Company Quick10K Filing
Cision
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 148 $1,644
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-03-13 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
8-K 2019-12-19 Shareholder Vote
8-K 2019-11-07 Earnings, Exhibits
8-K 2019-10-25 Officers
8-K 2019-10-22 Enter Agreement, Exhibits
8-K 2019-08-28 Officers, Shareholder Vote, Exhibits
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-07-16 Officers, Other Events, Exhibits
8-K 2019-02-28 Earnings, Exhibits
8-K 2019-01-25 Officers
8-K 2019-01-23 Earnings, Sale of Shares, Regulation FD, Exhibits
8-K 2019-01-11 Enter Agreement, Off-BS Arrangement, Officers, Exhibits
8-K 2018-12-28 Off-BS Arrangement, Sale of Shares, Regulation FD, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-10-30 Officers, Exhibits
8-K 2018-09-12 Sale of Shares, Other Events, Exhibits
8-K 2018-08-08 Earnings, Exhibits
8-K 2018-07-30 Officers
8-K 2018-06-26 Shareholder Vote
8-K 2018-06-14 Other Events, Exhibits
8-K 2018-05-18 Enter Agreement, Shareholder Rights, Shareholder Vote, Other Events, Exhibits
8-K 2018-05-14 Other Events, Exhibits
8-K 2018-05-09 Other Events, Exhibits
8-K 2018-04-17 Other Events, Exhibits
8-K 2018-03-20 Other Events, Exhibits
8-K 2018-03-08 Earnings, Exhibits
8-K 2018-01-29 Earnings, Exhibits
8-K 2018-01-08 Enter Agreement, Other Events, Exhibits
CISN 2019-09-30
Part I. - Financial Information
Item 1. - Financial Statements
Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. - Quantitative and Qualitative Disclosures About Market Risk
Item 4. - Controls and Procedures
Part II. - Other Information
Item 1. - Legal Proceedings
Item 1A. - Risk Factors
Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. - Defaults Upon Senior Securities
Item 4. - Mine Safety Disclosures
Item 5. - Other Information
Item 6. - Exhibits
EX-31.1 cisn-ex311_8.htm
EX-31.2 cisn-ex312_9.htm
EX-32.1 cisn-ex321_7.htm
EX-32.2 cisn-ex322_6.htm

Cision Earnings 2019-09-30

CISN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
PRGS 1,838 830 515 397 329 53 133 2,011 83% 15.1 6%
VRNS 1,824 304 204 271 239 -48 -44 1,755 88% -39.8 -16%
BAND 1,776 313 44 213 98 7 8 1,635 46% 214.6 2%
SAIL 1,764 559 184 190 209 -2 12 1,665 110% 138.6 -0%
ZUO 1,736 314 141 260 132 -80 -69 1,693 51% -24.4 -25%
SEND 1,722 245 48 105 79 -4 5 1,540 75% 333.4 -2%
CISN 1,644 2,215 1,730 740 469 -13 214 2,891 63% 13.5 -1%
SHOP 1,603 244 48 0 0 0 0 1,493 0%
INST 1,471 391 235 235 161 -56 -43 1,443 68% -33.3 -14%
MSTR 1,460 900 397 487 386 28 40 1,197 79% 29.8 3%

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to

Commission File Number: 001-38140

Cision Ltd.

(Exact name of registrant as specified in its charter)

 

Cayman Islands

 

N/A

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

130 East Randolph Street, 7th Floor

Chicago, Illinois 60601

(Address of principal executive offices)

(Zip code)

(866) 639-5087

(Registrant’s telephone number, including area code)

Not Applicable.

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes  No 

Securities registered pursuant to Section 12(d) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Ordinary shares, par value $0.0001 per share

CISN

New York Stock Exchange

 

The number of ordinary shares, par value $0.0001 per share, of the registrant outstanding at November 5, 2019 was 148,484,875.

 

 

 

 

 


CISION LTD. AND ITS SUBSIDIARIES

INDEX

 

PART I. – FINANCIAL INFORMATION

3

 

 

Item 1. – Financial Statements

3

 

 

Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

 

 

Item 3. – Quantitative and Qualitative Disclosures About Market Risk

40

 

 

Item 4. – Controls and Procedures

40

 

 

PART II. – OTHER INFORMATION

41

 

 

Item 1. – Legal Proceedings

41

 

 

Item 1A. – Risk Factors

41

 

 

Item 2. – Unregistered Sales of Equity Securities and Use of Proceeds

42

 

 

Item 3. – Defaults Upon Senior Securities

42

 

 

Item 4. – Mine Safety Disclosures

42

 

 

Item 5. – Other Information

42

 

 

Item 6. – Exhibits

42

 

 

