Thursday, November 15, 2018
News
NEWS HOME
»
PRN INDIA
Cision Reports Third Quarter 2018 Financial Results; Provides Updated Full Year 2018 Outlook
  SocialTwist Tell-a-Friend  
   

CHICAGO, Nov. 7, 2018 /PRNewswire/ --  Cision Ltd. (NYSE: CISN), a leading global provider of software and services to public relations and marketing communications professionals, today reported financial results for the quarter ended September 30, 2018.

Cision logo.

All data presented below is compared to the third quarter of 2017, unless otherwise noted.

Third Quarter 2018 Financial Highlights

  • Revenue increased 11.0% to $177.2 million
  • Revenue, excluding the impact from purchase accounting, increased 10.7% to $177.5 million
  • Operating income increased 2.4% to $14.2 million
  • Net loss decreased 87.0% to $6.0 million
  • Adjusted EBITDA increased 9.9% to $62.7 million
  • Adjusted net income increased 47.0% to $26.6 million
  • Adjusted net income per share increased 33.3% to $0.20

"We are pleased to have delivered another solid quarter of financial results," said Kevin Akeroyd, Cision's Chief Executive Officer. "We continue to focus our efforts on delivering best-in-class products and services to our customers, executing our strategic and operational plans, and driving toward our long-term financial goals. This focus resulted in third quarter pro forma organic revenue growth of 2.1% after adjusting for non-core revenues and the impact of currency, an approximate 160 basis-point increase from the prior year's third fiscal quarter."

Third Quarter Business Statistics and Operational Highlights

  • Americas revenues increased 8.8% to $122.6 million
  • EMEA revenues increased 15.6% to $46.6 million
  • APAC revenues increased 19.8% to $8.1 million
  • Non-core revenues declined 41.2% to $1.0 million
  • Average pro forma subscription customers increased 2.8% to approximately 41,700  
  • Average annualized pro forma revenue per subscription customer, excluding the impact of currency, increased 1.2% to approximately $11,200
  • Customers that purchased services from us on a transaction basis decreased 6.6% to approximately 38,200
  • Average pro forma revenue per customer per quarter that purchased services from us on a transaction basis, excluding the impact of currency, increased 5.4% to approximately $1,400
  • Cross-sell bookings of software, distribution and insights in the United States increased 130.3% to $2.2 million
  • Cision Communication Cloud ® platform customers at September 30, 2018 were approximately 9,400

Long-Term Debt

As of September 30, 2018, we had approximately $974.7 million of outstanding dollar-denominated term loans and approximately €247.5 million of outstanding Euro-denominated term loans. In addition to the $3.3 million in quarterly amortization payments during the third quarter, we further reduced our outstanding dollar-denominated term loan by $10.0 million through a voluntary prepayment pursuant to the terms of our 2017 First Lien Credit Facility.

On October 22, 2018, we  completed a repricing of our First Lien Credit Facility. The repricing reduced the interest rate on revolving borrowings and USD borrowings from LIBOR plus 3.25% to LIBOR plus 2.75%, and reduced the interest rate on EUR borrowings from EURIBOR plus 3.50% to EURIBOR plus 3.00%. We estimate that the 50 basis point reduction on USD and EUR borrowings will reduce our annual cash interest costs by approximately $6.3 million. "We are pleased to have concluded this repricing transaction on such beneficial terms," said Jack Pearlstein, Cision's Chief Financial Officer. "The repricing will provide us with incremental annual cash interest savings and represents another step in our ongoing effort to reduce interest expense, drive increased cash flow and, by extension, drive incremental value for our shareholders."

Subscription and Transaction Customer Trends

Our average pro forma subscription customers, average annualized pro forma revenue per subscription customer, pro forma number of customers that purchased services from us on a transaction basis, and average pro forma revenue per customer that purchased services from us on a transaction basis appear below for the most recent five fiscal quarters. All of the figures below have been adjusted to exclude the impact of currency.


Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q3 2018
compared to
Q3 2017








Average pro forma subscription customers

40,532

40,628

40,252

41,249

41,661

2.8%








Average annualized pro forma revenue per subscription customer

$11,101

$11,227

$11,153

$11,186

$11,237

1.2%








Pro forma transaction customers

40,829

41,670

40,216

41,172

38,152

(6.6%)








Average pro forma revenue per transaction customer

$1,286

$1,405

$1,382

$1,454

$1,356

5.4%

Updated Full Year 2018 Outlook

Our updated outlook for the full year ending December 31, 2018 appears below (all figures in millions, except per share amounts). These estimates are based on a number of assumptions that management believes to be reasonable and reflect the Company's expectations as of the date of this release. Actual results may differ materially from these estimates as a result of various factors, and the Company refers you to the cautionary language regarding "Forward Looking Statements" included in this press release when considering this information.


Previous


Updated  

Revenue

$722 - $730


$724 - $728

Revenue, excluding the impact from purchase accounting

$724 - $732


$725 - $729

Net income

($6) - $6


($12.0) - ($8.0)

Adjusted EBITDA

$249 - $253


$250 - $253

Adjusted net income

$106 - $109


$106 - $109

Adjusted net income per diluted share

$0.83 - $0.85


$0.83 - $0.85

Pro-forma fully diluted weighted average shares outstanding

128.3


128.8

Additionally, for the full year ending December 31, 2018, we expect (all figures in millions):


