Hello everyone. My name is Stephanie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cvent Third Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your touchtone phone. If you would like to withdraw your question, again, press the star one on your telephone keypad. Thank you. April C., Investor Relations. You may begin your conference. Good evening, and thank you for joining us on today's conference call to discuss the financial results for Cvent's Third Quarter 2022. With me on today's call are Reggie Aggarwal, Cvent's Founder and Chief Executive Officer, and Billy Newman, Cvent's Chief Financial Officer. During today's call, we will review our financial results for the third quarter of 2022 and discuss our guidance for the fourth quarter and full year of 2022. In addition, our earnings press release, SEC filings, and a replay of today's call can be found on our investor relations website at investors.cvent.com. Today's call will include forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our financial outlook, including our guidance for the fourth quarter and full year 2022, our market opportunity, market position, product strategy, and growth opportunities. Forward-looking statements involve known and unknown risks, estimates, and uncertainties that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. Forward-looking statements represent our management's beliefs and assumptions only as of the date made, and the company assumes no obligation to update these statements whether as a result of new information, future events, or otherwise. Information on factors that could affect the outcome of the matters covered by these forward-looking statements is included in our periodic filings with the SEC, including in the sections titled Cautionary Note Regarding Forward-Looking Statements and Risk Factors in our quarterly report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC today and in our most recently filed annual report on Form 10-K, along with other filings the company makes with the SEC from time to time. Additional information is available in the cautionary language included in our earnings press release issued earlier today. In addition, during today's call we will discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. Reconciliation to the most directly comparable GAAP measure of the non-GAAP financial measures discussed on this call, including Adjusted EBITDA and Adjusted Free Cash Flow, are included in our earnings release issued today, along with definitions for those terms. The release is filed with the SEC and available on our investor relations website. Now I'd like to turn the call over to Reggie. Thanks, April, and thanks everyone for joining today's call. I'm excited to share our Q3 2022 results. Our revenue for the quarter was $161.3 million, which was $2.3 million above the high end of our guidance, representing 20% revenue growth year over year. Additionally, our cost containment measures enabled us to exceed the high end of our Adjusted EBITDA guidance by $5.1 million and Adjusted EBITDA margin guidance by 290 basis points. These results demonstrate our commitment to delivering balanced top-line growth and margin expansion even in an uncertain macro environment. We're excited about our solid Q3 performance and our prospects for the remainder of 2022. As a result, we are raising both our revenue and EBITDA guidance for the full year. Now, while we're not immune from macroeconomic pressures, we're confident that our established market leadership and recession resilient platform positions us to outperform competitors and successfully navigate this unique macro environment. For those who are new to our story, here's a brief overview. Cvent is a SaaS platform that is comprised of our Event and Hospitality Cloud solutions. Organizations use our Event Cloud products to plan, market, and organize engaging events of all sizes across their total event program, which includes all events an organization hosts or attends. Our Hospitality Cloud offers a marketplace that enables meeting organizers to find and book event space at hotel and unique venues. In addition, hotels and venues use our software to promote, manage, and automate their meetings and events businesses. Fundamentally, our platform helps customers grow their top-line revenue, drive engagement, and deliver leads while reducing OpEx and facilitating greater compliance. Before I dive more deeply into our Q3 2022 performance by cloud, I'd like to discuss some market trends that we're seeing. First, the return of in-person events, which are the bedrock of the event industry. Nothing beats face-to-face human connection and interaction, which is why we continue to see in-person events return so quickly. In fact, just a couple weeks ago, I attended IMEX America, one of the largest trade shows in the U.S. for the global meetings and incentive travel industry. The event attracted 12,000 in-person attendees, just shy of their 2019 attendance. The return to in-person is also reflected in our sourcing data from the Cvent Supplier Network, which is our global marketplace where planners can source and find meeting space at more than 290,000 hotels, destinations, and special event venues. Our data shows that our RFP volume has increased since the beginning of the year and through Q3 sourcing volume into North America averaged about 95% of 2019 levels, which were $18 billion for the full year. Second, marketers are continuing to invest heavily in events which are often their biggest area of programmatic spend. However, in an uncertain market environment, they will look to maximize reach and ROI. And for that, they need event technology. Our platform digitizes events, enabling CMOs to capture more data and attendee insights to accelerate and optimize their sales and marketing efforts, making events more valuable as a marketing tactic than ever before. Third, the Triple Threat, which is the powerful combination of all three event formats, in-person, virtual, and hybrid, is coming to life. For example, in Q3 of 2022, the events hosted in our Cvent Attendee Hub were about 46% in-person, 30% virtual, and 23% hybrid. To put that in context, pre-pandemic, more than 95% of our revenue was for in-person only. We're truly experiencing a meaningful change in the way people meet, and we believe this is a trend that's here to stay. With our platform approach, we've embraced this new dynamic, which is why we believe Cvent is uniquely positioned to support this new event environment. The final topic I'd like to discuss is how Cvent is positioning