Cision Reports Fourth Quarter and Full Year 2017 Results; Provides Updated Full Year 2018 Outlook
Cision Reports Fourth Quarter and Full Year 2017 Results; Provides Updated Full Year 2018 Outlook
CHICAGO, March 8, 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 fourth quarter and year ended December 31, 2017.
Financial Highlights
Fourth Quarter 2017
-- Revenue increased 13.8% to $169.0 million
-- Revenue, excluding the impact from purchase accounting increased 13.9%
to $169.7 million
-- Operating income increased 250% to $7.0 million
-- Net loss grew by $10.7 million to $34.5 million
-- Adjusted EBITDA increased 15.5% to $61.2 million
-- Adjusted net income increased 189.9% to $22.9 million
-- Adjusted net income per diluted share increased 90% to $0.19
Full Year 2017
-- Revenue increased 35.0% to $631.6 million
-- Revenue, excluding the impact from purchase accounting, increased 35.0%
to $633.1 million
-- Operating income grew by a $57.6 million to $38.0 million
-- Net loss grew by $24.6 million to $123.0 million
-- Adjusted EBITDA an increased 39.0% to $225.5 million
-- Adjusted net income increased 163.5% to $58.5 million
-- Adjusted net income per diluted share increased of 111.1% to $0.57
"We are pleased to have delivered such strong results for the fourth quarter," 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 on our remaining synergies, and driving towards our long-term financial goals and objectives. This focus helped drive our fourth quarter organic growth rate to approximately 2.6%, after adjusting for non-core revenues, approximately $0.4 million of revenue from CEDROM and the impact of currency." Cision defines organic revenue growth as the change in its total revenue excluding non-core revenues, calculated on a constant currency basis after giving pro forma effect to all acquisitions as though they had occurred at the beginning of the applicable period.
Fourth Quarter Business Statistics and Operational Highlights
-- US cross-sell bookings of software and distribution of $2.6 million in
annual contract value during the fourth quarter, bringing the total
cross-sell bookings within the US to $13.3 million since the completion
of the acquisition of PR Newswire;
-- US cross-sell bookings of insights services of $0.4 million in annual
contract value during the fourth quarter, bringing the total cross-sell
bookings within the US to $0.9 million since the completion of the
acquisition of Bulletin Intelligence;
-- The average number of subscription customers was approximately 39,600
during the quarter ended December 31, 2017, an increase of 3.7% versus
the pro forma number of subscription customers during the quarter ended
December 31, 2016;
-- The average annualized revenue per subscription customer was
approximately $9,984 during the quarter ended December 31, 2017.
Excluding the impact of currency, this represented a 1.8% increase
versus the pro forma average annualized revenue per subscription
customer during the quarter ended December 31, 2016;
-- Approximately 41,500 customers purchased services from us on a
transaction basis during the quarter ended December 31, 2017,
representing a decrease of 2.6% in the number of pro forma customers
that purchased services from us on a transaction basis during the
quarter ended December 31, 2016;
-- The average revenue per customer that purchased services from us on a
transaction basis was $1,421 during the quarter ended December 31, 2017.
Excluding the impact of currency, this represented a 3.8% increase
versus the average revenue per pro forma customer that purchased
services from us on a transaction basis during the quarter ended
December 31, 2016;
-- Americas revenues were $118.1 million for the quarter ended December 31,
2017, a 3.8% increase versus the quarter ended December 31, 2016;
-- EMEA revenues were $43.7 million for the quarter ended December 31,
2017, a 47.9% increase versus the quarter ended December 31, 2016; and
-- APAC revenues were $7.2 million for the quarter ended December 31, 2017,
a 39.4% increase versus the quarter ended December 31, 2016.
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.