Previous


Updated  

Depreciation expense

$30 - $32


$30 - $32

Amortization expense

$105 - $107


$104 - $106

Amortization expense included in cost of revenue

$23 - $24


$23 - $24

Interest expense

$78 - $80


$77 - $79

Debt extinguishment costs

$4 - $5


$4 - $5

Interest expense, net of debt extinguishment costs

$74 - $76


$73 - $75

Cash interest expense

$64 - $66


$64 - $66

Stock-based compensation

$4 - $5


$4 - $5

Capital expenditures, inclusive of capitalized software development

$34 - $36


$33 - $35

The updated outlook above assumes three-month LIBOR of approximately 2.5% and three-month EURIBOR of approximately 0.0%. The above outlook also incorporates a change from the prior quarter with respect to our exchange rate assumptions for the fourth quarter of 2018. This change in our exchange rate assumption for the British Pound, the Euro and the Canadian Dollar reduced our revenue outlook for the fourth quarter of 2018 by approximately $1.0 million, reduced our Adjusted EBITDA outlook for the fourth quarter of 2018 by approximately $0.4 million, and reduced our Adjusted net income per diluted share outlook for the fourth quarter of 2018 by $0.01. On September 13, 2018, we issued 2,000,000 earn-out shares to Canyon Holdings (Cayman), L.P. ("Cision Owner") as consideration for our merger with Capitol Acquisition Corp. III. This issuance increased our weighted average shares outstanding during the third quarter of 2018 by approximately 390,000 shares and will increase our weighted average shares outstanding for the fourth quarter of 2018 by 2,000,000 shares. This share issuance does not reduce our Adjusted net income per diluted share for the third quarter of 2018 and reduces our Adjusted net income per diluted share outlook for the full year 2018 by approximately $0.01. Excluding the impact of the change in our exchange rate assumptions and our issuance of 2,000,000 earn-out shares to Cision Owner, our updated revenue outlook, including the impact from purchase accounting would have been $726 million to $730 million, our updated Adjusted EBITDA outlook would have been $251 million to $253 million, and our updated Adjusted net income per diluted share outlook would have been $0.84 to $0.86. Our previous and updated assumptions for the British Pound, the Euro and the Canadian Dollar appear below:


Previous


Updated  

GBP to USD

1.30


1.28

EUR to USD

1.16


1.14

CAD to USD

0.77


0.76

We plan to adopt Accounting Standards Codification Topic 606 ("ASC 606") on a modified retrospective basis, effective December 31, 2018. We are in the process of determining the potential impact of adopting this new standard, which could have a significant impact on our fourth quarter and full year 2018 financial results. Additionally, our outlook for 2018 excludes the impact of any future acquisitions, divestitures, voluntary prepayments of our 2017 First Lien Credit Facility, future refinancings or repricings of our 2017 First Lien Credit Facility, the adoption of ASC 606 or other unanticipated events. See discussion of non-GAAP financial measures below in this release.

Third Quarter 2018 Conference Call Details

As previously announced, we will hold a conference call to review our third quarter 2018 financial results on Wednesday, November 7th at 5:00 pm EST. To hear the live event, visit the Cision investor website at http://investors.cision.com, or dial 1-877-443-4809 (participant dial in toll free) or 1-412-317-5235 (participant dial in International). The conference call will be simultaneously webcast on the Investor Relations section of our website: http://investors.cision.com

Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "anticipate," "intend," "plan," "goal," "seek," "aim," "strive," "believe," "see," "project," "predict," "estimate," "expect," "continue," "strategy," "future," "likely," "may," "might," "should," "will," "would," "target," similar expressions, and variations or negatives of these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Accordingly, you should not place undue reliance on these statements, as actual results may vary materially. A detailed discussion of some of the risks and uncertainties that could cause our actual results and financial condition to differ materially from the forward-looking statements is described under the caption "Risk Factors" in our most recent annual report on Form 10-K filed on March 13, 2018, along with our other filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by us in this communication is based only on information currently available to us and speaks only as of the date of this release. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Please consult our public filings at www.sec.gov or www.cision.com.

About Cision
Cision Ltd. (NYSE: CISN) is a leading global provider of earned media software and services to public relations and marketing communications professionals. Cision's software allows users to identify key influencers, craft and distribute strategic content, and measure meaningful impact. Cision has over 4,000 employees with offices in 19 countries throughout the Americas, EMEA, and APAC. For more information about its award-winning products and services, including the Cision Communications Cloud ®, visit www.cision.com and follow Cision on Twitter @Cision.

Cision Ltd. and its Subsidiaries

Condensed Consolidated Balance Sheets

As of September 30, 2018 and December 31, 2017

 (in thousands, except per share and share amounts)

(Unaudited)

















2018


2017

Assets







Current assets:






Cash and cash equivalents

$            84,192


$         148,654


Accounts receivable, net

113,821


113,008


Prepaid expenses and other current assets

21,426


19,896






Total current assets

219,439


281,558

Property and equipment, net

54,032


53,578

Other intangible assets, net

406,515


456,291

Goodwill



1,179,597


1,136,403

Other assets


6,429


7,528






Total assets

$       1,866,012


$      1,935,358

Liabilities and Stockholders' Equity




Current liabilities:





Current portion of long-term debt

$            13,251


$           13,349


Accounts payable

12,560


13,327


Accrued compensation and benefits

25,718


25,873


Other accrued expenses

75,128


73,483


Current portion of deferred revenue

140,493


140,351






Total current liabilities

267,150


266,383

Long-term debt, net of current portion

1,206,313


1,266,121

Deferred revenue, net of current portion

1,258


1,412

Deferred tax liability

65,068


62,617

Other liabilities

20,778


22,456






Total liabilities

1,560,567


1,618,989

Stockholders' equity:





Preferred stock, $0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding at September 30, 2018 and December 31, 2017

 

-


 

-


Common stock, $0.0001 par value, 480,000,000 shares authorized; 132,713,555 and 122,634,922 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively

 

13


 

12


Additional paid-in capital

795,668


771,813


Accumulated other comprehensive loss

(55,907)


(35,111)


Accumulated deficit

(434,329)


(420,345)






Total stockholders' equity

305,445


316,369






 Total liabilities and stockholders' equity

$       1,866,012


$      1,935,358

 

Cision Ltd. and its Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Loss

 (in thousands, except per share and share amounts)

(Unaudited)