itself during the time of economic uncertainty and why we believe Cvent is well-positioned to weather an economic downturn. In a recessionary environment, we believe events as an increasingly critical component of the customer journey will remain prominent, and our platform can help organizations run events more efficiently on budget and increase their ROE, which is the return on event, all with fewer resources. The total cost of an event can vary up to 90% depending on what format they choose, and our platform's flexibility ensures organizations will be able to continue to host their events in whatever format they like. Due to how well-positioned we are for varying economic conditions, we believe Cvent will continue to attract a disproportionate share of event tech spend going forward. Even though our business is not recession-proof, we believe we're recession-resilient. Now I'll dive more deeply into the performance of our two clouds. First, I'll discuss the Event Cloud and how some of these market trends are working in our favor. Let's start with return to in-person. In-person events are where Cvent has been a leader for more than 23 years. The interest in our on-site solutions is a great proof point for the return of in-person events. Let me give you an example. To prepare for more in-person events in 2023, a top cloud computing company and one of the fastest growing SaaS companies in history grew their total contract value in Q3 from $5,000 to nearly $1 million. This organization bought more of our in-person solutions as they look to digitize their in-person events to maximize ROI, something we're seeing repeatedly across many of our customers. The second trend I'll discuss is the Triple Threat coming to life. Today, the need to deliver a total event program with a mix of all three event formats is a given for most organizations because of the blend of event formats offers more ways to connect and interact with your customers and your prospects. Cvent offers an all-in-one platform to support the Triple Threat, which appeals to organizations that are looking to execute these more complex event programs. This new events landscape is also helping further elevate events in an organization's go-to-market strategy. In our prospect and client conversations, we're seeing more and more engagement from the marketing division, from marketing operations up to the CMO level. In addition, we landed new logos and deal expansions in the following industries, business services, financial services, manufacturing, technology, nonprofits, and third parties who leverage us on behalf of their clients' events. For example, in Q3, we closed a $300,000 TCV deal with a global nonprofit that helps build more inclusive workplaces for women. Their initial event went so well that they've doubled their ACV with us since July and now work with Cvent to support their entire total event program. Our ability to meet the needs of specific verticals is helping to drive incremental growth. The third and final driver of our Event Cloud growth is our platform offering, which becomes even more compelling in uncertain economic environments. Our integrated platform supports all event formats, which means organizations have the flexibility to run event programs with a mix of formats and event types, which optimizes their budgets. That elasticity is extremely powerful when CMOs want to host events while CFOs want to control spend. Let me give an example of our platform, which supports an organization's total event program, is helping us land new logos and expand deal sizes. A multi-billion-dollar international software company left Cvent for a competitor a couple of years ago, but they reengaged with us and signed a $400,000 TCV deal because our platform was more flexible and better equipped to support all their event types and needs. This example illustrates that despite a potential recession, organizations continue to spend in areas that will help drive revenue during a downturn and events, whether in-person, virtual, or hybrid, are on top of that list. An event technology like Cvent enables them to deliver those events with greater efficiency to maximize ROI with increasing headcount. Let's pivot now to the hospitality cloud. In Q3, there were three key things that helped drive our growth. First is once again, the return to in-person events, which are the lifeblood of the hospitality cloud. This momentum is driving demand for technology as hoteliers and venues look to better attract, book, and manage this in-person business. For example, a convention and visitor bureau expanded their Cvent contract by $235,000 in Q3 to help them prepare for the influx of group visitors to their destinations. On Monday, the client confirmed yet another increase in spend for Q4 as group interest in their city continues to grow. Second is hotels face staffing shortages. Teams know they need to work smarter and more efficiently. Cvent technology can fill in these gaps and help hoteliers automate and reduce manual processes from sourcing and prioritizing leads to managing room blocks and diagramming meeting space to getting smarter as they seek to win more group business. For example, one of the largest hotel management companies in the U.S. increased their spend by $360,000 in Q3 to leverage our full suite of business intelligence solutions to drive efficiency across their portfolio and increase market share at the property level. Hotels don't just want to drive efficiency on the hotel side. They also want to streamline collaboration with their target audience, the event planner, which helped drive strong interest in both our diagramming and group room block software. Third, as hotels finalize their 2023 budgets, there's still a growing expectation at the ownership level for properties to exceed their 2022 performance in 2023. This is no easy task given the very strong 2022 that many hotels had with the surge in leisure and business travel. In order to meet these expectations, hoteliers recognize that they need to focus even more on attracting meetings and events businesses to their properties to drive revenue and fill shoulder seasons or lean periods. In addition, events and group business is often the largest segment of their top-line revenue for the larger hotels. It's also frequently the most profitable segment. Most importantly, because it's a contractual commitment, unlike leisure and business transient that can be canceled up to 24 hours before the booking, it provides both long-term visibility and operational stability. All of this is driving increased