Initial Updated
------- -------
Revenue $716 - $726 $720 - $730
Revenue, excluding the impact
from purchase accounting $720 - $730 $724- $734
Net income $2 - $4 ($1) - $2
Adjusted EBITDA $248 - $254 $250 - $256
Adjusted net income $105 - $110 $106 - $111
Adjusted net income per
diluted share $0.86 - $0.88 $0.87 - $0.89
Additionally, for the full year ending December 31, 2018, we expect (all figures in millions):
Initial Updated
------- -------
Depreciation expense $23 - $26 $31 - $33
Amortization expense $112 - $115 $112 - $115
Amortization expense included
in cost of revenue $22 - $24 $22 - $24
Interest expense $81 - $84 $80 - $83
Debt extinguishment costs $9 - $10 $6 - $7
Interest expense, net of debt
extinguishment costs $72 - $74 $74 - $76
Cash interest expense $61 - $64 $62 - $65
Stock-based compensation $5 - $6 $5 - $6
Capital expenditures,
inclusive of capitalized
software development $30 - $35 $30 - $35
The updated outlook above assumes LIBOR of approximately 1.9%, and EURIBOR of approximately 0%, the inclusion of a full year of results from our acquisition of CEDROM, and the inclusion of 11 months of results from our acquisition of PRIME Research. CEDROM's pro forma revenues for the 12 months ended December 31, 2017 were approximately $15 million, and PRIME Research's Proforma revenues for the 12 months ended December 31, 2017 were approximately $45 million. The above outlook also assumes the following exchange rates with respect to the British Pound, the Euro and the Canadian Dollar for fiscal year 2018:
GBP to USD 1.35
---------- ----
EUR to USD 1.20
---------- ----
CAD to USD 0.79
---------- ----
Additionally, our outlook for 2018 excludes any additional acquisitions, divestitures, or other unanticipated events. See discussion of non-GAAP financial measures below in this release.
Fourth Quarter and Full Year 2017 Conference Call Details
As previously announced, we will hold a conference call to review our fourth quarter and full year 2017 financial results via conference call on Thursday, March 8th at 5:00 pm EDT. To hear the live event, visit the Cision investor website at http://investors.cision.com, or dial 1-877-870-4263 (participant dial in toll free) or 1-412-317-0790 (participant dial in International). The conference call will be simultaneously webcast on the Investor Relations section of the 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, including statements regarding our future financial and operating performance, including our outlook and guidance. 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 quarterly report on Form 10-Q filed on November 9, 2017, 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 report. 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 3,000 employees with offices in 15 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 December 31, 2017 and December 31, 2016
(in thousands, except per share and share amounts)
(Unaudited)
2017 2016
---- ----
Assets
Current assets:
Cash and cash
equivalents $148,654 $35,135
Restricted cash 75 627
Accounts
receivable, net 113,008 87,605
Prepaid expenses
and other current
assets 19,821 16,225
Total current assets 281,558 139,592
Property and equipment,
net 53,578 47,947
Other intangible
assets, net 456,291 511,210
Goodwill 1,136,403 1,079,518
Other
assets 7,528 8,801
Total assets $1,935,358 $1,787,068
---------- ----------
Liabilities,
Mandatorily Redeemable
Equity and
Stockholders' Equity
(Deficit)
Current liabilities:
Current portion of
long-term debt $13,349 $11,171
Due to Cision
Owner,
Convertible
Preferred Equity
Certificates - 443,102
Accounts payable 13,327 8,723
Accrued
compensation and
benefits 25,873 26,109
Other accrued
expenses 73,483 54,862
Current portion of
deferred revenue 140,351 119,600
------- -------
Total current liabilities 266,383 663,567
Long-term debt, net of
current portion 1,266,121 1,383,877
Deferred revenue, net
of current portion 1,412 961
Deferred tax liability 62,617 83,209
Other liabilities 22,456 14,507
-----------
Total liabilities 1,618,989 2,146,121
--------- ---------
Series A-1 and Series
C-2 mandatorily
redeemable
stockholders'
equity, 5,498,688
shares authorized,
issued and outstanding
at December 31, 2016 - 701
Stockholders' equity
(deficit):
Preferred stock,
$0.0001 par
value, 20,000,000
shares
authorized; no
shares issued at
December 31, 2017
and 2016
- -
Common stock,
$0.0001 par
value,
480,000,000
shares
authorized;
122,634,922 and
28,369,644 shares
issued and
outstanding at
December 31, 2017
and 2016,
respectively
12 3
Additional paid-
in capital 771,813 11,448
Accumulated other