Three months ended September 30,  


Nine months ended September 30,  




2018


2017


2018


2017

Revenue

$         177,236


$                   159,729


$         544,004


$      462,678

Cost of revenue

69,177


53,287


200,212


147,571



Gross profit

108,059


106,442


343,792


315,107











Operating costs and expenses:









Sales and marketing

27,367


27,931


85,345


83,231


Research and development

7,292


5,661


22,282


16,679


General and administrative

39,002


36,127


126,762


117,819


Amortization of intangible assets

20,167


22,829


60,681


66,306



Total operating costs and expenses

93,828


92,548


295,070


284,035



Operating income

14,231


13,894


48,722


31,072











Non operating income (expense):









Foreign exchange gains (losses)

2,196


802


10,277


(1,832)


Interest and other income, net

380


177


472


2,450


Interest expense

(19,785)


(23,063)


(59,947)


(96,306)


Loss on extinguishment of debt

-


(51,872)


(2,432)


(51,872)



Total non operating loss

(17,209)


(73,956)


(51,630)


(147,560)



Loss before income taxes

(2,978)


(60,062)


(2,908)


(116,488)

Provision for (benefit from) income taxes

3,070


(13,653)


10,016


(27,938)



Net loss

(6,048)


(46,409)


(12,924)


(88,550)

Other comprehensive income (loss) - foreign currency translation adjustments

 

(2,479)


 

13,371


 

(20,796)


 

35,965



Comprehensive loss

$          (8,527)


$                  (33,038)


$        (33,720)


$     (52,585)











Net loss per share:









Basic and Diluted

$            (0.05)


$                      (0.38)


$            (0.10)


$         (1.47)

Weighted average shares outstanding used in computing per share amounts:














Basic and Diluted

131,104,859


120,584,316


127,507,314


60,120,689

 

Cision Ltd. and its Subsidiaries

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2018 and September 30, 2017

(in thousands)

(Unaudited)










2018


2017

Cash flows from operating activities




Net loss

$  (12,924)


$     (88,550)

Adjustments to reconcile net loss to net cash provided by operating activities:





Depreciation and amortization

100,186


103,392


Non-cash interest charges and amortization of debt discount and deferred financing costs

10,158


62,824


Equity-based compensation expense

3,713


2,944


Provision for doubtful accounts

3,972


2,247


Deferred income taxes

3,437


(29,970)


Unrealized currency translation losses (gains)

(10,338)


1,551


Gain on sale of business

-


(1,785)


Other

86


(171)


Changes in operating assets and liabilities, net of effects of acquisitions and disposal:



-



Accounts receivable

967


7,018



Prepaid expenses and other current assets  

(1,133)


1,072



Other assets  

(726)


113



Accounts payable

(1,721)


(2,110)



Accrued compensation and benefits

(321)


(10,207)



Other accrued expenses

(7,320)


(4,123)



Deferred revenue

1,767


(3,593)



Other liabilities

(14)


(2,310)




Net cash provided by operating activities

89,789


38,342








Cash flows from investing activities




Purchases of property and equipment

(10,325)


(7,746)

Software development costs

(12,026)


(11,365)

Acquisitions of businesses, net of cash received of $2,711 and $12,355

(66,463)


(54,992)

Proceeds from disposal of business

-


23,675

Change in restricted cash

5


607




Net cash used in investing activities

(88,809)


(49,821)








Cash flows from financing activities




Proceeds from revolving credit facility

-


5,000

Repayment of revolving credit facility

-


(38,475)

Payment of amounts due to Cision Owner

-


(1,940)

Proceeds from term credit facility, net of debt discount of $10,091

-


1,275,634

Repayments of term credit facility

(59,989)


(1,494,501)

Payments on capital lease obligations

-


(171)

Payments of deferred financing costs

(294)


-

Proceeds from merger and recapitalization

-


305,210

Payment of contingent consideration

(2,873)


-




Net cash provided by (used in) financing activities

(63,156)


50,757

Effect of exchange rate changes on cash and cash equivalents

(2,286)


2,319




Increase (decrease) in cash and cash equivalents

(64,462)


41,597








Cash and cash equivalents




Beginning of period

148,654


35,135

End of the period

$   84,192


$       76,732








Supplemental non-cash information



-

Issuance of securities by Cision Owner in Connection with acquisitions

$             -


$         7,000

Non-cash contribution from Cision Owner in connection with merger

-


451,139

Issuance of shares for acquisition

20,143


-

Use of Non-GAAP Financial Measures

Non-GAAP results are presented only as a supplement to our financial statements based on U.S. generally accepted accounting principles (GAAP). Non-GAAP financial information is provided to enhance the reader's understanding of our financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures, such as Adjusted EBITDA and Adjusted net income per share, are provided within the schedules attached to this release. We use non-GAAP measures in our operational and financial decision-making, believing that it is useful to exclude certain items in order to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. As a result, internal management reports used during monthly operating reviews include Adjusted EBITDA, Adjusted net income per diluted share and organic revenue growth. We define organic revenue growth as the change in our total revenue excluding non-core revenues, calculated on a constant currency basis after giving pro forma effect to all acquisitions as though they occurred at the beginning of the applicable period. Additionally, we believe that the presentation of non-GAAP measures provides information that is useful to investors, research analysts, investment banks and lenders under our 2017 First Lien Credit Facility as it indicates, for example, our ability to meet capital expenditures and working capital requirements and otherwise meet our obligations as they become due. Investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. This communication also includes certain forward-looking non-GAAP financial measures. We are unable to present without unreasonable efforts a reconciliation of forward-looking non-GAAP financial information to the corresponding GAAP financial information because management cannot reliably predict all of the necessary information. Forward-looking non-GAAP financial information is based on numerous assumptions, including assumptions with respect to general business, economic, market, regulatory and financial conditions and various other factors, all of which are difficult to predict and many of which are beyond our control. Accordingly, investors are cautioned not to place undue reliance on this information.

