 30,800
Right-of-use assets obtained in exchange for operating lease liabilities	$ 10,100

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Noncancelable purchase commitments	$ 31.1

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Other	$ 35,551		$ 21,153
Total expenses incurred	700	$ 600
Vista Credit Partners
Related Party Transaction [Line Items]
Consulting fees	100	100
Other	100		$ 100
Revenue recognized from sale of services to other Vista controlled entities	$ 400	$ 200