Qualtrics International (XM) Tops Q1 EPS by 4c, Revenues Beat; Offers 2Q & FY21 EPS/Revenue Guidance Above Consensus

Qualtrics International (NASDAQ: XM) reported Q1 EPS of $0.01, $0.04 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $238.6 million versus the consensus estimate of $227.37 million.

"Q1 was an outstanding quarter for Qualtrics, and a powerful start to our fiscal year," said Qualtrics CEO Zig Serafin. "Organizations around the world are in the middle of an important transformation—an experience transformation—and Qualtrics has never been more relevant or impactful."

First Quarter 2021 Financial Highlights:

• Revenue: Total revenue for the first quarter was $238.6 million, up from $176.1 million one year ago, an increase of 36% year-over-year. Subscription revenue for the first quarter was $186.9 million, up from $128.3 million one year ago, an increase of 46% year-over-year.
• Operating Income (Loss) and Margin: First quarter operating loss was $(196.6) million, compared to $(36.9) million one year ago. Non-GAAP operating income (see discussion of non-GAAP operating income (loss) and margin measures below) was $6.8 million, compared to non-GAAP operating loss of $(24.1) million one year ago. For the first quarter, GAAP operating margin was (82)% and non-GAAP operating margin was 3%.
• Net Income (Loss) and Net Income (Loss) Per Share: First quarter net loss was $(199.9) million, or $(0.41) per share, compared to $(44.8) million, or $(0.11) per share in the first quarter of fiscal year 2020. Non-GAAP net income (see discussion of the non-GAAP net income (loss) measure below) for the first quarter was $5.3 million, or $0.01 per share, compared to non-GAAP net loss of $(31.9) million, or $(0.08) per share in the first quarter of fiscal year 2020.
• Cash and Cash Equivalents: Total cash and cash equivalents as of March 31, 2021 was $586.5 million.
• GUIDANCE:
• Qualtrics International sees Q2 2021 EPS of ($0.03)-($0.01), versus the consensus of ($0.04). Qualtrics International sees Q2 2021 revenue of $240-242 million, versus the consensus of $229.32 million.
• Qualtrics International sees FY2021 EPS of ($0.13)-($0.11), versus the consensus of ($0.17). Qualtrics International sees FY2021 revenue of $980-984 million, versus the consensus of $953.57 million.
• Qualtrics is providing guidance for its second quarter ending June 30, 2021 as follows:
• Total revenue between $240 and $242 million.
• Subscription revenue between $190 and $192 million.
• Non-GAAP operating margin between (1)% and 0%.
• Non-GAAP net loss per share between $(0.03) and $(0.01) assuming 515 million weighted shares outstanding.

Qualtrics is updating its guidance for its full year ending December 31, 2021 as follows:

• Total revenue between $980 and $984 million.
• Subscription revenue between $768 and $772 million.
• Non-GAAP operating margin between (3)% and (2)%.
• Non-GAAP net loss per share between $(0.13) and $(0.11) assuming 512 million weighted shares outstanding.

For earnings history and earnings-related data on Qualtrics International (XM) click here.

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