Non-GAAP measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to Cision, many of which present non-GAAP measures when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of GAAP financial disclosures. However, non-GAAP measures have limitations as an analytical tool. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, results of operations as determined in accordance with GAAP.

Cision Ltd. and its Subsidiaries

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

(in millions)

(Unaudited)



Three Months Ended September 30, 2018


Three Months Ended September 30, 2017


 Change


Nine Months
Ended September 30, 2018


Nine Months
Ended September 30, 2017


 Change

Net loss

$             (6.0)


$           (46.4)


$            40.4


$           (12.9)


$           (88.6)


$            75.6

Depreciation and amortization

33.3


36.1


(2.8)


100.2


103.4


(3.2)

Interest expense and loss on extinguishment of debt

19.8


74.9


(55.1)


62.4


148.2


(85.8)

Provision for (benefit from) income taxes

3.1


(13.7)


16.7


10.0


(27.9)


38.0

EBITDA (1)

50.1


51.0


(0.9)


159.6


135.1


24.5

Acquisition and offering related costs

12.8


5.2


7.6


32.6


25.5


7.1

Gain on sale of business

-


-


-


-


(1.8)


1.8

Stock-based compensation

1.5


1.0


0.5


3.7


2.9


0.8

Deferred revenue reduction from purchase accounting

0.3


0.6


(0.4)


1.5


0.8


0.7

Sponsor fees and expenses

-


-


-


-


0.3


(0.3)

Unrealized translation (gain) loss

(2.1)


(0.8)


(1.2)


(10.3)


1.6


(11.9)

Adjusted EBITDA (2)

$            62.7


$            57.0


$              5.7


$          187.1


$          164.4


$            22.8


 

Cision Ltd. and its Subsidiaries

Reconciliation of Net Loss to Adjusted Net Income and Adjusted Net Income per Diluted Share

(in millions, except for per share amounts)

(Unaudited)



Three Months Ended September 30, 2018


Three Months Ended September 30, 2017


 Change


Nine Months Ended September 30, 2018


Nine Months Ended September 30, 2017


 Change

Net loss

$             (6.0)


$           (46.4)


$            40.4


$           (12.9)


$           (88.6)


$            75.6

Provision for (benefit from) income taxes

3.1


(13.7)


16.7


10.0


(27.9)


38.0

Acquisition and offering related costs

12.8


5.2


7.6


32.6


25.5


7.1

Gain on sale of business

-


-


-


-


(1.8)


1.8

Stock-based compensation expense

1.5


1.0


0.5


3.7


2.9


0.8

Deferred revenue reduction from purchase accounting

0.3


0.6


(0.4)


1.5


0.8


0.7

Amortization related to acquired intangible assets

26.0


29.2


(3.1)


78.1


84.5


(6.4)

Non-recurring interest and loss on extinguishment of debt

0.4


51.9


(51.5)


4.3


55.9


(51.6)

Sponsor fees and expenses

-


-


-


-


0.3


(0.3)

Unrealized translation (gain) loss  

(2.1)


(0.8)


(1.2)


(10.3)


1.6


(11.9)

Adjusted Income before income taxes

36.0


27.0


9.0


106.9


53.2


53.8

Less: Income tax at a 26% rate for 2018, and a 33% rate for 2017

(9.4)


(8.9)


(0.4)


(27.8)


(17.5)


(10.3)

Adjusted net income (3)

$            26.6


$            18.1


$              8.5


$            79.1


$            35.6


$            43.5

Pro forma fully-diluted weighted average shares outstanding

131,105


120,584


10,521


127,507


95,335


32,172

Adjusted net income per diluted share (4)

$0.20


$0.15


$0.05


$0.62


$0.37


$0.24

 

Cision Ltd. and its Subsidiaries

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Net Cash Provided by Operating Activities

(in millions)

(Unaudited)



Three Months
Ended
September 30,
2018


Three Months
Ended
September 30,
2017


Change


Nine Months
Ended
September 30,
2018


Nine Months
Ended
September 30,
2017


Change

Net cash provided by operating activities

$                  26.2


$                  20.2


$                    5.9


$                89.8


$                38.3


$                51.4

Acquisition and offering related costs  

12.8


5.2


7.6


32.6


25.5


7.1

Adjusted net cash provided by operating activities (5)

$                  39.0


$                  25.5


$                  13.5


$              122.4


$                63.9


$                58.5



(1)

Cision defines EBITDA as net income (loss), plus depreciation and amortization expense, plus interest expense and loss on extinguishment of debt, plus provision for (or minus benefit from) income taxes.



(2)

Cision defines Adjusted EBITDA as EBITDA, further adjusted for acquisition and offering related costs, stock-based compensation, deferred revenue reduction from purchase accounting, (gains) losses related to divested businesses or assets, sponsor fees and expenses, and unrealized translation losses (gains). All of the items included in the reconciliation from net income to Adjusted EBITDA are either non-cash items or are items that we consider to be less useful in assessing our operating performance. In the case of the non-cash items, we believe that investors can better assess our operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect our ability to generate free cash flow or invest in our business. For example, by excluding depreciation and amortization from EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, we believe that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.



(3)

Cision defines Adjusted net income as net income (loss) plus provision for (or minus benefit from) income taxes, further adjusted for acquisition and offering related costs, (gains) losses related to divested businesses or assets, stock-based compensation, deferred revenue reduction from purchase accounting, amortization related to acquired intangibles, non-recurring interest and losses on extinguishment of debt, sponsor fees and expenses, and unrealized translation losses (gains), which together, sum to Adjusted net income (loss) before income taxes. Adjusted net income (loss) before income taxes is then taxed at an assumed long term corporate tax rate of 33% for 2017 and periods prior, and 26% for 2018 and beyond, pursuant to our preliminary analysis with respect to recent U.S. tax law changes, to determine Adjusted net income. The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a provisional net one-time tax of $11.9 million in the fourth quarter of 2017 based on a reasonable estimate of the income tax effects, primarily from a tax on accumulated foreign earnings, the remeasurement of deferred tax assets and liabilities and new limitations on the deductibility of interest. Our calculation of Adjusted net income excludes this provisional net one-time tax. We continue to finalize the analysis of the tax reform provisions in 2018. All of the items included in the reconciliation from net income to Adjusted net income are either non-cash items or are items that we consider to be less useful in assessing our operating performance. In the case of the non-cash items, we believe that investors can better assess our operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect our ability to generate free cash flow or invest in our business. For example, by excluding the amortization related to acquired intangibles, users can compare operating performance without regard to highly variable amortization expenses related to our acquisitions. In the case of the other items, we believe that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.



