Total Revenue Increases 20% Year-over-Year
Enterprise Sales Revenue Increases 37% Year-over-Year
SAN MATEO, Calif., Nov. 09, 2021 (GLOBE NEWSWIRE) — Momentive (NASDAQ: MNTV), an agile experience management company (formerly SurveyMonkey), today reported third quarter results for the period ended September 30, 2021.
Q3 2021 Key Results
- Total revenue was $114.8 million, an increase of 20% year-over-year.
- Enterprise sales revenue was $37.6 million, an increase of 37% year-over year. Enterprise sales revenue accounted for approximately 33% of total revenue, up from approximately 29% in Q3 2020. We ended the quarter with approximately 10,500 enterprise sales customers, up 37% from approximately 7,700 in Q3 2020.
- Self-serve revenue was $77.1 million, an increase of 13% year-over-year.
- Leading Growth Indicators: Deferred revenue was $197.6 million, an increase of 20% year-over-year. Remaining performance obligations were $222.6 million, an increase of 21% year-over-year.
- Paying users totaled approximately 883,100, an increase of approximately 79,900, or 10% from approximately 803,200 in Q3 2020. Approximately 90% of our paying users were on annual plans, up from 87% a year ago.
- Average revenue per user was $522, up approximately 9% from $478 in Q3 2020.
- GAAP operating margin was negative 17.1% and non-GAAP operating margin was 6.5%.
- GAAP net loss was $22.9 million and GAAP diluted net loss per share was $0.15. Non-GAAP net income was $4.3 million and non-GAAP diluted net income per share was $0.03.
- Net cash provided by operating activities was $16.7 million and free cash flow was $14.7 million for 14.6% and 12.8% margin, respectively.
- Cash and cash equivalents totaled $300.7 million and total debt was $212.2 million for net cash of $88.5 million as of September 30, 2021.
Due to the Company’s pending acquisition by Zendesk, the Company has cancelled its November 9 conference call and webcast to discuss these financial results. Additionally, the Company will not be providing financial guidance for Q4 2021 and has suspended its financial guidance for the full year 2021.
Q3 2021 Business and Product Highlights
- Held GetFeedback’s Second Annual Customer Experience (CX) Summit, where the industry’s top experts and innovators shared best practices and expert insights to help GetFeedback users prepare to take on the future of customer experience with confidence
- Released new GetFeedback integrations for Slack and Salesforce, and announced Christofle and Barceló Hotel Group as new GetFeedback customers
- Launched Workplace Equity IQ to help companies go beyond merely tracking representation to truly understand the beliefs and experiences of employees
- Expanded the Momentive market research panel to better target B2B and healthcare audiences in order to meet the growing demand from B2B customers
- Announced that Cover Genius selected Momentive to power its global market research to uncover opportunities in the financial services industry
- Recognized as a top-rated company for work-life balance and employee happiness in the Comparably Workplace Culture Awards
About Momentive
Momentive (NASDAQ: MNTV – formerly SurveyMonkey) is a leader in agile experience management, delivering powerful, purpose-built solutions that bring together the best parts of humanity and technology to redefine AI. Momentive products, including GetFeedback, SurveyMonkey, and Momentive brand and market insights solutions, empower decision-makers at 345,000 organizations worldwide to shape exceptional experiences. More than 20 million active users rely on Momentive to fuel market insights, brand insights, employee experience, customer experience, and product experience. Ultimately, the Company’s vision is to raise the bar for human experiences by amplifying individual voices. Learn more at momentive.ai.
Investor Relations Contact:
Gary J. Fuges, CFA
[email protected]
Media Contact:
Katie Miserany
[email protected]
Source: Momentive Global Inc.
Safe Harbor Statement
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about our financial outlook, outstanding shares, products, including our investments in products, technology and other key strategic areas. The achievement of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, the company’s results could differ materially from the results expressed or implied by the forward-looking statements the company makes.
The risks and uncertainties referred to above include – but are not limited to – risks related to our pending acquisition by Zendesk; risks related to the COVID-19 coronavirus pandemic; our ability to retain and upgrade customers; our revenue growth rate; our brand (including our recent rebranding); our marketing strategies; our self-serve business model; the length of our sales cycles; the growth and development of our salesforce; security measures; expectations regarding our ability to timely and effectively scale and adapt existing technology and network infrastructure to ensure that our products and services are accessible at all times; competition; our debt; revenue recognition; our ability to manage our growth; our culture and talent; our data centers; privacy, security and data transfer concerns, as well as changes in regulations, which could impact our ability to serve our customers or curtail our monetization efforts; litigation and regulatory issues; expectations regarding the return on our strategic investments; execution of our plans and strategies, including with respect to mobile products and features and expansion into new areas and businesses; our international operations; intellectual property; the application of U.S. and international tax laws on our tax structure and any changes to such tax laws; acquisitions we have made or may make in the future; the price volatility of our common stock; and general economic conditions.
Further information on these and other factors that could affect our financial results are included in documents filed with the Securities and Exchange Commission from time to time, including the section entitled “Risk Factors” in the Quarterly Report on Form 10-Q that will be filed for the quarter ended September 30, 2021, which should be read in conjunction with these financial results. These documents are or will be available on the SEC Filings section of our Investor Relations website page at investor.momentive.ai. All information provided in this release and in the attachments is as of November 9, 2021, and we undertake no obligation to update this information.
Author Information
As a detail-oriented researcher, Sherril is expert at discovering, gathering and compiling industry and market data to create clear, actionable market and competitive intelligence. With deep experience in market analysis and segmentation she is a consummate collaborator with strong communication skills adept at supporting and forming relationships with cross-functional teams in all levels of organizations.
Sherril holds a Master of Business Administration in Marketing from University of Colorado, Boulder and a Bachelor of Arts in Psychology from Rutgers University.