interest in Cvent technology, especially our marketing and sales solutions. In summary, our Q3 results were driven by strong competitive position and industry trends that work in our favor. We are well prepared to address our customers' evolving needs, and our platform flexibility means organizations can continue to engage their customers, which is especially critical in an uncertain environment while staying on budget. While we're not immune from the current macroeconomic environment, our platform approach enables Cvent to power the events landscape regardless of an organization's budget or how they choose to meet. In short, we feel good about our market position, and we plan to continue to invest in our platform, make smart business decisions, and build on our decades of experience to further elevate our competitive position and take our disproportionate share of our $30 billion TAM. Now, I'll turn it over to our CFO, Billy. Thanks, Reggie, and good afternoon, everyone. I'll first walk you through our Q3 2022 financial performance and then discuss our guidance for Q4 2022 and updated guidance for full year 2022. Q3 revenue was $161.3 million, an increase of 20.3% year-over-year. Normalizing for the year-over-year timing difference of our client conference, Cvent CONNECT, which was held in Q2 this year and Q3 last year, revenue growth would have been 22.9%. We beat the high end of our guidance for the quarter by $2.3 million. The beat was primarily driven by higher upsells of our core event management product in the quarter as the impact of the pandemic continues to moderate and planners quickly adapt to the return of in-person meetings. Breaking down Q3 revenue by cloud, Event Cloud revenue was $112.9 million, an increase of 22.1% year-over-year, and Hospitality Cloud revenue was $48.4 million, an increase of 16.5% year-over-year. After adjusting for the year-over-year timing difference of Cvent CONNECT, Event Cloud revenue grew by 23.7%, and Hospitality Cloud revenue grew by 21%. While revenue associated with our virtual solution is still one of our top Event Cloud revenue components and grew during the quarter, the primary driver of Event Cloud revenue growth resulted from the continued return of in-person meetings. The same was true for the Hospitality Cloud, where the continued return of in-person meetings is increasing hotels' demand for advertising and software solutions. We also saw sequential expansion of our net dollar retention rate in Q3, which increased from 114% in Q2 2022 to 116% due to increased spend by our existing clients in both clouds. Although we're very happy with the 116% net dollar retention rate in the quarter, the larger than anticipated improvement in this metric is influenced by a quick pivot back to in-person meetings and comparing results to a prior year period when in-person meetings were less prevalent. In the near term, we believe our net dollar retention rate will return to pre-pandemic levels. Longer term, we still believe our net dollar retention rate will be approximately 115%, exceeding pre-pandemic levels as a result of the increased need for technology across the total event program. In discussing the remainder of the income statement, unless otherwise noted, all references to expenses and operating results are on a non-GAAP basis. You can find information on the most directly comparable GAAP metrics and reconciliation to those metrics in our Q3 2022 earnings release available on the investor relations page of our website at investors.cvent.com. Non-GAAP gross profit in Q3 was $117.4 million, or 72.7% of revenue, compared to 74.7% in the same period of the prior year, due to a higher percentage of our total revenue in the quarter coming from on-site solutions and merchant services, which have lower gross margin profiles. Compared to the prior sequential quarter of Q2 2022, gross margin expanded by 110 basis points after excluding the one-time impact of Cvent CONNECT on our gross margin in Q2. Like adjusted EBITDA margin, gross margin typically increases sequentially throughout the year and declines between Q4 and Q1 of the following year, primarily due to the reset of employer payroll costs and 401(k) match, higher PTO accrual, and our annual merit increase. Moving down the income statement to non-GAAP operating expenses. Non-GAAP operating expenses as a percentage of revenue continued to sequentially decline, declining by 310 basis points between Q2 2022 and Q3 2022 after normalizing for the one-time expense impact of Cvent CONNECT in Q2. The sequential improvement was driven by leverage in all operating expense lines as the pandemic continues to ease and our competitive position strengthens, allowing us to operate more efficiently. Year-over-year growth in operating expenses moderated as well, growing by only 14% in Q3 compared to the same period of the prior year. Shifting to earnings, Q3 Adjusted EBITDA was $33.7 million or 20.9% of revenue, which represents a $5.1 million beat over the high end of our guidance and a 290 basis point beat in terms of margin. The earnings beat is a result of our revenue overperformance, tactically shifting some Q3 projects into the future and higher cost containment. Relative to Q2 2022 and normalized for the one-time Cvent CONNECT costs, we saw 420 basis points of sequential margin expansion. This improvement continues the very healthy margin expansion we've seen since the beginning of the year. Turning to our balance sheet, we ended Q3 with cash equivalents, and short-term investments of $110.6 million, a decrease of $12.8 million from the end of the second quarter of 2022. This decrease was primarily the result of further paying down our new revolving credit facility by $30 million in the quarter. We paid down $70 million in Q2 2022, and we have now paid down $100 million since we closed the facility in late May. As a reminder, the $500 million credit facility was put in place to expand our borrowing capacity for potential future M&A. We do not intend to use this facility to fund normal operations given our positive Adjusted Free Cash Flow position. We expect the balance of the facility to fluctuate from quarter to quarter as we use excess cash to minimize interest expense. Finally, Adjusted Free Cash Flow before interest payments on our long-term debt and the change in client cash related to merchant services was $2.1 million in Q3 2022, compared to $17.9 million in Q3 of last year. Adjusted Free Cash Flow in Q3 of last year was atypically high as a result of payment plans that allowed clients to defer payments of their 