(4)

Cision defines Adjusted net income per diluted share as Adjusted net income, as defined above, divided by the fully-diluted pro forma weighted average shares outstanding for the period. The fully-diluted pro forma weighted average shares outstanding for the respective period assume that the exchange of shares pursuant to our merger with Capitol Acquisition Corp.  III had taken effect as of the beginning of such period. Additionally, for purposes of calculating the number of fully diluted shares outstanding, we have excluded the potential impact of dilution from outstanding warrants to purchase shares of our common stock prior to the dates of their conversion, and stock options and restricted units issued and outstanding pursuant to our 2017 Omnibus Incentive Plan. During the second quarter of fiscal 2018, we issued an aggregate of 6,342,989 ordinary shares (6,100,209 ordinary shares on  May 18, 2018 and 242,780 ordinary shares on  June 4, 2018), in exchange for all of our outstanding warrants, pursuant to the completion of our warrant exchange transactions. During the third quarter of 2018, we issued 2,000,000 ordinary shares for the earn-out achieved during the quarter. Commencing on these respective issuance dates, we included the issued shares in our fully-diluted pro forma weighted average share count. Using our average share price of  $16.46  for the three months ended  September 30, 2018, our fully-diluted pro forma weighted average shares outstanding for the three months ended  September 30, 2018  would have been approximately 131.7 million had we incorporated the dilutive effects of the stock options and restricted units.



(5)

Cision defines Adjusted net cash provided by operating activities as net cash provided by operating activities adjusted for acquisition and offering related costs.

Investor Contact:
Jack Pearlstein
Chief Financial Officer
Jack.Pearlstein@cision.com  

Media Contact:
Nick Bell
Vice President, Marketing Communications and Content
CisionPR@cision.com  

Logo - https://mma.prnewswire.com/media/467136/cision_logo.jpg

More News by PR Newswire India

POST Luxembourg Leverages Ribbon to Deliver IP Peering Services

SodaStream Takes It Up A Notch With New Environmental Campaign Calling Upon Consumers To Go Reusable

Godrej Locking Solutions and Systems Pledges INR 100 Crore Towards #HarGharSurakshit Campaign

OSH India 2018: Augmenting Awareness and Necessity of Well-being at Workplace

Pernod Ricard India Charitable Foundation (PRICF) Announced Social Impact Incubator Program

GIIS Chinchwad's Ashwat Jain Tops City Talent Hunt With 99.87 Percentile

Rajeev Menon Joins Talview as its Chief Product Officer

Kareena Kapoor and Samantha Awarded at Social Media Awards, Amaravati

Jewellery Designer Tanya M. Sood Launches 'House of AYNAT'

Sterlite Tech Accelerates Digital Reinvention With Programmable Networks of Future at AfricaCom 2018

VVS Laxman, Kushboo Sundar and Swara Bhaskar Speak up About Social Media at India's Biggest Social Media Summit

GAC Motor Opens New Regional Showrooms, Releases New Models and Enters New Markets

Nearly 54% of MMR's Housing Supply Below INR 80 lakh - ANAROCK Report

Honor Achieves Record Sales Globally

Doodhwala Names Mohammed Aehthesham, Chief Architect of SAP Ariba as CTO

Canon India Reaffirms Commitment to the Country With 'Vision 2025' Sets the Target of Becoming the Leading Contributor to Canon Asia Marketing Group by 2025

Firefox Monitor Launches in 26 Languages and Adds New Desktop Browser Feature

'Savaari' Offers Seamless Intercity Travel With Affordable Pricing

Machine learning and artificial intelligence algorithm paves new ways for anti-money laundering compliance in LexisNexis Risk Solutions' award-winning solution

BlingBird, the Premier India Based Luxury Experiential Travel Company, Launches a Bucket-list-worthy Travel Experience to Nature's Very Own Light Show

Innodisk Seizing the Edge with Industry's Fastest Wide Temp DDR4 Memory

Huawei Customers Recognized for Smart City Achievements at Smart City Expo World Congress 2018

Suning Revealed Single's Day Shopping Festival Result with Omni-Channel Sales Increased By 132%

Partnership of Leeds Teaching Hospitals NHS Trust with Leica Biosystems Achieves Major Milestone for Cancer Diagnostics

US Court Gives Green Light To Recovery Of US$525 Million Judgment Against Republic Of Kazakhstan

Frost & Sullivan Webinar: Identify Grid Modernization Initiatives Supporting Growth in the Electrification of Transportation

Chilean University Wins 2018 Airbus GEDC Diversity Award

HighJump Transforms Global Distribution for Warehousing and Logistics

CHTF 2018 Opened in Shenzhen on November 14th with a "Time Gallery" Featuring 20-Years of Memories

Empire State Building Annual 'ESB Unwrapped' Celebration Spreads Holiday Cheer Throughout New York City

ClickSoftware Expands its Leadership in the Communications Industry with Customer Wins and Product Enhancements

Tyler Gallagher, CEO of Regal Assets, Issues Warning to ICO and Token Sale Investors

Investis Announces Company Rebrand to Investis Digital

Siklu Awarded 2018 Technology Partner Program "Partner of the Year" by Axis Communications

Frost & Sullivan Recognizes Linguamatics as Artificial Intelligence Life Sciences Leader for their Transformative NLP Text Analytics Platform

