SurveyMonkey (SVMK) Reports In-Line Q1 EPS, Revenues Beat; Offers FY21 Reveneus Guidance Above Consensus

SurveyMonkey (NASDAQ: SVMK) reported Q1 EPS of ($0.02), in-line with the analyst estimate of ($0.02). Revenue for the quarter came in at $102.3 million versus the consensus estimate of $100.89 million.

Q1 2021 Key Results

• Total revenue was $102.3 million, an increase of 16% year-over-year.
• Enterprise sales revenue was $31.2 million, an increase of 24% year-over year. Enterprise sales revenue accounted for approximately 30% of total revenue, up from approximately 29% in Q1 2020. We ended the quarter with approximately 8,800 enterprise sales customers, up 29% from approximately 6,800 in Q1 2020.
• Self-serve revenue was $71.1 million, an increase of 13% year-over-year.
• Deferred revenue was $187.5 million, an increase of 23% year-over-year. Remaining performance obligations (RPO) were $204.9 million, an increase of 21% year-over-year.
• Paying users totaled approximately 845,800, an increase of approximately 99,600, or 13% from approximately 746,200 in Q1 2020, and an increase of approximately 25,500 paying users from Q4 2020. Approximately 89% of our paying users were on annual plans, up from 85% a year ago.
• Average revenue per user was $498, up approximately 3% from $483 in Q1 2020.
• GAAP operating margin was negative 26.2% and non-GAAP operating margin was negative 0.6%.
• GAAP net loss was $29.6 million and GAAP diluted net loss per share was $0.20. Non-GAAP net loss was $3.3 million and non-GAAP diluted net loss per share was $0.02.
• Net cash provided by operating activities was $17.3 million and free cash flow was $15.1 million for 16.9% and 14.7% margin, respectively.
• Cash and cash equivalents totaled $247.4 million and total debt was $213.1 million for net cash of $34.3 million as of March 31, 2021.

“Our first quarter can be summarized in one word: execution,” said Zander Lurie, chief executive officer of SurveyMonkey. “We are moving up-market through agile, AI-powered solutions that help customers like Cedars Sinai, Glassdoor, Kawasaki Motors, and The Very Group manage their stakeholders’ experiences. We exceeded the high-end of our Q1 revenue guidance range and accelerated our leading indicators for growth – RPO and deferred revenue – which increased 21% and 23% year-over-year, respectively. We are increasing our full year 2021 revenue outlook, reflecting our confidence in our long-term growth strategy and our ability to execute.”

GUIDANCE:

SurveyMonkey sees Q2 2021 revenue of $106-108 million, versus the consensus of $106.03 million.

SurveyMonkey sees FY2021 revenue of $440-447 million, versus the consensus of $439.82 million.

For earnings history and earnings-related data on SurveyMonkey (SVMK) click here.

You May Also Be Interested In

• Tesla touts acceleration of new models, but Q1 results fall short of estimates
• Veralto Corporation (VLTO) Tops Q1 EPS by 6c, Offers Guidance
• Weatherford International plc (WFRD) Tops Q1 EPS by 6c