2020 invoices to 2021 due to COVID. Year to date in 2022, we have generated $64.5 million in Adjusted Free Cash Flow. Deferred Revenue at the end of Q3 was $246.2 million, an increase of 8.8% compared to Q3 of the prior year due to year-over-year bookings growth across the business. Now let's turn to our guidance for Q4 2022, starting with revenue. We expect Q4 revenue of $169.3 million-$170.3 million, up 17.4% at the midpoint compared to Q4 of 2021. This guidance is in line with our midpoint of the implied guidance we gave in our Q2 earnings call in August when we provided Q3 and full year 2022 guidance. Shifting to full year 2022 revenue guidance. As a result of our Q3 2022 beat, we are increasing our full year guidance range to $628.2 million-$629.9 million, up 21.3% compared to the prior year at the midpoint and reflecting a $2.8 million increase of the midpoint of the guidance we shared in our last earnings call in August. Moving to adjusted EBITDA, we expect Q4 adjusted EBITDA of $38.5 million-$39.8 million, representing a 23.1% adjusted EBITDA margin at the midpoint. Q4 adjusted EBITDA margin is forecasted to sequentially expand compared to Q3 2022 by 220 basis points at the midpoint, continuing the operating leverage expansion we've seen this year as the business continues to operate more efficiently with the pandemic easing and our competitive market position strengthening. Compared to the implied Q4 2022 guidance provided in our last call in August, our adjusted EBITDA expectation is lower, and that is the result of the Q3 2022 projects we tactically shifted into the future and some of the higher Q3 2022 cost containment not recurring in Q4. Turning to full year adjusted EBITDA guidance. As a result of the higher than expected cost containment we saw in Q3 2022, we are increasing our full year adjusted EBITDA guidance range to $108.4 million to $109.7 million. This reflects a $1.9 million increase over the midpoint of the guidance we shared in our last earnings call in August and a 20 basis point increase in our Adjusted EBITDA margin guidance at the midpoint. $1.9 million raise is less than the $5.1 million Q3 2022 beat due to a portion of the Q3 beat coming from the Q3 projects that were shifted from Q3 to the future and higher cost containment in Q3 that will not recur in Q4. In closing, we're pleased with our Q3 22.9% revenue growth and 420 basis points of Adjusted EBITDA margin sequential expansion both on a normalized basis. We believe these results exhibit our strong competitive position and the industry trends that work in our favor. Every quarter that goes by, we believe we are getting closer to a more normalized state. As Reggie mentioned, while we're not immune from the current macroeconomic environment, our platform approach enables Cvent to power the event landscape regardless of an organization's budget or how they choose to meet. Longer term, we feel we are well positioned to take our disproportionate share of the $30 billion TAM. Now I'll turn it over to the operator for Q&A. At this time, I would like to remind everyone, in order to ask a question, please press star then the number one on your telephone keypad. We'll pause for just a moment to compile a Q&A roster. Your first question is from Josh Baer with Morgan Stanley. Please go ahead. Great. Thanks for the question and congrats on another beaten race. I was hoping that you could talk a little bit about the partnership with American Express and some of the benefits that it brings to you? Hey, Josh, thanks for the question. American Express, there's two parts. There's their business travel and then meetings and events side. This is more regarding their corporate credit card. Basically it's a payment solution. Let me just give you some context. What happens with American Express is, they give out what we call a P-card. For every single event, what you have is your meetings a virtual credit card is given, so every expense for that meeting can be consolidated and tracked. It's really giving planners a better idea of what they're spending across everything. Let's say you're flying somewhere and it's a person taking people out to dinner after the event, all that is. can put on the P-card, so it's a way to control spend. It allows our customers to be able to get that better visibility per event. It's really helping them stay on budget and accurately calculate their meeting ROI. It's really, what it does is it gives another breadth, you know, another example of the breadth and depth of our ecosystem with our ability to partner with other market leaders to help drive kind of that ROE, which is return on event. It's also helpful in compliance, because a lot of our pharma and financial customers and just in general, it helps them have more compliance, in particular with individual events, as well as the total event program. That's really what it's doing. Okay, great. I know billings isn't a focus for you, and we can look to full year revenue guidance moving higher as a pretty good indicator of the state of the business. Just wondering if there's any puts and takes on billings invoicing in the quarter. I think we're looking at like a decline in the growth rate in billings to single digit. Anything to note there? Yeah, I'll take that, Josh. You know, using Deferred Revenue on a quarterly basis is not a great proxy for billings growth. That's because, you know, this quarter, for example, we saw higher than expected performance because of upsells in the quarter, which often get closed in the quarter and then get recognized in the quarter. Additionally, with the quick return back to onsite, we've got deals that will close in the quarter, and then the event will happen within the quarter as well. It's a little difficult to use Deferred Revenue as a proxy for that. That being said, you know, I think we're happy with the billings growth that we saw. It was relatively in line with what we were expecting. I think what that's showing is that the recession resiliency that our platform provides is helping us from a macroeconomic perspective currently. Okay. Thank you both. Your next question comes from Tyler Radke with Citi. Please go ahead. Thank you for taking the question. Can you just help us understand kind of the moving pieces between the Q3 versus Q4 updated guidance? Obviously, the numbers came in Q3 ahead of where you guided. How much of that, you know, the Q4 implied guidance is a little bit below where you guided last quarter. How much of it was timing impacts? Then, you know, are you kind of making any macro assumptions for Q4 just