Ana de Armas Revealed as the Star of Campari Red Diaries 2019, Entering Red, a Short Movie Directed by Matteo Garrone

Indegene Spins Off Digital Agency Arm iON to Partner Brand Journey Through Advanced Brand Strategy, Standardized and Compliant Creative Work, and Analytics-based Campaign Management

LaSalle becomes sole Manager of Encore+

GTPL Hathway's Consolidated Q2 FY2019 PAT at INR 154 Million, up 28% Y-o-Y

Clairco Brings 'Guaranteed Pure Air' to New Delhi, as Toxic Smog Engulfs the City

Makeblock Announces Educational Partnership with Gratnells Storage Solutions

Microland Selects Versa Networks to Power Microland's smartBranch SD-WAN Services

JLL Launches Global Centre for Technology, Data and Information Management in Bangalore

Tappy exhibits wearable payment solution in cooperation with Expresspay Card at Money20/20

Thailand Board of Investment's Incentives to Boost Investment in Food Innovations

GrĂĽnenthal Acquires Averitas Pharma and Establishes Commercial Footprint in the US

Webhelp's Market Expansion Strategies in the Contact Centre Outsourcing Market Earn it Accolades from Frost & Sullivan

USGBC Releases LEED Green Building Certification Standards for New Transit Stations

New Report Reveals Finance to Close Global Energy Access Gaps Dramatically Off-track to Meet 2030 Targets

GAC Motor and Michelin to Launch First Cantonese Cuisine Guide

Pennar Industries Reports 48% Y-O-Y Increase in Q2 FY2019 Standalone PAT at INR 11.2 Crore

LexisNexis Risk Solutions' Anti-Money Laundering Compliance Solution Comes to the Fore as Asia Firms Respond to Tighter AML Regulations

Activate Releases Fifth Annual Key Insights for Future of Tech & Media in 2019

Ascensia Diabetes Care Highlights the Support That Families Provide for People With Diabetes To Mark World Diabetes Day 2018

Mandatory Regulations and Technology Integration Provide Crucial Growth Opportunities for North American Respiratory Protection Equipment

Huawei Launches Digital Platform for Smart Cities at Smart City Expo World Congress 2018

SKYY® Vodka Partners With John Cena To Continue Its "Proudly American" Campaign

Honor's Singles' Day Sales Record Seals its Global Success, Bucks Trend Amid Global Downturn

Artemest Launches Its First Pop-Up Exhibition in New York

Alliance Ventures Invests in Enevate to Advance Li-ion Battery Technology for Electric Vehicles

Media Advisory - BMO Financial Group to Announce its Fourth Quarter 2018 Results

MediCapture® Files Legal Action Against New Electronic Technology (NET GmbH) Of Germany For Unlawful Copying And Unfair Distribution Of A Copied MediCapture Recorder

Gartner 'Other Vendors to Consider for Modern Analytics and BI', October, 2018 Includes Elegant MicroWeb (Smarten) in Category; Other Modern: Asia-Focused

Salinda Resort - The First Hotel in Vietnam to Win The Boutique Hotel Awards

Chinese Consortium Chain FISCO BCOS Debuts at Singapore Fintech Festival: First Move to Take a Global Challenge

GC announces record-breaking net profit of 12,793 million baht for the third quarter of 2018, achieves historically-high net profit for the first nine months of the year

Thailand's Smart Visa Made Easier to Help Foreign Experts

Consortium With Expomobilia Wins Contract for the Dubai EXPO 2020 Dutch Pavilion

Novo Nordisk Education Foundation Launches '1000-Day Challenge' to Impact Diabetes Care in India Over Next 3 Years

Travelers say technology is key to their travel experience

Ridecell Expands Series B Equity Round and Increases Funding to Over $60M

300 Little Hearts Saved: WPP India CSR Foundation and Genesis Foundation Achieve a New Milestone

Qatar Foundation Ushers in New Era of Healthcare With Official Inauguration of Sidra Medicine

Indian SD-WAN Company Lavelle Networks, Expands Footprint in UK

Koxka's Innovation-backed Growth in the Commercial Refrigeration Market Applauded by Frost & Sullivan

Perfect World CEO Dr. Robert H. Xiao attends the 2018 World Internet Conference in Wuzhen, Zhejiang province

HGC extends cloud service offerings to Africa by collaborating with SAWASAWA

Seraphim Solar Secures 80 MW Supply Agreement in Vietnam

Thailand's National Innovation Agency in Collaboration with True Digital Park Unveils Bangkok Cybertech District as a Global Centre for High Technology and Innovation

Kinesis Money and Allocated Bullion Exchange Explore Creating a Joint Commercial Blockchain Venture with Jakarta Futures Exchange in Indonesia

Thuraya's Highly Anticipated X5-Touch Satellite Smartphone Launches in Stores in Less Than a Month

Machine Learning Developers Summit 2019 Announces 40Under40 Data Scientists Award - Honouring Young Data Scientists in India

Anonos BigPrivacy, the First GDPR Certified Technology, is Presenting at The European Big Data Forum About Maximising Legal and Compliant Big Data Value

Neurent Medical's RF-based Minimally Invasive Rhinitis Therapy Earns Acclaim from Frost & Sullivan

Shri Narendra Modi Announces Major MSME Reform - LegalDocs Successfully Secures 8.23 Crore for its MSME Clients

The first construction AI debuts at RIB's 6th iTWO World Conference

Cyient Signs MoU with TASK to Promote Innovation and Skill Enhancement for Youth

JLL India Appoints Jaideep Dang to Spearhead its Hotels and Hospitality Business

Inkspell Media to Organise Third Annual Drivers of Digital Summit and Awards, 2018

MEIL Forays Into Oil and Gas Exploration

UST Global Announces Strategic Investment in Israel-based XM Cyber

INOX Hosts Exclusive Fan Screenings of 'Fantastic Beasts: The Crimes of Grindelwald' on Children's Day

