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Momentive Announces Second Quarter 2022 Financial Results

Increased Sales-Assisted Channel Revenue 30% Year-over-Year

Announced Executive and Board of Directors Changes

Hosting Virtual Investor Day on Friday, August 5

SAN MATEO, Calif. — August 4, 2022 — Momentive (NASDAQ: MNTV), a leader in agile experience management, today reported second quarter results for the period ended June 30, 2022.

“We are controlling our destiny in a more challenging macroeconomic environment, delivering value that enables us to retain and expand with our customers while managing the business prudently to drive operating leverage,” said Zander Lurie, Chief Executive Officer of Momentive. “As our full year 2022 outlook reflects, we intend to drive increased profitability in the second half of this year, and on our August 5th investor day we will lay out our path to ‘Rule of 40’ financial performance.”

Q2 2022 Key Results 

  • Total revenue was $120.2 million, an increase of 10% year-over-year.
  • Sales-assisted channel revenue was $44.1 million, an increase of 30% year-over-year. Sales-assisted channel revenue accounted for approximately 37% of total revenue, up from approximately 31% in Q2 2021. We ended the quarter with approximately 15,700 sales-assisted channel customers, up 67% from approximately 9,400 in Q2 2021.
  • Self-serve channel revenue was $76.1 million, an increase of 1% year-over-year.
  • Deferred revenue was $219.2 million, an increase of 11% year-over-year. Remaining performance obligations were $249.8 million, an increase of 13% year-over-year.
  • Paying users totaled approximately 909,700, an increase of 6% from approximately 862,200 in Q2 2021. Approximately 92% of our paying users were on annual plans, up from 90% a year ago.
  • Average revenue per user was approximately $534, up 4% from approximately $514 in Q2 2021.
  • GAAP operating margin was negative 21.2% and non-GAAP operating margin was 2.8%.
  • GAAP net loss was $28.6 million and GAAP diluted net loss per share was $0.19. Non-GAAP net income was $0.4 million and non-GAAP diluted net income per share was $0.00.
  • Net cash provided in operating activities was $3.7 million and free cash flow was $1.3 million.
  • Cash and cash equivalents totaled $209.4 million and total debt was $185.8 million for net cash of $23.6 million as of June 30, 2022.

Stock Repurchase Program Update

On February 28, 2022, Momentive announced its board of directors had authorized a stock repurchase program to repurchase up to $200 million of the company’s common stock in the open market or in privately negotiated transactions (through 10b5-1 trading plans or otherwise). From the announcement of the plan through June 30, 2022, Momentive repurchased approximately 5.0 million shares of common stock for approximately $68.5 million. As of June 30, 2022, the Company’s remaining share repurchase authorization was approximately $131.5 million.

Company Announces Executive and Board of Directors Changes

Today, the company also announced the following changes to its executive team and board of directors.

  • Justin Coulombe will step down from his role as Chief Financial Officer, effective September 30, 2022. He will remain with the company through the end of Q3 to ensure a seamless transition. Momentive has initiated a search process and has retained an executive search firm.
  • Ken Ewell, who serves as Chief Customer Officer, will assume the additional responsibility of overseeing the global sales organization while retaining his leadership of the company’s customer success, professional services, and support teams. He will continue to report to Zander in his expanded role. John Schoenstein will step down from his role overseeing the company’s global sales organization, effective today. He will remain with the company through October 3, 2022 to ensure a seamless transition.
  • Lauren Antonoff, a former leader at GoDaddy and Microsoft, will be joining the Momentive board of directors in the third quarter. Serena Williams will step down as a director after more than five years of service on the board of directors. 

“On behalf of the Momentive board and management team, I want to thank Justin and John for their significant contributions to our company,” said Zander. “Since joining Momentive in 2019, Justin has been instrumental in strengthening the depth and rigor of our finance organization, as well as advancing our focus on driving profitable growth. John has had a tremendous impact on our organization, having helped scale our sales-assisted channel. We wish Justin and John the best in their future endeavors.”

“Lauren’s strong leadership experience, proven product development background, and deep industry perspectives gained during her nearly three decades at GoDaddy and Microsoft will be incredibly valuable as we strive to better serve customers, drive consistent revenue growth, and generate greater profitability,” said David Ebersman, Chair of the Momentive board. “On behalf of the board, I also want to thank Serena for her valuable contributions and wish her continued success.”

About Lauren Antonoff

Lauren Antonoff served as President, Independents at GoDaddy from November 2019 to January 2022. Prior to this role, she served as Senior Vice President & General Manager, Presence and Commerce at GoDaddy from March 2015 to November 2019. Prior to GoDaddy, Lauren spent over 18 years at Microsoft Corporation serving in various program manager roles and most recently as Director, Program Management for SharePoint. She studied Rhetoric and Political Science at the University of California, Berkeley.

August 5, 2022 Investor Day

Momentive will host a virtual investor day on Friday, August 5, 2022 beginning at 9:00 a.m. PT (12:00 p.m. ET). Senior management will host a series of presentations, followed by a live Q&A session. To register for the live webcast or to access the replay of the event, please visit Momentive’s Investor Relations website at

Financial Outlook  

For the third quarter and full year of 2022, Momentive currently expects the following:

 Q3 2022 FY 2022 
Revenue $119.5 million - $122.5 million $479 million - $485 million 
Non-GAAP operating margin 5% to 7% 6% to 7% 
Free cash flow (includes impact of one-time transaction-related and restructuring expenses) NA $1 million - $7 million

As stated above, we expect full year 2022 free cash flow in the range of $1 to $7 million.  Of note, this includes the impact of approximately $29 million in one-time transaction-related and restructuring expenses - a portion of which were accrued as expenses in Q4 2021, but will result in cash outflows in 2022.

For the third quarter of 2022, the company expects basic weighted average shares outstanding to be approximately 148 million and diluted weighted average shares outstanding to be approximately 148 million. For the full year 2022, the company expects basic weighted average shares outstanding to be approximately 149 million and diluted weighted average shares outstanding to be approximately 152 million. The basic and diluted weighted average shares outstanding for the third quarter of 2022 and full year 2022 do not include any forecasts for share repurchases after June 30, 2022. For a detailed explanation of the company’s non-GAAP measures, please refer to the appendix section of this press release.

Conference Call Information

Momentive senior management will host a conference call today to discuss the company’s second quarter 2022 financial results. This call is scheduled to begin at 2:00 pm PT / 5:00 pm ET and can be accessed by dialing (844) 200-6205 or (646) 904-5544 (ID: 217163). An archived webcast of the conference call will be accessible on Momentive’s Investor Relations page, A telephonic replay of the conference call will be available until Thursday August 11, 2022, and can be accessed by dialing (866) 813-9403 or (929) 458-6194 and entering the passcode 018276.

About Momentive

Momentive (NASDAQ: MNTV—maker of 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 SurveyMonkey and Momentive brand and market insights solutions, empower ​decision-makers at 345,000 organizations worldwide to shape exceptional experiences. Millions of 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

Investor Relations Contact: 

Gary J. Fuges, CFA 

Media Contact: 

Katie Miserany 

Source: Momentive Global Inc.