given what you're reading in the news? Just help us understand if there was any timing impacts or, you know, if anything from just a guidance philosophy has changed. Thank you. Yes, I'll take that one. As I said, the overperformance that we saw in Q3 was primarily due to the higher upsells that we saw in the quarter. Although it's possible this could recur in Q4, you know, we wanna make sure we've got a number out there that we feel confident in, and which we do for our Q4 numbers. We haven't assumed that recurs in Q4. Really no change in the expectations that we saw at the beginning of when we spoke to you last August in terms of the implied guidance. That's why it's, you know, at the midpoint, it's relatively in line. Outside that, it's really just a tightening of the guidance. You know, we're sitting here in November, so we have very good visibility into the quarter. You know, as we sit here today, we have, and this is very typical for any given quarter, 90% of our revenue is contractually locked in, so it gives us really good visibility in addition to just, you know, our multiyear deals, the recurring nature of our revenue. You've just had some tightening of the spread around the midpoint, given that we've got that great visibility as we sit here. Great. Just a follow-up for Reggie or maybe Billy too. I'm curious, as you talk to customers, and you know, you talk to them about their plans next year, how are they just thinking about their overall event budgets? Is it still up next year? Are they still kind of hoping to increase, you know, the size of these events, even for the folks that did kind of do their first in-person events this year? You know, maybe just kind of share how you're thinking about the planning process as you look towards next year, given the puts and takes of the macro environment, combined with what still seems like a pretty good return to in-person. Yeah, thanks for the question. First, you know, as Billy said, we had a great Q3. We're confident in our Q4 guide. What we're hearing from the field is that some customers are being a little cautious with spend. You know, we're seeing a little bit of elongated sales cycle. You know, I think they still tend to move forward, it is causing a little bit of lengthening of the sales cycle. They're getting a little bit more people involved. They're still trying to figure out from their budgets, right, what they're doing in the blend. Is it in-person, virtual or hybrid? Then they're trying to, you know, figure out what everyone else is doing kind of thing. Look, we're not immune to the macro level environment, but I think we're prepared. Part of it is that we're still, you know, still at least people still wanna meet in- person. You still have this latent kind of push that people are still wanting to meet in- person because it's been so long. You know, CMOs are seeing that's incredibly important. They're getting more involved with events because they see getting people in- person, how that really helps their top line. I think that we're still seeing all that momentum. I think, you know, with the macro level environments, people are all trying to figure it out and trying to see what happens. That is a little bit, you know, elongating your sales cycle, but I think the fundamentals are still the same that we've had in the prior time. I think this in-person is gonna continue to kind of push it a little bit more than it would normally go because of that, pent-up demand. You know, look, the macro level is elongating our sales cycle a little bit as we're starting to see. Just to clarify, with those elongated sales cycles, would that mean you kind of expect growth maybe a little bit below where historical patterns have been? Or how would you just think about those longer sales cycles translating into- Yeah ... revenue? A couple things. Like I said, we feel good about our Q4 guidance. We're not giving guidance to 2023 at this point. We'll do that in our Q4 call that we'll do. But look, the macro environment, it is slightly elongating sales cycles. It's hard to predict what, how it will continue on. That's probably the best I can say right now. But I think the fundamentals are still there. We're still trying to understand that ourselves. I just today, literally two hours ago, was meeting with the VP of marketing of a Fortune 100 company. Their VP of Marketing was in our office, and we were, you know, spending some time just now just talking about what they're going through and so forth. We were talking about, they're saying, what are other customers seeing? I think in the end, people are firmly committed to events, and they're trying to figure out if there is, you know, budget cuts, let's say, for a certain company, they could always do less in- person, more virtual, because it tends to be less expensive. That mix is a lot of what people are trying to figure out. The good news with virtual that wasn't around before the other recessions is they can replace costs tremendously by going virtual. Our event technology is very similar. We get, you know, pretty similar economics. We get more if it's a hybrid, a little bit less if it's in- person, even a little bit less than that if it's virtual. We're still a critical part of them switching from in-person to virtual if they're trying to save budgets. I think people are all starting to work through that. Thank you. Your next question comes from DJ Hynes with Credit Suisse. Please go ahead. Hi, Reggie and Billy. Thanks for taking the question. Couple of questions here. First off, could you maybe help us better understand what you're currently seeing in the environment as in-person events and business travel are still returning? How has your competitive landscape changed? And also maybe help us better understand how you're seeing the overall opportunity today even versus perhaps six months ago. Yeah. It's a good question. First, let's take first the in-person. There's a bunch of questions there. In- person, just give me one second. I'm just trying to see what the in-person. Sorry, you asked, like, three different questions, so I'm just trying to repeat the in-person one. I apologize. The question just had to do with what are you seeing in terms of the trends of the return in- person relative to even six months ago? Yeah. the two follow-ups were around the changes in the competitive landscape and then structurally in the overall opportunity that you see from a revenue perspective. Okay. Start with the in-person. Look, there's been a big shift in the last six months, as you know. It's really been pretty incredible