Adjust Launches Global Benchmarks 2.0, Empowering Marketers to Better Understand App Performance and Competition

YOptima Ranked Among Top 50 Fastest Growing Indian Technology Companies, 2018, by Deloitte

Efficiency Health Safety in the Foreground at Rossi

PLMP FinTech Celebrates 1st Year Anniversary With A Raft of First Announcements

Supermicro Delivers Maximum Performance to Power Breakthroughs in a Wide Range of HPC Applications

Outfit7 Releases the Most Interactive Virtual Friend Mobile Game Ever - My Talking Tom 2

Substratum Bypasses China's Great Firewall

Global Entrepreneurship Monitor: Women Entrepreneurship Buoyant Globally, but Targeted Support Needed

CDMOs Using Single-use and IIoT Solutions Will Reduce Costs and Enhance Production Efficiency

Network Firewall Vendors Pursue Aggressive Product Development Strategies as Enterprise Networks Become Virtualized

Siemon Introduces TERA® Category 8.2 Copper Cabling System

Innovative Cybersecurity Solutions to Help Automakers Realise the Incredible Potential of Connected and Autonomous Technologies

Gemalto Earns Accolades from Frost & Sullivan for Innovation-led Growth in Digital Banking and Identity Verification Solutions Markets

TIENS Group Launches Global Expansion Into New Retail

Predictive Analytics Ace Jeff Ma Joins Duetto

INSEAD Launches its Biggest Fundraising Campaign

LEONOVUS PUBLISHES GALAXA WHITEPAPER.

NanoMech Applauded by Frost & Sullivan for Developing a Proprietary Nanotechnology-Based Platform to Produce High-Performance Coatings and Lubricants

Avon signs up to the UN's LGBTI Standards of Conduct for Business

Saksoft Profit After Tax (PAT) Increases by 98.72% Y-o-Y

Forrester Releases 2019 Predictions

Datamatics Announces Q2 FY2019 Results

HH Global Announces Second Quarter Fiscal Year 2019 Financial Results

Himalaya Unveils its First-ever Brand Campaign - 'Khush Raho, Khushaal Raho'

Lingerie Brand Candyskin Launch Their New Collection in Collaboration With MTV

WeDo Technologies to Showcase Business Assurance Marketplace Catalyst at TMF Asia

Candyskin Launches Innovative and Functional Lingerie for Women

World's Leading Show for Advance Materials to be held from Dec. 5 - 7, 2018 in Japan

Singapore National Eye Centre, Singapore Eye Research Institute And Johnson & Johnson Vision Set Sights On Halting Global Myopia Epidemic

Apollo Clinics Selects Medvarsity to Launch the Integrated Nursing Training Program

42Gears Launches 'COSMOS' Partnership Program to Facilitate Business Growth for Partners

124th Canton Fair Records US$29.8 billion In Turnover, Hosts More than 70,000 New Buyers

PROINSO Looks to Increase Profitability of PV Assets With its Distinctive Monitoring Offer in India

Government of India, Mission Innovation & Rocky Mountain Institute Launch Global Cooling Prize

Kika Brings Users the Ultimate Mobile Communication Experience in India and Southeast Asia, Enabling Users to Seamlessly Communicate in their Native Language

Qualcomm Technologies, Inc. Shares DIRBS Software Platform to Address Counterfeit and Stolen Devices

Southern Song Culture, International Expression the Activity of China-Africa-Europe Tour for Three

bareMinerals Supports Women's Empowerment With the Launch of The Power of Good Fund by bareMinerals

Tiger Beer Rallies Fearless and Unconventional Talent to Launch "Roar Collective" at First Global Event in Seoul

HighJump Recognized in Gartner Critical Capabilities for Warehouse Management Systems

Gap Inc. accelerates digital transformation with Microsoft Cloud

Ranveer Singh Joins LIKE App to Showcase Fun Videos for Fans

LexisNexis® Risk Solutions wins Chartis RiskTech100® 2019 award for Financial Crime - Data

TE Connectivity wins 2018 ASPENCORE World Electronics Achievement Award

Ambrus Jewels by Arpit Goyal Unveils its First Flagship Store in Delhi With Scintillating Nimrat Kaur

Winners Announced at the Web Summit in Lisbon -- CRIAM, CopSonic and Wall-i are the winners of Protechting 3.0

New Malaysia's Message to the World Intensified for 2019 Budget Announcement and US Mid-Term Elections

First-of-its-kind Experiential Whisky Retail Store From Johnnie Walker

Tripalive.me Technology Launches Pixalive™ - The Social Media App

DBS Bank named Best Private Bank for Wealth and Society in Asia Pacific at the Global Wealth and Society Awards 2018

International Medical Group Announces Second Annual "Leave Your Mark" Contest Winners

Artemest and Richard Ginori Introduce 'The Road to Heaven is Paved With Excess', the Enchanting Porcelain Collection That Reinterprets Iconic Motifs by the Florentine Maison and Inspired by Poet William Blake

ABI Research Announces Latest Research Findings, Upcoming Webinars, and Analyst Speaking Engagements

GCL-SI and DuPont Photovoltaic Solutions Sign Strategic Collaboration Agreement At CIIE

PokerStars VR Brings Poker Into Immersive Virtual Worlds With Oculus Rift and HTC Vive

A National Treasure, Babe Ruth's 1924 Home Run Bat, Going to Auction

Kaleido Launches Blockchain Marketplace with Plug-and-Play Services and Solution Partnership Program

Mersive Awarded Product Line Strategy Leadership Award for Wireless Content Sharing by Frost & Sullivan

SatixFy UK Announces Availability of 2 New ASICs: Digital Beam Former (Prime) and Ku Band RFIC (Beat), Enabling Amazingly Thin, Electronically Steered Multi-beam Antennas

Quantela, a Smart City Automation and AI Leader, Announces a $10m Equity Investment From Digital Alpha to Scale its Global Business

