Cision Ltd. Reports Preliminary Unaudited Financial Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Financial Guidance for Fiscal 2018
January 29, 2018 at 01:00 pm
Share
Cision Ltd. reported preliminary unaudited financial results for the fourth quarter and year ended December 31, 2017. For the fourth quarter, the company estimated revenue between $168.5 million and $169.0 million, reflecting between 13.5% and 13.8% growth versus prior year fourth quarter revenue of $148.5 million; Revenue, excluding the impact from purchase accounting, estimated between $169.0 million and $169.5 million, reflecting between 13.4% and 13.8% growth versus prior year fourth quarter revenue of $149.0 million; Operating income estimated between $7.0 million and $7.5 million, reflecting between 250% and 275% growth versus prior year fourth quarter operating income of $2.0 million; Net loss estimated between $23.2 million and $27.6 million, reflecting between 2.5% and negative 16.0% change versus prior year fourth quarter net loss of $23.8 million; Adjusted EBITDA estimated between $60.6 million and $61.2 million, reflecting between 14.3% and 15.4% growth versus prior year fourth quarter Adjusted EBITDA of $53.0 million; Adjusted net income estimated between $22.7 million and $22.9 million, reflecting between 187% and 190% growth versus prior year fourth quarter Adjusted net income of $7.9 million. Adjusted net income during the fourth quarter was impacted by incremental interest expense associated with $75.0 million incremental term loan; and Adjusted net income per diluted share estimated between $0.19 and $0.19, reflecting between 86% and 90% growth versus prior year fourth quarter Adjusted net income per diluted share of $0.10.
For the year, the company estimated revenue between $631.0 million and $631.5 million, reflecting between 34.9% and 35.0% growth versus prior year revenue of $467.8 million; Revenue, excluding the impact from purchase accounting, estimated between $632.5 million and $633.0 million, reflecting between 34.9% and 35.0% growth versus prior year revenue of $468.9 million; Operating income estimated between $38.0 million and $38.5 million, reflecting an improvement of between $57.6 million and $58.1 million versus prior year operating loss of $19.6 million; Net loss estimated between $111.7 million and $116.1 million, reflecting between 13.5% and 18.0% change versus prior year net loss of $98.4 million; Adjusted EBITDA estimated between $225.0 million and $225.5 million, reflecting between 38.7% and 39.0% growth versus prior year Adjusted EBITDA of $162.2 million; Including the acquisition of Bulletin Intelligence and the divestiture of Vintage, as if they both occurred on January 1, 2017, Adjusted EBITDA estimated between $227.0 million and $229.0 million; Adjusted net income estimated between $58.3 million and $58.5 million, reflecting between 163% and 164% growth versus prior year Adjusted net income of $22.2 million; and Adjusted net income per diluted share estimated between $0.57 and $0.57, reflecting between 111% and 112% growth versus prior fiscal year Adjusted net income per diluted share of $0.27. Expects net debt as of December 31, 2017 to be approximately $1,183 million.
The company provided initial outlook for the full fiscal year ending December 31, 2018. For the year, the company expects, revenue of between $716 million and $726 million; revenue, excluding the impact from purchase accounting of between $720 million and $730 million; net income of between $2 million and $4 million; adjusted EBITDA of between $248 million and $254 million; adjusted net income of between $105 million and $110 million; and adjusted net income per share per of between $0.86 and $0.88. Additionally, for the full fiscal year ending December 31, 2018, the company expects: depreciation expense of between $23 million and $26 million; amortization expense of between $112 million and $115 million, with $22 million to $24 million of this amortization expense included within cost of revenue and the remainder included in general and administrative costs; net interest expense, exclusive of debt extinguishment costs, of between $71 million and $74 million; cash interest expense of between $61 million and $64 million; and capital expenditures, inclusive of capitalized software development, of between $30 million and $35 million.
Cision Ltd is a provider of public relation (PR) software. The Company also provides media distribution, media intelligence and related professional services. Its products and services to help manage, execute and measure strategic PR and communications programs. Its Cision Communications Cloud is a cloud-based platform that integrates each of its point solutions into a single unified interface, arms brands with the insights they need to link their earned media to strategic business objectives, while aligning it with owned and paid channels. Its platform enables companies and brands to build consistent, meaningful and enduring relationships with influencers and buyers in order to amplify their marketplace influence. Its products and services include Media Database, Media Distribution, Media Monitoring and Media Analysis.
Cision Ltd. Reports Preliminary Unaudited Financial Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Financial Guidance for Fiscal 2018