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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.”  

  • Total revenue was $102.3 million, an increase of 16% year-over-year. 
  • Enterprise sales revenue was $31.2 million, an increase of 24% year-over year. Enterprise sales revenue accounted for approximately 30% of total revenue, up from approximately 29% in Q1 2020.
  • We ended the quarter with approximately 8,800 enterprise sales customers, up 29% from approximately 6,800 in Q1 2020. 
  • Self-serve revenue was $71.1 million, an increase of 13% year-over-year. 
  • Deferred revenue was $187.5 million, an increase of 23% year-over-year. Remaining performance obligations (RPO) were $204.9 million, an increase of 21% year-over-year. 
  • Paying users totaled approximately 845,800, an increase of approximately 99,600, or 13% from approximately 746,200 in Q1 2020, and an increase of approximately 25,500 paying users from Q4 2020. Approximately 89% of our paying users were on annual plans, up from 85% a year ago. 
  • Average revenue per user was $498, up approximately 3% from $483 in Q1 2020. 
  • GAAP operating margin was negative 26.2% and non-GAAP operating margin was negative 0.6%. 
  • GAAP net loss was $29.6 million and GAAP diluted net loss per share was $0.20. Non-GAAP net loss was $3.3 million and non-GAAP diluted net loss per share was $0.02. 
  • Net cash provided by operating activities was $17.3 million and free cash flow was $15.1 million for 16.9% and 14.7% margin, respectively. 
  • Cash and cash equivalents totaled $247.4 million and total debt was $213.1 million for net cash of $34.3 million as of March 31, 2021. 
  • Launched the latest features of GetFeedback, including AI-powered listening, visualization features, and sentiment analysis supported across ten languages. The latest release enables customers to collect feedback in even more places like ATMs and high-security websites. The new GetFeedback website also brings the solution into a more unified brand with SurveyMonkey. 
  • Announced the availability of SurveyMonkey Brand Tracker and SurveyMonkey Industry Tracker, two new, agile market research solutions that enable brands and financial services firms to continuously monitor shifts in market perception and quickly react to fuel growth. 
  • Expanded its Return-to-Work solutions for businesses, including automated insights, industry benchmarking, trend analysis, and quick setup guided by SurveyMonkey Genius™, which combines AI, machine learning and decades of industry expertise. 
  • Launched a solution for healthcare organizations that utilizes SurveyMonkey Enterprise to capture critical experience and sentiment feedback from patients and employees who are on the front lines of the COVID-19 pandemic.  
  • Launched a partnership with the Eva Longoria Foundation to provide Latina entrepreneurs free resources, including access to SurveyMonkey products and training modules to help their businesses succeed. 
  • Launched a survey with AAPI Data to increase awareness of the ongoing hate crimes and hate incidents experienced by the Asian American and Pacific Islander community. 
  • Launched a minority small business index with Operation HOPE to quantify the experiences and hopefulness of Black small business owners and aspiring entrepreneurs. 

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 2021FY 2021
Revenue
Y-o-Y growth at mid-point 
$106 million - $108 million 
18% 
$440 million - $447 million 
18% 
Non-GAAP operating margin0.0% to 2.0% 2.0% to 4.0% 
Free cash flowNA$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.

Investor Relations Contact:
Gary J. Fuges, CFA
investors@surveymonkey.com

Media Contact:
Sandra Gharib
pr@surveymonkey.com

Source: SVMK Inc.

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