how fast in- person came back. It was almost like a whiplash, almost similar to when virtual came out of nowhere. We're seeing that trend. It used to be a trend. It's no longer a trend. To us, it's just now the fundamental what it is. People are comfortable meeting in- person. They're still you know, we're not up to the in-person numbers that we were previously. You know, from an RFP volume, for example, we're about 75%. I think if you look at a typical event, you'll probably have about 75% of the attendees, let's say, that you have. They're in terms of the registrants. You're having less registrants coming, but it's growing every quarter. The good news for us, our registration counts are up because the virtual events were something that was an addition to what we had. We're actually up in registrations as a company at Cvent. At in-person events, it's starting to continue to move back. In September, we saw it to be the highest number that we've seen. That's kind of from an in-person view. In terms of a competitive view. Look, we continue to feel better every quarter about where we are competitively. I think last earnings call we talked about there were a lot of layoffs with a lot of our competitors. I think we've showed the ability to break out of the pack. You know, we've scaled obviously $600 million-plus in revenue and generating actual profits. I think most of our competitors, you know, haven't been able to generate cash profit, and they're having a difficult time scaling, and they're not getting this, you know, unlimited investments where they were just investing in a lot of things where they could keep their prices low and keep investing. Now they have to, for example, because they have to be profitable, they have to focus on maybe raising their prices. They have to be more thoughtful about how they spend, and that's better for companies like us who are very, you know, trying to take a balanced approach. Look, our platform thesis is playing out as if by our strong growth that we've shown, which is to have everything under one. Most of our competitors tend to be point solutions. Just a couple last things is I think that, you know, our in-the-office, for example, utilizing that has given us a real competitive advantage so we can continue to grow and we can continue to invest, because of our cost structure that we've built over the last 23 years. I think that gives us a big opportunity to take part of, you know, larger part of that $30 billion TAM. I think that the combination of all this, and our thoughtful way of expanding and have been through these recessions has really given us a leg up to our competitors. Sorry, I was like, the last question was regarding. Just the opportunity from a revenue perspective. Okay, opportunity from revenue. Maybe give me more specifics in terms of just in general what our opportunities are. When we think about the mix of virtual shifting over to hybrid and in- person, just how do you think of that opportunity differing across those types of events? Let's first start. Our mix historically, this is before the pandemic, was 95% of our revenue was in- person. Effectively, there was hardly any virtual or hybrid. Now what we're seeing is about roughly 50/25/25, 50% in- person, 25% hybrid, 25% virtual. That's a permanent shift where virtual is certainly gonna be a major part of the event landscape, which we think is good because it creates complexity, creates the need for software, but most importantly in, let's say, recessionary environments, allows people to have flexibility to be able to use whatever format they need to leverage their, you know, the right budgets. That's kind of from a high level. Look, buyers are looking for solutions, we think, for the total event program, which is again, a mix of these, and they want the flexibility to go back and forth and be able to pivot because they're, you know, before it was the pandemic, that was driving people's need to go to virtual. Now it might be the recession. Look, because of the Triple Threat, we win more often at the outset. So we think compared to our competitors and, you know, keeping everything under consideration with the macro outlook, we think we will disproportionately be advantaged because of our scale, because of our ability to pivot, and the depth of our product, because in- person was our strength. Now that it's combined in one platform of virtual, we can again do that pivot. We think from an opportunity, we're really well-positioned and, if virtual becomes, you know, a more important part of the segment. Thank you. Your next string comes from Scott Berg with Needham. Please go ahead. Hi, everyone. Congrats on the quarter, and thanks for taking my question. This is Michael on for Scott today. Just a couple quick questions here. You mentioned the strong demand you're seeing on the advertising side of the Hospitality Cloud. Could you talk a little bit about that, and maybe compare it to your expectations coming out of the pandemic, and just give us a little color there? Thank you. Yeah. First in- person is the, you know, is the lifeblood of hospitality, and that's obviously coming back, and people really wanna get their fair share of that. What's happened is in 2022, a lot of the demand was driven by consumer, you know, leisure and some business transient. Actually, hotels fared pretty well. What's really happening for 2023. We again feel pretty good about where we are for Q4, as we mentioned. We think though that when it comes to 2023, what's happening is there's gonna be less leisure business. With less leisure business, events become more important. For larger hotels, the largest segment of their top-line revenue tends to be meetings and groups for the larger hotels. It's very important. It's often the most profitable. Really what I think that people like is they're locked in when you sign event contracts. Unlike you or I, if we travel somewhere to visit someone, you know, a grandmother in Miami or we go to a business trip, we can cancel within 24 hours. With an event business, you can't cancel because it really gives that stability. I think that we're seeing, you know, demand is growing. We've seen that with our RFP volume, as I talked about on the script. Now with the macroeconomic. How will that kind of play out? That will have, I'm sure, a little bit of impact as people start maybe potentially cutting back. I think hotels need a bigger portion of their revenue to come from meetings because leisure is cutting back a little bit, business transient's coming back. There's a term called group up, and that's