SIGNATURES

43

 

 

2


PART I. – FINANCIAL INFORMATION

Item 1. – Financial Statements

Cision Ltd. and its Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except per share and share amounts)

(Unaudited)

 

 

 

September 30, 2019

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

94,929

 

 

$

 

104,769

 

Accounts receivable, net

 

 

 

126,975

 

 

 

 

120,882

 

Prepaid expenses and other current assets

 

 

 

38,897

 

 

 

 

22,824

 

Total current assets

 

 

 

260,801

 

 

 

 

248,475

 

Property and equipment, net

 

 

 

62,788

 

 

 

 

57,210

 

Other intangible assets, net

 

 

 

376,860

 

 

 

 

377,146

 

Goodwill

 

 

 

1,411,646

 

 

 

 

1,171,859

 

Operating lease right-of-use assets

 

 

 

59,993

 

 

 

 

 

Deferred tax asset

 

 

 

4,123

 

 

 

 

4,034

 

Other assets

 

 

 

9,296

 

 

 

 

7,652

 

Total assets

 

$

 

2,185,507

 

 

$

 

1,866,376

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

 

13,881

 

 

$

 

13,210

 

Accounts payable

 

 

 

12,867

 

 

 

 

15,603

 

Accrued compensation and benefits

 

 

 

35,057

 

 

 

 

29,323

 

Operating lease liabilities

 

 

 

14,139

 

 

 

 

 

Other accrued expenses

 

 

 

61,820

 

 

 

 

82,507

 

Current portion of deferred revenue

 

 

 

161,848

 

 

 

 

139,725

 

Total current liabilities

 

 

 

299,612

 

 

 

 

280,368

 

Long-term debt, net of current portion

 

 

 

1,261,926

 

 

 

 

1,205,760

 

Deferred revenue, net of current portion

 

 

 

968

 

 

 

 

1,098

 

Operating lease liabilities, net of current portion

 

 

 

59,514

 

 

 

 

 

Deferred tax liability

 

 

 

74,062

 

 

 

 

69,232

 

Other liabilities

 

 

 

9,986

 

 

 

 

21,601

 

Total liabilities

 

 

 

1,706,068

 

 

 

 

1,578,059

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding at September 30, 2019 and December 31, 2018

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value, 480,000,000 shares authorized; 148,478,535 and 132,716,541 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively

 

 

 

15

 

 

 

 

13

 

Additional paid-in capital

 

 

 

988,364

 

 

 

 

797,222

 

Accumulated other comprehensive loss

 

 

 

(75,204

)

 

 

 

(68,941

)

Accumulated deficit

 

 

 

(433,736

)

 

 

 

(439,977

)

Total stockholders’ equity

 

 

 

479,439

 

 

 

 

288,317

 

Total liabilities and stockholders’ equity

 

$

 

2,185,507

 

 

$

 

1,866,376

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


Cision Ltd. and its Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

 

185,653

 

 

$

 

177,236

 

 

$

 

561,953

 

 

$

 

544,004

 

Cost of revenue

 

 

 

63,408

 

 

 

 

69,177

 

 

 

 

198,240

 

 

 

 

200,212

 

Gross profit

 

 

 

122,245

 

 

 

 

108,059

 

 

 

 

363,713

 

 

 

 

343,792

 

Operating costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

 

30,708

 

 

 

 

27,503

 

 

 

 

96,370

 

 

 

 

85,630

 

Research and development

 

 

 

7,153

 

 

 

 

7,292

 

 

 

 

23,021

 

 

 

 

22,282

 

General and administrative

 

 

 

44,988

 

 

 

 

39,002

 

 

 

 

142,464

 

 

 

 

126,762

 

Amortization of intangible assets

 

 

 

18,770

 

 

 

 

20,167

 

 

 

 

56,444

 

 

 

 

60,681

 

Total operating costs and expenses

 

 

 

101,619

 

 

 

 

93,964

 

 

 

 

318,299

 

 

 

 

295,355

 

Operating income

 

 

 

20,626

 

 

 

 

14,095

 

 

 

 

45,414

 

 

 

 

48,437

 

Non operating income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange gains

 

 

 

8,062

 

 

 

 

2,196

 

 

 

 

5,918

 

 

 

 

10,277

 

Interest and other income, net

 

 

 

279

 

 

 

 

380

 

 

 

 

840

 

 

 

 

472

 

Gain on sale of business

 

 

 

 

 

 

 

 

 

 

 

28,144

 

 

 

 

 

Interest expense

 

 

 

(18,209

)

 

 

 

(19,785

)

 

 

 

(56,392

)

 

 

 

(59,947

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(355

)

 

 

 

(2,432

)

Total non operating loss

 

 

 

(9,868

)

