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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cision Ltd | NYSE:CISN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.99 | 0 | 01:00:00 |
| | |
Per share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | | | | | $ | | | ||
Underwriting discounts and commissions
(1)
|
| | | $ | | | | | | $ | | | |
Proceeds, before expenses, to selling shareholders
|
| | | $ | | | | | | $ | | | |
| Deutsche Bank Securities | | |
Citigroup
|
| |
Goldman Sachs & Co. LLC
|
|
| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-1 | | | |
| | | | | S-5 | | | |
| | | | | S-6 | | | |
| | | | | S-10 | | | |
| | | | | S-37 | | | |
| Capitalization | | | | | S-38 | | |
| | | | | S-39 | | | |
| | | | | S-41 | | | |
| Underwriting | | | | | S-48 | | |
| | | | | S-52 | | | |
| Experts | | | | | S-52 | | |
| | | | | S-52 | | |
| | | | | iii | | | |
| | | | | 1 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 12 | | | |
| | | | | 17 | | | |
| | | | | 22 | | | |
| | | | | 22 | | | |
| | | | | 22 | | | |
| | | | | 22 | | |
(in thousands except share and
per share amounts) |
| |
Year ended December 31,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||||||||
|
2017
|
| |
2016
|
| |
2015
|
| |
2018
|
| |
2017
|
| |||||||||||||||||
| | | | | |
(unaudited)
|
| ||||||||||||||||||||||||
Statement of operations data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 631,637 | | | | | $ | 467,772 | | | | | $ | 333,958 | | | | | $ | 366,768 | | | | | $ | 302,949 | | |
Cost of revenue
|
| | | | 200,836 | | | | | | 162,583 | | | | | | 125,006 | | | | | | 131,035 | | | | | | 94,284 | | |
Gross profit
|
| | | | 430,801 | | | | | | 305,189 | | | | | | 208,952 | | | | | | 235,733 | | | | | | 208,665 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales and marketing
|
| | | | 114,750 | | | | | | 92,594 | | | | | | 71,603 | | | | | | 57,978 | | | | | | 55,300 | | |
Research and development
|
| | | | 22,102 | | | | | | 19,445 | | | | | | 16,604 | | | | | | 14,990 | | | | | | 11,018 | | |
General and administrative
|
| | | | 166,759 | | | | | | 135,737 | | | | | | 88,448 | | | | | | 87,760 | | | | | | 81,692 | | |
Amortization of intangible assets
|
| | | | 89,159 | | | | | | 77,058 | | | | | | 59,914 | | | | | | 40,514 | | | | | | 43,477 | | |
Total operating costs and expenses
|
| | | | 392,770 | | | | | | 324,834 | | | | | | 236,569 | | | | | | 201,242 | | | | | | 191,487 | | |
Operating income (loss)
|
| | | | 38,031 | | | | | | (19,645 ) | | | | | | (27,617 ) | | | | | | 34,491 | | | | | | 17,178 | | |
Non-operating income (losses): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign exchange (losses) gains
|
| | | | (5,458 ) | | | | | | 6,299 | | | | | | (10,886 ) | | | | | | 8,081 | | | | | | (2,634 ) | | |
Interest and other income (loss), net
|
| | | | 2,132 | | | | | | 831 | | | | | | 5,750 | | | | | | 92 | | | | | | 2,273 | | |
Interest expense
|
| | | | (116,466 ) | | | | | | (117,997 ) | | | | | | (61,398 ) | | | | | | (40,162 ) | | | | | | (73,243 ) | | |
Loss on extinguishment of debt
|
| | | | (51,872 ) | | | | | | (23,591 ) | | | | | | — | | | | | | (2,432 ) | | | | | | — | | |
Total non-operating loss
|
| | | | (171,664 ) | | | | | | (134,458 ) | | | | | | (66,534 ) | | | | | | (34,421 ) | | | | | | (73,604 ) | | |
Income (loss) before income taxes
|
| | | | (133,633 ) | | | | | | (154,103 ) | | | | | | (94,151 ) | | | | | | 70 | | | | | | (56,426 ) | | |
Provision for (benefit from) income
taxes |
| | | | (10,591 ) | | | | | | (55,691 ) | | | | | | (3,607 ) | | | | | | 6,946 | | | | | | (14,285 ) | | |
Net loss
|
| | | $ | (123,042 ) | | | | | $ | (98,412 ) | | | | | $ | (90,544 ) | | | | | $ | (6,876 ) | | | | | $ | (42,141 ) | | |
State of cash flow data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | 68,848 | | | | | $ | 17,373 | | | | | $ | 22,422 | | | | | $ | 63,633 | | | | | $ | 18,108 | | |
Investing activities
|
| | | | (79,988 ) | | | | | | (819,416 ) | | | | | | (10,664 ) | | | | | | (77,765 ) | | | | | | (43,391 ) | | |