Honor Creates a Milestone, Sells One Million Devices During Diwali

Suning announces EUR 15 bn global procurement spend during CIIE

Coding New Future on The Digital "Silk Road", Xi'an Hosts Second Global Programmers' Festival

Van Production Expands for Renault-Nissan-Mitsubishi in France

Ramada by Wyndham Invites Guests to Sample the World through New Brand-Inspired Red Wine Offering

UNSW Continues to be the Sought After University for High-acheiving Indian Students

World Gold Council Launches Definitive Platform for Gold Data, Analytics and Research

UST Global Expands Digital Transformation Solutions on Amazon Web Services

Legendary Tennis Player Stefanie Graf Returns to Zhuhai

UAF Introduces Advanced Harsh Environment Air Filters

THAI Smile Offers Special Price for Travelers from India to Experience The Land of Smiles

Mpower Announces The Mpower Fest – a Music Concert to Create Awareness About Mental Health

eMotorWerks and EO Charging partner to deliver UK's and Europe's smartest home electric vehicle charger

Clavis Insight Joins with Other Leading Ecommerce Analytics Firms to Form Edge by Ascential

Cision Reports Third Quarter 2018 Financial Results; Provides Updated Full Year 2018 Outlook

Enterprise Rent-A-Car Receives Highest Score in J.D. Power Rental Car Satisfaction Study for Seventeenth Time

Frost & Sullivan Webinar Reveals the Growth Opportunities in Lightweight Metals

European Startups Select IBM Cloud to Drive Innovation

Huawei Chips Unlock New Era of Artificial Intelligence

Stellar Support Added to BlockEx Exchange Network

Balbix Earns Acclaim from Frost & Sullivan for its Risk-Based Vulnerability Management Platform, BreachControl™

Centric Software Acclaimed by Frost & Sullivan for its Flagship End-to-End Product Lifecycle Management (PLM) Solution, Centric 8 PLM

LifeScan Unveils New Name and Branding for the LifeScan Diabetes Institute

Avon appoints new leader to drive global fragrance growth

Frost & Sullivan Commends Rapid7 for Capturing Nearly a Quarter Share of the Global Vulnerability Management Market

Jinergy's 1500V High-voltage Polycrystalline Modules Successfully Registered in BIS

PSP Investments and Tishman Speyer complete sale of major Paris office property to Société Générale Insurance

AntWorks is Trusted to Enhance Citrix Networking and Virtualization Solutions

Quectel Announces New C-V2X Module to Support Autonomous Driving Based on Qualcomm 9150 C-V2X Chipset Solution

ABI Research's Second Annual "3 Big Trends Impacting the Most Compelling Transformative Technologies" Report Highlights "Think Differently" to Overcome "Two Crossroads"

Olink Earns Acclaim from Frost & Sullivan for its Cardiac Protein Biomarker Multiplex Panels, CVD II and CVD III

The first GBA business leader summit aims to build an exchange platform for locally-based overseas Chinese entrepreneurs

India Readies for International Adventure Market Event; AdventureNEXT Agenda Announced, Adventures Released

The Royal Canadian Mint Celebrates Decades Of Innovation With Anniversary Tributes To Its Gold And Silver Maple Leaf Bullion Coins

HTC VIVE's 'Ready Player One: OASIS' Receives New Premium Content Update

Hikvision Joins FIRST, the Forum of Incident Response and Security Teams

The Consumer Goods Forum and Fair Labor Association Call for Greater Collaboration to Tackle Forced Labour Issues in Palm Oil Industry

Aireon Signs Data Integration and Automation MOU with Atech

WISE Awards 2019 – Submissions Now Open for Impactful Education Projects

Digital Defense, Inc. Commended by Frost & Sullivan for Its Cloud-based Vulnerability Management System, Frontline VM™

Market Entrants Offering Digitized Mass Spectrometry Solutions Gain a Competitive Edge over Traditional Vendors

Industry Frontrunners Celebrated at Frost & Sullivan Best Practices Awards Ceremony

CleverTap Launches CleverTap4Good, Enabling Non-Profits to Execute More Effective Mobile Campaigns

Thailand runs ahead of the digital game with rapidly evolving infrastructure and digital ecosystem

Comviva Launches Unified Digital Experience Platform (UDxP)

OPPO Spreads 'Smiles' With its Diwali Campaign

VVDN Participated in the Town Hall Held by PM Modi on the Launch of 'Self4Society'

Founders of Adda52.com Invest in Edutech Startup, iChamp

Hublot Big Bang Meca-10 P2P

Indo Georgia Film And Cultural Forum Launched at ICMEI

Cision Unveils Global Innovation Lab to Transform Communications Industry

Embracing Carers™ expands support for carers worldwide

Huawei Continues to Hold its Position as the Second Largest Smartphone Player in Q3, 2018

Impact Investing Firm Aavishkaar Wins Sustainability and Operational Excellence Challenge

PMD Solutions' Futuristic Wearable Respiratory Rate Monitoring Solution, RespiraSense, Earns Acclaim from Frost & Sullivan

Creating Value for Business, Fashion Products Highlight Market-driven Design at 124th Canton Fair

Sterlite Tech Wins MahaNet Citizen Network Project in Maharashtra

Sabhyata Launches its First Diwali Campaign

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
Singer TM Krishna's concert postponed...
Cabiet approves amendment in Haryana Dev...
NDA government has given much needed boo...
PM to inaugurate KMP Expressway, Ballabh...
Fadnaivs Govt confirms reservation for M...
Delhi: Fashion designer, help murdered i...
More...    
 
 Top Stories
Former MLA's son commits suicide i... 
BJP achieved its target of making M... 
Over 50 delegations, individuals me... 
Rs 10 lac ex-gratia relief sanctio... 
Car accessories company booked, c... 
Fresh avalanche warning in Kashmir... 
Majithia accuses state govt for com... 
CBI will soon file charge sheet aga...