CISION LTD.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2019 10-Q, filed Nov 8, 2019. Its latest SEC filing is a SC 13G/A from Feb 18, 2020.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Sells public relations software, press release distribution, and media monitoring and analysis services to communications and marketing professionals.

How Did They Make Money?

Customers buy access to the cloud software and related media services through subscriptions over the contract term; press release distribution is also offered by subscription or billed in the month each release is made public.

FY2018 revenue

Who Were Their Customers?

Companies of many sizes and PR agencies across a range of industries buy Cision’s services. Cision sells directly through sales teams, with teams focused on new customers and account renewals.

Did Revenues Turn Into Profits?

Not on paper. It lost $24.4M in FY2018, but brought in more cash than it spent: $112.5M of free cash flow.

Operating income, FY2018

10% of revenue

▲ +83% vs FY2017 ($38M, 6%)

Net income, FY2018

−3% of revenue

▼ −80% (Loss) vs FY2017 (−$123M, −19%)

Free cash flow, FY2018

15% of revenue

▲ +94% vs FY2017 ($58.1M, 9%)

How Were They Changing?

Since the FY2018 annual report

Latest quarter: Q3 FY2019, the three months to Sep 30, 2019

Revenue: ▲ +5%; vs $177.2M in Q3 FY2018
Net income: ▲ Now profitable; vs −$6.2M in Q3 FY2018

Jan 31, 2020 An affiliate of Platinum Equity acquired Cision Cision became privately held, and its shares stopped trading on the New York Stock Exchange.
Oct 23, 2019 Cision agreed to be acquired by a Platinum Equity affiliate The all-cash acquisition was expected to close in the first quarter of 2020, subject to shareholder approval and other conditions.

Grew. Revenue grew 2.2x in 3 years, from $334M in FY2015 to $730.4M in FY2018, about 30% a year.

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