Financing activities
|
| | | | 121,945 | | | | | | 808,353 | | | | | | (8,568 ) | | | | | | (49,843 ) | | | | | | 326,398 | | |
Other financial data (unaudited): (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA
(2)
|
| | | $ | 225,510 | | | | | $ | 162,181 | | | | | | | | | | | $ | 124,417 | | | | | $ | 107,321 | | |
Adjusted net income
(3)
|
| | | | 58,496 | | | | | | 22,177 | | | | | | | | | | | | 52,495 | | | | | | 17,515 | | |
Pro forma fully-diluted weighted average shares outstanding
(4)
|
| | | | 102,035,003 | | | | | | 82,075,873 | | | | | | | | | | | | 125,678,727 | | | | | | 82,498,252 | | |
Adjusted net income per diluted
share (4) |
| | | $ | 0.57 | | | | | $ | 0.27 | | | | | | | | | | | $ | 0.42 | | | | | $ | 0.21 | | |
(in thousands)
|
| |
As of December 31,
|
| | | | | | | |||||||||
|
2017
|
| |
2016
|
| |
As of
June 30, 2018 |
| |||||||||||
| | | | | |
(unaudited)
|
| ||||||||||||
Balance sheet data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 148,654 | | | | | $ | 35,135 | | | | | $ | 82,967 | | |
Total assets
|
| | | | 1,935,358 | | | | | | 1,787,068 | | | | | | 1,892,412 | | |
Total liabilities
|
| | | | 1,618,989 | | | | | | 2,146,121 | | | | | | 1,579,943 | | |
Mandatory redeemable stockholder’s equity
|
| | | | — | | | | | | 701 | | | | | | — | | |
Total stockholder’s equity (deficit)
|
| | | | 316,369 | | | | | | (359,754 ) | | | | | | 312,469 | | |
| | |
Year ended December 31,
|
| |
Six months ended June 30,
|
|||||||||||||||||
(in thousands)
|
| |
2017
|
| |
2016
|
| |
2018
|
| |
2017
|
|||||||||||
Net loss
|
| | | $ | (123,042 ) | | | | | $ | (98,412 ) | | | | | $ | (6,876 ) | | | | | $ | (42,141 ) |
Depreciation and amortization
|
| | | | 139,474 | | | | | | 126,983 | | | | | | 66,878 | | | | | | 67,290 |
Interest expense and loss on extinguishment of debt
|
| | | | 168,338 | | | | | | 141,588 | | | | | | 42,594 | | | | | | 73,243 |
Provision for (benefit from) income taxes
|
| | | | (10,591 ) | | | | | | (55,691 ) | | | | | | 6,946 | | | | | | (14,285 ) |
Acquisition and offering related costs
|
| | | | 42,235 | | | | | | 45,006 | | | | | | 19,778 | | | | | | 20,287 |
Stock-based compensation
|
| | | | 4,138 | | | | | | 5,302 | | | | | | 2,210 | | | | | | 1,926 |
Deferred revenue reduction from purchase accounting
|
| | | | 1,448 | | | | | | 1,168 | | | | | | 1,166 | | | | | | 105 |
Gain on sale of business
|
| | | | (1,785 ) | | | | | | — | | | | | | — | | | | | | (1,785 ) |
Sponsor fees and expenses
|
| | | | 284 | | | | | | 587 | | | | | | — | | | | | | 284 |
Unrealized translation loss (gain)
|
| | | | 5,011 | | | | | | (4,350 ) | | | | | | (8,249 ) | | | | | | 2,394 |
Adjusted EBITDA
|
| | | $ | 225,510 | | | | | $ | 162,181 | | | | | $ | 124,447 | | | | | $ | 107,318 |
|
(in thousands except share and per share amounts)
|
| |
Year ended December 31,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||
|
2017
|
| |
2016
|
| |
2018
|
| |
2017
|
| ||||||||||||||
Net loss
|
| | | $ | (123,042 ) | | | | | $ | (98,412 ) | | | | | $ | (6,876 ) | | | | | $ | (42,141 ) | | |
Provision (benefit) from income
taxes |
| | | | (10,591 ) | | | | | | (55,691 ) | | | | | | 6,946 | | | | | | (14,285 ) | | |
Acquisition and offering related costs and expenses
|
| | | | 42,235 | | | | | | 45,006 | | | | | | 19,778 | | | | | | 20,287 | | |
Gain on sale of business
|
| | | | (1,785 ) | | | | | | — | | | | | | — | | | | | | (1,785 ) | | |
Stock-based compensation
|
| | | | 4,138 | | | | | | 5,302 | | | | | | 2,210 | | | | | | 1,926 | | |
Deferred revenue reduction from purchase accounting
|
| | | | 1,448 | | | | | | 1,168 | | | | | | 1,166 | | | | | | 105 | | |
Amortization related to acquired intangible assets
|
| | | | 113,760 | | | | | | 101,965 | | | | | | 52,047 | | | | | | 55,376 | | |
CPEC interest and loss on extinguishment of debt
|
| | | | 55,850 | | | | | | 37,525 | | | | | | 3,948 | | | | | | 3,979 | | |
Sponsor fees and expenses
|
| | | | 284 | | | | | | 587 | | | | | | — | | | | | | 284 | | |
Unrealized translation loss (gain) Adjusted Income before income taxes