what hotels try to do. Group up means if a recession comes, which is lock that in now, get the signed contracts, so if things go down, at least they have these, you know, this contracted business that people can't cancel at the last minute. You know, it's kind of a balance between a recession happening, but them also needing that group business. You know, we're feeling pretty good. We're going to the Q4. Like I said, I think hotels are really needing to group up for 2023 because they're, you know, kind of expecting a little bit of economic headwinds for 2023. Michael, two other things I would add. First off, look, there are record labor shortages in the hospitality industry right now, so that, you know, really forces hotels to move to more digitization to make up for those labor shortages. Also, when planners are booking for events or looking for events through our CSN, they're a lot of times looking for events that are 12, 18 months out. Even though there might be things that are going on in real time next year as it relates to macroeconomic environment, they've got to make sure they're getting that business in 2024 and beyond, when things might be much different. That is another thing that could help to mitigate potential macroeconomic factors in the short term. We're helping them in the sales and marketing part, as Billy said, the productivity part, because people have permanently left the industry, especially salespeople, and they are getting a little bit overwhelmed. They're not staffed for some of the demand they're getting for events. I think these productivity tools, which is 45%+ of our Hospitality Cloud revenue. Both those elements are super important. I think efficiency and getting more business is what they're all gonna want, and I think we have technology tools that really help them. Great. Thank you. Then on the customer expansion side of things, you know, you mentioned that it drove most of the beat this quarter, but then you're gonna move back down to pre-pandemic levels, which were, I think a little under 110%, and then push back up to 115%. Could you talk a little bit about that dynamic, and just kind of, you know, especially more on the movement, you know, to 115%, you know, longer term, and then maybe what would you know, like to see, you know, from that aspect? Thank you. Yeah, Michael. As you mentioned, we have seen a really good improvement in the Net Dollar Retention Rate over the last few quarters. We hit the trough in Q1 of 2021. We were at 84%, and now we were at 116% in the most recent quarter. Just like last quarter, we're really happy with the metric, but a lot of it is because we're just seeing that such a quick swing in the pendulum back in-person. It plays to our strength. We're seeing a lot of spend coming back. You mentioned the upsells in the quarter. That's another indication of just quick return to spend. That's what's really driving it in the near term or currently. We think in the short term, you know, that spend as much as we'd love to see that rate of spend increase continuing, we do believe it's going to start to level off, you know, just naturally, you know, irrespective of whether we're going into any sort of special macroeconomic situations. Over time, we believe in the short term it will come back to our historic pre-pandemic levels as people the swing back into onsite. Longer term, there is going to be that pendulum's gonna start to swing back, where the onsite will be there, but then there'll be more and more virtual and hybrid that will come out of that as companies just realize, "Hey, there's virtual gives me the ability to do more events than I normally would have done. I can get more attendees at those events when they do it. Hybrid obviously is with virtual becoming really popular during COVID. CMOs are gonna want to retain that virtual piece and when you know, they're getting back to onsite, right? They're swinging back to what they knew, but then they're gonna realize, "Wait a second, I can do virtual and hybrid together or in-person together." That over time, with just the general digitization of the industry, and that's both on the Event Cloud side and the Hospitality Cloud side, that's what we believe will start to move the Net Dollar Retention Rate from those historic levels to 115%, over the longer term. Great. Thanks so much. Very helpful. Your next question comes from Arjun Bhatia with William Blair. Please go ahead. Awesome. Thank you guys for taking the question. Actually, you know, I mean, you called out long deal cycles. I think, you know, you're obviously not unique in seeing that. We're seeing that across the space. What are some of the levers that you think you have available or that your customers have available to get deals ultimately across the finish line? You know, can they adjust the number of events they're planning, the size of events, right, reduce registrants? Like, are those levers something that customers are considering? Is that something that your sales team is, you know, proactively bringing to customers to say, "Hey, maybe we can start smaller to just get you on the platform and start using the total event program across, you know, across all event types"? How are you thinking about that? Yeah, what you just said, it's all the above, Arjun. Look, the big thing is actually what we try to do is try to tell them this is the time to move all your programs over, the total event program over to us 'cause we're the Triple Threat, and we can save you money. The ROIs there just, you know, first from a people are looking at cutting budgets, which generally also means people, and they're looking to get more efficient. I think our lever is the Triple Threat and that standardization because it's inefficiently done right now. There's a lot that they're not getting, and, you know, we talk a lot about saving money, but it's also growing the top line. There's a lot of things that people do at events that they don't take advantage of getting the top-line revenue growth, like just very basic things that they don't do to get more attendees there, for example, or to make sure you follow up quickly. We have all kinds of products and tools that help you do both, for example. I think, look, when we meet with customers, of course, we try to get in any way we can, and it could be, you know, trying to get in some of their programs and say there'll be less registrants. I think the biggest cost savings you're gonna see if we do hit some, you know, bad economic times, is people will switch some of their in-person to virtual. Generally, you can