 

 

 

(17,209

)

 

 

 

(21,845

)

 

 

 

(51,630

)

Income (loss) before income taxes

 

 

 

10,758

 

 

 

 

(3,114

)

 

 

 

23,569

 

 

 

 

(3,193

)

Provision for income taxes

 

 

 

8,393

 

 

 

 

3,070

 

 

 

 

17,328

 

 

 

 

10,016

 

Net income (loss)

 

$

 

2,365

 

 

$

 

(6,184

)

 

$

 

6,241

 

 

$

 

(13,209

)

Other comprehensive loss - foreign currency translation adjustments

 

 

 

(12,169

)

 

 

 

(2,479

)

 

 

 

(6,263

)

 

 

 

(20,796

)

Comprehensive loss

 

$

 

(9,804

)

 

$

 

(8,663

)

 

$

 

(22

)

 

$

 

(34,005

)

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

0.02

 

 

$

 

(0.05

)

 

$

 

0.04

 

 

$

 

(0.10

)

Diluted

 

$

 

0.02

 

 

$

 

(0.05

)

 

$

 

0.04

 

 

$

 

(0.10

)

Weighted-average shares outstanding used in computing per share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

148,131,135

 

 

 

 

131,104,859

 

 

 

 

147,215,180

 

 

 

 

127,507,314

 

Diluted

 

 

 

148,520,974

 

 

 

 

131,104,859

 

 

 

 

147,257,092

 

 

 

 

127,507,314

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

4


Cision Ltd. and its Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity (Deficit)

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Share Capital

 

 

Additional

 

 

Accumulated Other

 

 

Accumulated

 

 

Total Stockholders’

 

 

 

Shares

 

 

$

 

 

Paid-in Capital

 

 

Comprehensive Loss

 

 

Deficit

 

 

Equity (Deficit)

 

Balances at December 31, 2017

 

 

 

122,634,922

 

 

$

 

12

 

 

$

 

771,813

 

 

$

 

(35,111

)

 

$

 

(420,345

)

 

$

 

316,369

 

Adoption of new accounting standards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(986

)

 

 

 

4,762

 

 

 

 

3,776

 

Issuance of shares for acquisition

 

 

 

1,735,269

 

 

 

 

 

 

 

 

20,144

 

 

 

 

 

 

 

 

 

 

 

 

20,144

 

Vesting of RSU’s

 

 

 

375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,341

 

 

 

 

 

 

 

 

 

 

 

 

1,341

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(442

)

 

 

 

(442

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,075

 

 

 

 

 

 

 

 

7,075

 

Balances at March 31, 2018

 

 

 

124,370,566

 

 

$

 

12

 

 

$

 

793,298

 

 

$

 

(29,022

)

 

$

 

(416,025

)

 

$

 

348,263

 

Conversion of warrants to common stock

 

 

 

6,342,989

 

 

 

 

1

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

868

 

 

 

 

 

 

 

 

 

 

 

 

868

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,583

)

 

 

 

(6,583

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,392

)

 

 

 

 

 

 

 

(25,392

)

Balances at June 30, 2018

 

 

 

130,713,555

 

 

$

 

13

 

 

$

 

794,165

 

 

$

 

(54,414

)

 

$

 

(422,608

)

 

$

 

317,156

 

Issuance of earn-out shares

 

 

 

2,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,503

 

 

 

 

 

 

 

 

 

 

 

 

1,503

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,184

)

 

 

 

(6,184

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,479

)

 

 

 

 

 

 

 

(2,479

)

Balances at September 30, 2018

 

 

 

132,713,555

 

 

$

 

13

 

 

$

 

795,668

 

 

$

 

(56,893

)

 

$

 

(428,792

)

 

$

 

309,996

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2018

 

 

 

132,716,541

 

 

$

 

13

 

 

$

 

797,222

 

 

$

 

(68,941

)

 

$

 

(439,977

)

 

$

 

288,317

 

Issuance of shares for acquisitions

 

 

 

15,591,186

 

 

 

 

2

 

 

 

 

182,246

 

 

 

 

 

 

 

 

 

 

 

 

182,248

 

Vesting of RSU’s

 

 

 

375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

 

20,625

 

 

 

 

 

 

 

 

264

 

 

 

 

 

 

 

 

 

 

 

 

264

 

Equity-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

2,081

 

 

 

 

 

 

 

 

 

 

 

 

2,081

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,634

 

 

 

 

11,634

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,851

 

 

 

 

 

 

 

 

6,851

 

Balances at March 31, 2019

 

 

 

148,328,727

 

 

$

 

15

 

 

$

 

981,813

 

 

$

 

(62,090

)

 

$

 

(428,343

)

 

$

 

491,395