|
| | | | 5,011 | | | | | | (4,350 ) | | | | | | (8,249 ) | | | | | | 2,394 | | |
Adjusted net income before taxes
|
| | | | 87,308 | | | | | | 33,100 | | | | | | 70,970 | | | | | | 26,140 | | |
Less: Income tax
|
| | | | (28,811 ) | | | | | | (10,923 ) | | | | | | (18,444 ) | | | | | | (8,627 ) | | |
Adjusted net income
|
| | | $ | 58,496 | | | | | $ | 22,177 | | | | | $ | 52,526 | | | | | $ | 17,513 | | |
Pro forma fully-diluted weighted average
shares outstanding |
| | | | 102,035,003 | | | | | | 82,075,873 | | | | | | 125,678,727 | | | | | | 82,498,252 | | |
Adjusted net income per diluted share
|
| | | $ | 0.57 | | | | | $ | 0.27 | | | | | $ | 0.42 | | | | | $ | 0.21 | | |
| | |
As of
June 30, 2018 |
| |||
Cash and cash equivalents
|
| | | $ | 82,967 | | |
Long-term debt: | | | | | | | |
Credit Facilities (including current portion):
|
| | | | | | |
2017 First Lien Credit Facility
(1)
|
| | | $ | 1,276,984 | | |
Unamortized debt discount and issuance costs
|
| | | | (45,134 ) | | |
Total long-term debt
|
| | | | 1,231,850 | | |
Shareholders’ equity: | | | | | | | |
Ordinary shares
|
| | | | 13 | | |
Additional paid-in-capital
|
| | | | 794,165 | | |
Accumulated other comprehensive loss
|
| | | | (53,428 ) | | |
Accumulated deficit
|
| | | | (428,281 ) | | |
Total shareholders’ equity
|
| | | | 312,469 | | |
Total capitalization
|
| | | $ | 1,544,319 | | |
|
| | |
Shares owned prior to
this offering (1) |
| |
To be sold in
offering (no exercise of underwriters’ option) |
| |
Shares owned following
offering (no exercise of underwriters’ option) |
| |
To be sold in
offering (full exercise of underwriters’ option) |
| |
Shares owned following
offering (full exercise of underwriters’ option) |
| |||||||||||||||||||||||||||||||||
Name of selling shareholder
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||||||||||||||||||||||||
Cision Owner
|
| | | | 68,192,212 (2) | | | | | | 51.4 % | | | | | | 11,044,991 | | | | | | 57,147,221 | | | | | | 43.1 % | | | | | | 12,701,740 | | | | | | 55,490,472 | | | | | | 41.8 % | | |
Capitol Acquisition Management 3 LLC
|
| | | | 4,410,018 (3) | | | | | | 3.4 % | | | | | | 715,599 | | | | | | 3,694,419 | | | | | | 2.8 % | | | | | | 822,939 | | | | | | 3,587,079 | | | | | | 2.8 % | | |
Capitol Acquisition Founder 3 LLC
|
| | | | 1,470,006 (4) | | | | | | 1.1 % | | | | | | 239,410 | | | | | | 1,230,596 | | | | | | * | | | | | | 275,321 | | | | | | 1,194,685 | | | | | | * | | |
Name
|
| |
Number of shares
|
| |||
Deutsche Bank Securities Inc.
|
| | | | | | |
Citigroup Global Markets Inc.
|
| | | | | | |
Goldman Sachs & Co. LLC
|
| | | | | | |
Total
|
| | | | 12,000,000 | | |
|
| | |
Without option to
purchase additional shares exercise |
| |
With full option to
purchase additional shares exercise |
|
Per Share
|
| | | | | | |
Total | | | | | | | |
| | |
Page
|
| |||
| | | | iii | | | |
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| | | | 5 | | | |
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| | | | 17 | | | |
| | | | 22 | | | |
| | | | 22 | | | |
| | | | 22 | | | |
| | | | 22 | | |
| | |
Beneficial Ownership of Ordinary
Shares Prior to the Offering (1) |
| | | | | | | |
Beneficial Ownership of
Ordinary Shares after the Offering (1)(2) |
| ||||||||||||||||||
Name of Selling Shareholder
|
| |
Amount and Nature
of Beneficial Ownership |
| |
Approximate
Percentage of Outstanding Ordinary Shares |
| |
Ordinary Shares
Saleable Pursuant to this Prospectus |
| |
Number of
Shares |
| |
Percent of
Class |
| |||||||||||||||
Cision Owner
(3)
|
| | | | 66,192,212 (4) | | | | | | 50.6 % | | | | | | 70,192,212 (5) | | | | | | — | | | | | | — % | | |
Mark D. Ein
|
| | | | 4,410,018 (6) | | | | | | 3.4 % | | | | | | 4,410,018 | | | | | | — | | | | | | — % | | |
L. Dyson Dryden
|
| | | | 1,470,006 (7) | | | | | | 1.1 % | | | | | | 1,470,006 | | | | | | — | | | | | | — % | | |
| Deutsche Bank Securities | | |
Citigroup
|
| |
Goldman Sachs & Co. LLC
|
|
1 Year Cision Chart |
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