Company reports record revenue of $88.3 million, an increase of 29% year-over-year
85% of paying users on annual plans, up from 78% in Q1 2019
SAN MATEO, Calif.— May 7, 2020 — SurveyMonkey, a leading global survey software company, today announced that its parent company, SVMK Inc. (Nasdaq: SVMK), reported first quarter financial results for the period ended March 31, 2020.
“SurveyMonkey’s product suite is uniquely positioned to help our customers navigate this period of uncertainty. Listening to stakeholder feedback and taking action is a top priority for organizational leaders in unstable times. The results we delivered this quarter underscore the power of a market leading brand and agile software solutions that deliver value and results with speed,” said Zander Lurie, chief executive officer at SurveyMonkey. “In Q1, we welcomed world-class businesses including Kraft Heinz, Unilever, Informatica, Darden Restaurants, and Travix to our growing roster. We drove 29% year-over-year revenue growth and shipped important new products for Customer Experience and Market Research customers. The combination of our durable subscription-based business model paired with our price-disruptive solutions provides for a strong foundation in any economic environment. Our team is dedicated to serving our largest enterprise and government customers with packaged solutions and services as well as meeting the needs of our SMB and nonprofit clients with templates and flexible packages. I am heartened by our focused strategy and strong balance sheet, and I’m confident we will emerge an even stronger company on the other side of this health and economic crisis.”
SurveyMonkey posted a shareholder letter with complete first quarter 2020 financial results and management commentary on its investor relations website at investor.surveymonkey.com.
Given the increased uncertainty in the macroeconomic environment, SurveyMonkey is withdrawing its previously-issued full year 2020 financial outlook. The company will continue to provide quarterly guidance and expects to return to providing full year guidance once the pandemic’s impact on its business becomes clearer.
For the second quarter of 2020, SurveyMonkey currently expects the following:
|Revenue||$87 million - $90 million||18% YoY growth at mid-point|
|Non-GAAP operating margin||0% to 2%|
The company expects basic and diluted weighted average shares outstanding to be approximately 139 million for the second quarter 2020. For a detailed explanation of the Company’s non-GAAP measures, please refer to the appendix section of this press release.
SurveyMonkey senior management will host a conference call today to discuss the Company’s Q1 2020 financial results. This call is scheduled to begin at 2:00 pm PT / 5:00 pm ET and can be accessed by dialing (866) 417-2046 or (409) 217-8231. To listen to a live audio webcast, please visit SurveyMonkey’s Investor Relations website at investor.surveymonkey.com. A replay of the audio webcast will be available on the same website following the call. A telephonic replay will be available through May 14, 2020 by dialing (855) 859-2056 or (404) 537-3406 and entering passcode 7289852#.
Senior management is scheduled to present at the following virtual investor conferences:
A live webcast of the conference presentations will be accessible from the SurveyMonkey investor relations website at investor.surveymonkey.com. Following the event, a replay will be made available at the same location.
SurveyMonkey is a leading global survey software company on a mission to power the curious. The company’s platform empowers over 17 million active users to measure and understand feedback from employees, customers, website and app users, and the market. SurveyMonkey’s products, enterprise solutions and integrations enable more than 335,000 organizations to solve daily challenges, from delivering better customer experiences to increasing employee retention. With SurveyMonkey, organizations around the world can transform feedback into business intelligence that drives growth and innovation.
Source: SurveyMonkey Inc.