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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 |
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(in thousands except share and per share amounts)
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Year ended December 31,
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Nine months ended September 30,
|
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2017
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2016
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2015
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2018
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2017
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(unaudited)
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Statement of operations data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 631,637 | | | | | $ | 467,772 | | | | | $ | 333,958 | | | | | $ | 544,004 | | | | | $ | 462,678 | | |
Cost of revenue
|
| | | | 200,836 | | | | | | 162,583 | | | | | | 125,006 | | | | | | 200,212 | | | | | | 147,571 | | |
Gross profit
|
| | | | 430,801 | | | | | | 305,189 | | | | | | 208,952 | | | | | | 343,792 | | | | | | 315,107 | | |
Operating costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales and marketing
|
| | | | 114,750 | | | | | | 92,594 | | | | | | 71,603 | | | | | | 85,345 | | | | | | 83,231 | | |
Research and development
|
| | | | 22,102 | | | | | | 19,445 | | | | | | 16,604 | | | | | | 22,282 | | | | | | 16,679 | | |
General and administrative
|
| | | | 166,759 | | | | | | 135,737 | | | | | | 88,448 | | | | | | 126,762 | | | | | | 117,819 | | |
Amortization of intangible assets
|
| | | | 89,159 | | | | | | 77,058 | | | | | | 59,914 | | | | | | 60,681 | | | | | | 66,306 | | |
Total operating costs and expenses
|
| | | | 392,770 | | | | | | 324,834 | | | | | | 236,569 | | | | | | 295,070 | | | | | | 284,035 | | |
Operating income (loss)
|
| | | | 38,031 | | | | | | (19,645 ) | | | | | | (27,617 ) | | | | | | 48,722 | | | | | | 31,072 | | |
Non-operating income (losses): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign exchange (losses) gains
|
| | | | (5,458 ) | | | | | | 6,299 | | | | | | (10,886 ) | | | | | | 10,277 | | | | | | (1,832 ) | | |
Interest and other income (loss), net
|
| | | | 2,132 | | | | | | 831 | | | | | | 5,750 | | | | | | 472 | | | | | | 2,450 | | |
Interest expense
|
| | | | (116,466 ) | | | | | | (117,997 ) | | | | | | (61,398 ) | | | | | | (59,947 ) | | | | | | (96,306 ) | | |
Loss on extinguishment of debt
|
| | | | (51,872 ) | | | | | | (23,591 ) | | | | | | — | | | | | | (2,432 ) | | | | | | (51,872 ) | | |
Total non-operating loss
|
| | | | (171,664 ) | | | | | | (134,458 ) | | | | | | (66,534 ) | | | | | | (51,630 ) | | | | | | (147,560 ) | | |
Income (loss) before income taxes)
|
| | | | (133,633 ) | | | | | | (154,103 ) | | | | | | (94,151 ) | | | | | | (2,908 ) | | | | | | (116,488 ) | | |
Provision for (benefit from) income
taxes |
| | | | (10,591 ) | | | | | | (55,691 ) | | | | | | (3,607 ) | | | | | | 10,016 | | | | | | (27,938 ) | | |
Net loss
|
| | | $ | (123,042 ) | | | | | $ | (98,412 ) | | | | | $ | (90,544 ) | | | | | $ | (12,924 ) | | | | | $ | (88,550 ) | | |
State of cash flow data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | 68,848 | | | | | $ | 17,373 | | | | | $ | 22,422 | | | | | $ | 89,789 | | | | | $ | 38,342 | | |
Investing activities
|
| | | | (79,988 ) | | | | | | (819,416 ) | | | | | | (10,664 ) | | | | | | (88,809 ) | | | | | | (49,821 ) | | |
Financing activities
|
| | | | 121,945 | | | | | | 808,353 | | | | | | (8,568 ) | | | | | | (63,156 ) | | | | | | 50,757 | | |
Other financial data (unaudited): (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA
(2)
|
| | | $ | 225,510 | | | | | $ | 162,181 | | | | | | | | | | | $ | 187,110 | | | | | $ | 164,351 | | |
Adjusted net income
(3)
|
| | | | 58,496 | | | | | | 22,177 | | | | | | | | | | | | 79,162 | | | | | | 35,617 | | |
Pro forma fully-diluted weighted average shares outstanding
(4)
|
| | | | 102,035,003 | | | | | | 82,075,873 | | | | | | | | | | | | 127,507,314 | | | | | | 95,335,000 | | |
Adjusted net income per diluted share
(4)
|
| | | $ | 0.57 | | | | | $ | 0.25 | | | | | | | | | | | $ | 0.62 | | | | | $ | 0.37 | | |
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As of December 31,
|
| |
As of September 30,
2018 |
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2017
|
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2016
|
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Balance sheet data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 148,654 | | | | | $ | 35,135 | | | | | $ | 84,192 | | |
Total assets
|
| | | | 1,935,358 | | | | | | 1,787,068 | | | | | | 1,866,012 | | |
Total liabilities
|
| | | | 1,618,989 | | | | | | 2,146,121 | | | | | | 1,560,567 | | |
Mandatory redeemable stockholder’s equity
|
| | | | — | | | | | | 701 | | | | | | — | | |
Total stockholder’s equity (deficit)
|
| | | | 316,369 | | | | | | (359,754 ) | | | | | | 305,445 | | |
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Year ended December 31,
|
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Nine months ended September 30,