comprehensive
loss (35,111) (73,902)
Accumulated
deficit (420,345) (297,303)
-------- --------
Total stockholders' equity
(deficit) 316,369 (359,754)
------- --------
Total liabilities, mandatorily
redeemable equity and
stockholders' equity (deficit) $1,935,358 $1,787,068
---------- ----------
Cision Ltd. and its Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Loss
For the Years Ended December 31, 2017 and December 31, 2016
(in thousands, except per share and share amounts)
(Unaudited)
2017 2016
---- ----
Revenue $631,637 $467,772
Cost of revenue 200,836 162,583
------- -------
Gross profit 430,801 305,189
Operating costs and expenses:
Sales and marketing 114,750 92,594
Research and
development 22,102 19,445
General and
administrative 166,759 135,737
Amortization of
intangible assets 89,159 77,058
Total operating
costs and
expenses 392,770 324,834
------- -------
Operating
income (loss) 38,031 (19,645)
Non operating income (loss):
Foreign exchange
(losses) gains (5,458) 6,299
Interest and other
income, net 2,132 831
Interest expense (116,466) (117,997)
Loss on
extinguishment of
debt (51,872) (23,591)
-----------
Total non
operating loss (171,664) (134,458)
-------- --------
Loss before
income taxes (133,633) (154,103)
Benefit from income taxes (10,591) (55,691)
------- -------
Net loss $(123,042) $(98,412)
Other comprehensive income (loss) -
foreign currency translation adjustments 38,791 (58,929)
Comprehensive
loss $(84,251) $(157,341)
======== =========
Net loss per share:
Basic and Diluted $(1.63) $(3.47)
Weighted average shares outstanding used
in computing per share amounts:
Basic and Diluted 75,696,880 28,369,644
Cision Ltd. and its Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the Years Ended December 31, 2017 and December 31, 2016
(in thousands)
(Unaudited)
2017 2016
---- ----
Cash flows from operating activities
Net loss $(123,042) $(98,412)
Adjustments to reconcile net loss to net cash provided by
operating activities:
Depreciation and
amortization 139,474 126,983
Non-cash
interest charges
and amortization
of debt discount
and deferred
financing costs 63,262 34,439
Non-cash yield
on Convertible
Preferred Equity
Certificates 2,292 13,080
Equity-based
compensation
expense 4,138 5,302
Provision for
doubtful
accounts 3,493 2,572
Deferred income
taxes (23,278) (69,115)
Unrealized
currency
translation
losses (gains) 5,011 (4,350)
Gain on sale of
business (1,785)
Other (194) (234)
Changes in
operating assets
and liabilities,
net of
acquisitions and
disposals:
Accounts
receivable (6,349) (1,547)
Prepaid
expenses and
other current
assets 1,579 4,227
Other assets 737 4,376
Accounts
payable (3,831) (807)
Accrued
compensation
and benefits (6,235) 8,228
Other accrued
expenses 4,068 (1,564)
Deferred
revenue 4,887 (7,362)
Other
liabilities 4,621 1,557
Net cash provided by operating
activities 68,848 17,373
------ ------
Cash flows from investing activities
Purchases of property and equipment (10,734) (7,382)
Software development costs (14,953) (11,738)
Acquisitions of businesses, net of
cash acquired of $12,354 and
$9,071 (78,528) (804,194)
Proceeds from disposal of business 23,675 3,998
Change in restricted cash 552 (100)
Net cash used in investing
activities (79,988) (819,416)
------- --------
Cash flows from financing activities
Proceeds from revolving credit
facility 5,000 33,475
Repayment under revolving credit
facility (38,475) -
Proceeds from issuance of
Convertible Preferred Equity
Certificates to Cision Owner - 136,025
Payment of amounts due to Cision
Owner (1,940) -
Proceeds from term credit facility
net of debt discount of $10,466
and $10,091 1,350,259 1,364,070
Repayments of term credit facility (1,497,838) (724,930)
Payments on capital lease
obligations (171) (287)
Proceeds from issuance of equity 305,110 -
Net cash provided by financing
activities 121,945 808,353
------- -------
Effect of exchange rate changes on
cash and cash equivalents 2,714 (1,781)
----- ------
Increase in cash and cash
equivalents 113,519 4,529
Cash and cash equivalents
Beginning of year 35,135 30,606
End of year $148,654 $35,135
======== =======
Supplemental disclosure of cash flows information
Cash paid during the year for:
Interest $102,400 $94,615
Income taxes 10,250 5,582
Supplemental non-cash information:
Issuance of securities by Cision
Owner in connection with
acquisitions 7,000 40,000
Non-cash
contribution
from Cision
Owner in
connection with
merger 451,139 -
Use of Non-GAAP Financial Measures