save 80%-90%. I talked a lot about that in the last quarter's earnings call, which is, you know, if you do an event and the example I gave is let's say you did an event that's a $7-$8 million in-person, you can take that down to probably $700,000-$800,000 if you went from pure in-person all the way to virtual. What we see a lot of clients will do, and we'll coach with them and strategize with them, saying, "Hey, maybe do it as a hybrid event, have less people there, but bring your best customers." Maybe that event will become somewhere between $700,000 and $1 million, but you'll get your best customers there while... You can build that personal relationship, but then the other people will be virtual, so you can save money. The thing is, we can do it either way. I think, look, we have some free modules to help them dip their toe in. There's all kinds of tactics and techniques we have to get them trying. You know, one thing, 'cause we've been through so many recessions, one powerful thing if you have an economic downturn is that people tend to be more open-minded about automating things. I don't want people to forget that because we've lived through so many of these downturns, automating things. That's when sometimes, sure, they don't have as much money, but they also say, "Hey, I wanna automate it because I wanna reduce my cost." That sometimes spurs behavior that wouldn't normally happen in a normal cycle because everyone's looking at their cost, and usually software makes you more efficient. There's that trend also. Between all those things, you know, we'll try to do, of course, our best to convince them, but we've been through it, and we have lots of institutional ways from a sales tactic and marketing tactic. I think most importantly is the platform. That's really that flexibility to do your events. The last thing I'll say on that is in the past recessions, you couldn't go virtual. It's pretty much, are you doing the event? Are you not? Maybe you can reduce it. Now if you convert it to virtual, it just doesn't seem smart for people to cancel events if they're compelling because of cost, 'cause they can still do some engagement with virtual and then bring it back the next year in- person. Okay. Makes sense. Very helpful. You know, I think you talked about competition earlier and, you know, some of your competitors may be laying off employees and downsizing a bit. It seems that, you know, obviously maybe that's something that's concentrated in competitors that are virtual only that or that only address one part of this event program. What makes it. You know, I'm sure those customers may try to switch to have hybrid capabilities, to have in-person capabilities. In your view, what makes. You know, what makes it difficult? What will make it difficult for those companies to then pivot to have some in-person capabilities? What are You know, what are the barriers that you have and the challenges that you've overcome to have, you know, to be able to address all three that may make the moat durable for you? Yeah. Look, the first thing is going in- person. What a lot of companies have found, if they're a virtual company, to go in- person is much more difficult. Not that virtual wasn't difficult to do, but building in- person takes a lot more time. Look, we've done it for 23 years. We have, you know, well over 1,000 engineers building it for, let's just say, you know, not just for 23 years, but the last, you know, in particular, the last decade when we had more scale. We built some real moats, we believe. So to do that and then have it all on one platform is really where our barrier is. That scale, the having in-person experience, and then we built our virtual. We built it with the knowledge knowing how in-person works, where it's hard to go from virtual to in-person. That's kind of, I would say, the first thing that's difficult to do, is just the platform itself and to be all in one place. I think the second thing is that the experience you need in selling in- person is tougher for virtual because just the way you interact with our clients, the support they need is just different. It's really complex. I would say that it starts with the product. It's also our scale, our brand. I mean, we're known for in-person. Again, I mentioned 95% of our revenue is in-person, so in virtual, when the pandemic hit, it took us by surprise that our brand took a hit. One thing I think by it coming back is we have that huge competitive advantage because of that scale and platform. You know, from our competitor view, I think you had even in-person companies who went virtual. They also laid off a large amount of our top competitors. The ones that were virtual that went to in-person, they've really struggled. Look, you're gonna have lots of competitors out there, but we've time and time again shown that we've always figured out a way to differentiate. Because we continued to invest during the pandemic in our in-person, 'cause we always knew, 'cause it's always been something we've been talking about, is we know it's gonna come back to in-person 'cause you can't beat fundamentals, which is people wanna connect in- person. This is really playing to our advantage, and we're stronger competitively now than we were a quarter ago, and certainly three or four, five quarters before that. You know, coming out of this, out of the pandemic, we feel stronger. Now, if there's some economic uncertainty, I think very few of the companies have the experience that we do and the business model with, for example, our cost structure, you know, India, the way just the things we've done to build and be prepared for this moment. I'll just say one last thing on it. I mentioned that when the pandemic hit, it was the equivalent of a Category 5 hurricane, earthquake, and flood hitting us at once. It was just something like a 100- or 200-year storm. This economic time, this uncertain economic times is, you know, potentially hitting us or, you know, likely to. What I'll tell you, I'll liken it to a bad tropical storm compared to what we just went through. I think we have the resilience, the know-how, and this is something we know well these kind of times compared to when a pandemic hit, which caught us a little flat-footed because we didn't have virtual. We're prepared, and we have something we didn't have before, which is we have virtual. We can talk to people and say, "Hey, don't cancel your event. Just go virtual. Perfect. Very helpful. Thanks, Reggie, and good job on the execution here. Yeah. Thanks, Arjun. 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