SurveyMonkey (SVMK) Tops Q4 EPS by 3c; Offers 1Q & FY21 Revenue Guidance Below Consensus

SurveyMonkey (NASDAQ: SVMK) reported Q4 EPS of $0.03, $0.03 better than the analyst estimate of $0.00. Revenue for the quarter came in at $101 million versus the consensus estimate of $100.6 million.

Q4 2020 Key Results

• Total revenue was $101.0 million, an increase of 20% year-over-year.
• Enterprise sales revenue was $29.8 million, an increase of 39% year-over year. Enterprise sales revenue accounted for approximately 29% of total revenue, up from approximately 25% in Q4 2019. We ended the quarter with approximately 8,200 enterprise sales customers, up 24% from approximately 6,600 in Q4 2019.
• Self-serve revenue was $71.2 million, an increase of 13% year-over-year.
• Deferred revenue was $170.6 million, an increase of 21% year-over-year. Remaining performance obligations (RPO) were $187.9 million, an increase of 17% year-over-year.
• Paying users totaled approximately 820,300, an increase of approximately 99,400, or 14% from approximately 720,900 in Q4 2019, and an increase of approximately 17,100 paying users from Q3 2020. Approximately 88% of our paying users were on annual plans, up from 84% a year ago.
• Average revenue per user was $494, up approximately 6% from $467 in Q4 2019.
• GAAP operating margin was negative 16.0% and non-GAAP operating margin was 7.2%.
• GAAP net loss was $18.3 million and GAAP diluted net loss per share was $0.13. Non-GAAP net income was $5.1 million and non-GAAP diluted net income per share was $0.03.
• Net cash provided by operating activities was $11.6 million and free cash flow was $9.5 million for 11.5% and 9.4% margin, respectively.

“The SurveyMonkey team remained focused in a challenging 2020, delivering 22% year-over-year revenue growth, over $45 million in free cash flow, and agile, new products and solutions that help customers listen, learn, and take action for their stakeholders,” said Zander Lurie, chief executive officer of SurveyMonkey. “Our Q4 book of business remained strong with more than 500 new enterprise customers like Avon, Carrefour, Evernote, Headspace, Mulberry, and Norwegian Cruise Lines, and we are confident we can move further up-market in 2021 through continued product innovation that helps even more enterprises turn feedback into action.”

GUIDANCE:

SurveyMonkey sees Q1 2021 revenue of $99.5-101.5 million, versus the consensus of $104.89 million.

SurveyMonkey sees FY2021 revenue of $436-443 million, versus the consensus of $449.96 million.

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

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