Non-GAAP results are presented only as a supplement to our financial statements based on US 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 EBITDA, 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, and Adjusted net income per diluted share. Additionally, we believe that the presentation of non-GAAP measures provides information that is useful to investors 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 Three Year Ended Year Ended
Months Months December December
Ended Ended 31, 2017 31, 2016
December December
31, 2017 31, 2016
-------- --------
Net loss ($34.5) ($23.8) ($123.0) ($98.4)
Depreciation and
amortization $36.1 $39.5 $139.5 $127.0
Interest expense and
loss on
extinguishment of
debt $20.2 $35.8 $168.3 $141.6
Provision (benefit)
from income taxes $17.3 ($9.6) ($10.6) ($55.7)
EBITDA $39.1 $41.8 $174.2 $114.5
----- ----- ------ ------
Acquisition related
costs and expenses $16.7 $9.0 $42.2 $45.0
Gain on sale of
business - - ($1.8) -
Stock-based
compensation $1.2 $1.3 $4.1 $5.3
Deferred revenue
reduction from
purchase accounting $0.7 $0.6 $1.5 $1.2
Sponsor fees and
expenses - $0.1 $0.3 $0.6
Unrealized translation
loss (gain) $3.5 $0.1 $5.0 ($4.4)
---- ----
Adjusted EBITDA $61.2 $53.0 $225.5 $162.2
===== ===== ====== ======
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 and share amounts)
(Unaudited)
Three Three Year Ended Year Ended
Months December December
Ended Months 31, 2017 31, 2016
December Ended
31, 2017 December
31, 2016
---
Net loss ($34.5) ($23.8) ($123.0) ($98.4)
Provision (benefit) from income taxes $17.3 ($9.6) ($10.6) ($55.7)
Acquisition related costs and expenses $16.7 $9.0 $42.2 $45.0
Gain on sale of business - - ($1.8) -
Stock-based compensation $1.2 $1.3 $4.1 $5.3
Deferred revenue reduction from purchase accounting $0.7 $0.6 $1.5 $1.2
Amortization related to acquired intangible assets $29.2 $33.0 $113.8 $102.0
CPEC interest and loss on extinguishment of debt - $1.1 $55.9 $37.5
Sponsor fees and expenses - $0.1 $0.3 $0.6
Unrealized translation loss (gain) $3.5 $0.1 $5.0 ($4.4)
---- ---- ---- -----
Adjusted Income before income taxes $34.1 $11.8 $87.4 $33.1
Less: Income tax at 33% rate ($11.2) ($3.9) ($28.8) ($10.9)
Adjusted net income $22.9 $7.9 $58.5 $22.2
===== ==== ===== =====
Pro forma fully-diluted weighted average shares
outstanding 121,918 82,076 102,035 82,076
Adjusted net income per diluted share $0.19 $0.10 $0.57 $0.27
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 Three Year Ended Year Ended
Months Months December December
Ended Ended 31, 2017 31, 2016
December December
31, 2017 31, 2016
-------- --------
Net cash provided by operating activities $30.5 $14.7 $68.8 $17.4
Acquisition related costs and expenses $16.7 $9.0 $42.2 $45.0
Adjusted net cash provided by operating activities $47.2 $23.7 $110.9 $62.4
===== ===== ====== =====
(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 related costs and expenses, 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 related costs and expenses, (gains) losses related to divested businesses or assets, stock-based compensation, deferred revenue reduction from purchase accounting, amortization related to acquired intangibles, CPEC 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 US 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) Adjusted net income per diluted share is defined 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 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, and stock options and restricted units issued and outstanding pursuant to our 2017 Omnibus Incentive Plan. Using our average share price of $12.34 for the three months ended December 31, 2017, our fully-diluted pro forma weighted average shares outstanding for the three months ended December 31, 2017 would have been approximately 123.6 million had we incorporated the dilutive effects of the warrants, stock options and restricted units.
(5) Adjusted net cash provided by operating activities is defined as net cash provided by operating activities adjusted for acquisition related costs and expenses.
(6) Adjusted net income (loss), Adjusted net income (loss) per diluted share, EBITDA, Adjusted EBITDA, and Adjusted net cash provided by (used in) operating activities are used by many of our investors, research analysts, investment bankers, and lenders to assess our operating performance. For example, a measure similar to Adjusted EBITDA is required by the lenders under our 2017 First Lien Credit Facility.
Investor Contact:
Jack Pearlstein
Chief Financial Officer
Jack.Pearlstein@cision.com
Media Contact:
Nick Bell
Vice President, Marketing Communications and Content
CisionPR@cision.com
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SOURCE Cision Ltd.
