RPO Increases 21%, Deferred Revenue Increases 23% Year-over-Year
Company Raises Full Year 2021 Revenue Outlook
SAN MATEO, Calif. — May 6, 2021 — SurveyMonkey (Nasdaq: SVMK), a leader in agile software solutions for customer experience, market research, and survey feedback, today reported first quarter results for the period ended 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.”
SurveyMonkey posted a shareholder letter with its first quarter 2021 financial results and management commentary on its investor relations website at investor.surveymonkey.com.
For the second quarter and full year of 2021, SurveyMonkey currently expects the following:
|Q2 2021||FY 2021|
Y-o-Y growth at mid-point
|$106 million - $108 million |
|$440 million - $447 million |
|Non-GAAP operating margin||0.0% to 2.0%||2.0% to 4.0%|
|Free cash flow||NA||$47 million - $52 million|
For the second quarter of 2021, the company expects basic weighted average shares outstanding to be approximately 146 million and diluted weighted average shares outstanding to be approximately 149 million. For the full year 2021, the company expects basic weighted average shares outstanding to be approximately 147 million and dilutive weighted average shares outstanding to be approximately 154 million. 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 2021 financial results. This call is scheduled to begin at 2:00 pm PT / 5:00 pm ET and can be accessed by dialing (833) 900-1542 or (236) 712-2281 (ID: 2993662). An archived webcast of the conference call will be accessible on SurveyMonkey’s Investor Relations page, investor.surveymonkey.com. A telephonic replay of the conference call will be available until Thursday, May 13, 2021, and can be accessed by dialing (800) 585-8367 or (416) 621-4642 and entering the passcode 2993662.
SurveyMonkey is a leader in agile software solutions for customer experience, market research, and survey feedback. The company’s platform empowers more than 20 million active users to analyze and act on feedback from employees, customers, website and app users, and market research respondents. SurveyMonkey’s products, enterprise solutions, and integrations enable more than 345,000 organizations to deliver better customer experiences, increase employee retention, and unlock growth and innovation. Ultimately, SurveyMonkey's vision is to raise the bar for human experiences by amplifying individual voices.
Source: SVMK Inc.