|
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| | |
2017
|
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2016
|
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2018
|
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2017
|
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Net loss
|
| | | $ | (123,042 ) | | | | | $ | (98,412 ) | | | | | $ | (12,924 ) | | | | | $ | (88,550 ) | | |
Depreciation and amortization
|
| | | | 139,474 | | | | | | 126,983 | | | | | | 100,186 | | | | | | 103,392 | | |
Interest expense and loss on extinguishment
of debt |
| | | | 168,338 | | | | | | 141,588 | | | | | | 62,379 | | | | | | 148,178 | | |
Provision for (benefit from) income taxes
|
| | | | (10,591 ) | | | | | | (55,691 ) | | | | | | 10,016 | | | | | | (27,938 ) | | |
Acquisition and offering related costs
|
| | | | 42,235 | | | | | | 45,006 | | | | | | 32,621 | | | | | | 25,524 | | |
Stock-based compensation
|
| | | | 4,138 | | | | | | 5,302 | | | | | | 3,713 | | | | | | 2,944 | | |
Deferred revenue reduction from purchase accounting
|
| | | | 1,448 | | | | | | 1,168 | | | | | | 1,457 | | | | | | 751 | | |
Gain on sale of business
|
| | | | (1,785 ) | | | | | | — | | | | | | — | | | | | | (1,785 ) | | |
Sponsor fees and expenses
|
| | | | 284 | | | | | | 587 | | | | | | — | | | | | | 284 | | |
Unrealized translation loss (gain)
|
| | | | 5,011 | | | | | | (4,350 ) | | | | | | (10,338 ) | | | | | | 1,551 | | |
Adjusted EBITDA
|
| | | $ | 225,510 | | | | | $ | 162,181 | | | | | $ | 187,110 | | | | | $ | 164,351 | | |
|
| | |
Year ended December 31,
|
| |
Nine months ended September 30,
|
| ||||||||||||||||||
(in thousands except share and per share
amounts) |
| |
2017
|
| |
2016
|
| |
2018
|
| |
2017
|
| ||||||||||||
Net loss
|
| | | $ | (123,042 ) | | | | | $ | (98,412 ) | | | | | $ | (12,924 ) | | | | | $ | (88,550 ) | | |
Provision for (benefit from) income taxes
|
| | | | (10,591 ) | | | | | | (55,691 ) | | | | | | 10,016 | | | | | | (27,938 ) | | |
Acquisition and offering related costs
|
| | | | 42,235 | | | | | | 45,006 | | | | | | 32,621 | | | | | | 25,524 | | |
Gain on sale of business
|
| | | | (1,785 ) | | | | | | — | | | | | | — | | | | | | (1,785 ) | | |
Stock-based compensation
|
| | | | 4,138 | | | | | | 5,302 | | | | | | 3,713 | | | | | | 2,944 | | |
Deferred revenue reduction from purchase accounting
|
| | | | 1,448 | | | | | | 1,168 | | | | | | 1,457 | | | | | | 751 | | |
Amortization related to acquired intangible assets
|
| | | | 113,760 | | | | | | 101,965 | | | | | | 78,089 | | | | | | 84,530 | | |
CPEC interest and loss on extinguishment of debt
|
| | | | 55,850 | | | | | | 37,525 | | | | | | 4,341 | | | | | | 55,850 | | |
Sponsor fees and expenses
|
| | | | 284 | | | | | | 587 | | | | | | — | | | | | | 284 | | |
Unrealized translation loss (gain) Adjusted Income before income taxes
|
| | | | 5,011 | | | | | | (4,350 ) | | | | | | (10,338 ) | | | | | | 1,551 | | |
Adjusted net income before taxes
|
| | | | 87,308 | | | | | | 33,100 | | | | | | 106,975 | | | | | | 53,161 | | |
Less: Income tax
|
| | | | (28,811 ) | | | | | | (10,923 ) | | | | | | (27,814 ) | | | | | | (17,543 ) | | |
Adjusted net income
|
| | | $ | 58,496 | | | | | $ | 22,177 | | | | | $ | 79,162 | | | | | $ | 35,618 | | |
Pro forma fully-diluted weighted average shares outstanding
|
| | | | 102,035,003 | | | | | | 82,075,873 | | | | | | 127,507,314 | | | | | | 95,335,000 | | |
Adjusted net income per diluted share
|
| | | $ | 0.57 | | | | | $ | 0.27 | | | | | $ | 0.62 | | | | | $ | 0.37 | | |
| | |
As of
September 30, 2018 |
| |||
Cash and cash equivalents
|
| | | $ | 84,192 | | |
Long-term debt: | | | | | | | |
Credit Facilities (including current portion):
|
| | | | | | |
2017 First Lien Credit Facility
(1)
|
| | | $ | 1,261,842 | | |
Unamortized debt discount and issuance costs
|
| | | | (42,278 ) | | |
Total long-term debt
|
| | | | 1,219,564 | | |
Shareholders’ equity: | | | | | | | |
Ordinary shares
|
| | | | 13 | | |
Additional paid-in capital
|
| | | | 795,668 | | |
Accumulated other comprehensive loss
|
| | | | (55,907 ) | | |
Accumulated deficit
|
| | | | (434,329 ) | | |
Total shareholders’ equity
|
| | | | 305,445 | | |
Total capitalization
|
| | | $ | 1,525,009 | | |
|
| | |
Shares owned prior
to this Distribution (1) |
| |
Shares to be
distributed hereunder |
| |
Shares owned following
this Distribution |
| |||||||||||||||||||||
Name of Distributing Shareholder
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||||||||||||
Cision Owner
(2)
|
| | | | 55,490,472 (3) | | | | | | 41.8 % | | | | | | 5,000,000 | | | | | | 50,490,472 | | | | | | 38.0 % | | |
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Page
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Beneficial Ownership of Ordinary
Shares Prior to the Offering (1) |
| | | | | | | |
Beneficial Ownership of
Ordinary Shares after the Offering (1)(2) |
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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 | | | | | | — | | | | | | — % | | |
1 Year Cision Chart |
1 Month Cision Chart |
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