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Company reports revenue of $79.3 million, 22% YoY growth

Enterprise sales revenue grew 129%, surpassed 5,000 enterprise sales customers

SAN MATEO, Calif.—November 7, 2019 — SurveyMonkey Inc. (Nasdaq: SVMK) a leading global survey software company, announced today that its parent company, SVMK Inc., reported third quarter 2019 financial results for the period ended September 30, 2019.

“SurveyMonkey’s strong Q3 results underscore that feedback is a necessity for any business that values its stakeholders,” said Zander Lurie, chief executive officer at SurveyMonkey. “This quarter, we added more than 500 new customers to our growing enterprise roster, including Zoom, IBM and Thule Sweden, and we scaled enterprise sales to 23% of total revenue. We maintained solid execution on both driving adoption of our collaborative self-serve Teams plans and expanding our international footprint, as promised at our IPO one year ago. We also strengthened our customer experience capabilities with the acquisition of GetFeedback, an experience management solution designed for the Salesforce ecosystem. We are excited about this momentum as we enter the fourth quarter.”

Q3 2019 Key Results

  • Revenue was $79.3 million for 22% year-over-year growth.
  • Enterprise sales revenue was approximately 23% of total revenue, up from approximately 12% in Q3 2018 and 20% in Q2 2019. We ended the quarter with 5,346 enterprise sales customers, up from 3,226 in Q3 2018, for 66% year-over-year growth, and an increase of 569 customers from Q2 2019. This includes a one-time increase of approximately 65 net new enterprise sales customers following the closing of the GetFeedback acquisition.
  • Paying users totaled 713,217 compared to 621,071 in Q3 2018, for 15% year-over-year growth, and up 20,762 paying users from Q2 2019, for 3% quarter-over-quarter growth. Approximately 82% of our paying users were on annual plans, up from 76% in Q3 2018 and 80% in Q2 2019.
  • Average revenue per user was $448 compared to $418 in Q3 2018, for 7% year-over-year growth, and up from $442 in Q2 2019, for 1% quarter-over-quarter growth.
  • GAAP operating margin was (19%) and non-GAAP operating margin was 3%.
  • GAAP net loss was ($16.3) million and Adjusted EBITDA was $11.5 million.
  • GAAP basic and diluted net loss per share was ($0.12). Non-GAAP basic and diluted net loss per share was less than one cent.
  • Net cash provided by operating activities was $23.5 million, free cash flow was $19.8 million, and unlevered free cash flow was $23.2 million, for 30%, 25%, and 29% margin, respectively.
  • Cash and cash equivalents were $116.2 million and total debt was $216.0 million for net debt of $99.8 million.

Q3 2019 Business Highlights

  • SurveyMonkey acquired GetFeedback, a customer experience management (CEM) company, designed for the Salesforce ecosystem.
  • SurveyMonkey achieved International Organization for Standardization (ISO) 27001 security recognition from the British Standards Institute.
  • SurveyMonkey ranked #1 in the Enterprise Feedback software category in the Fall 2019 G2 Grid.
  • SurveyMonkey ranked #1 survey software solution by Capterra’s Top 20 Survey Software report.
  • SurveyMonkey hired Eric Johnson as its first Chief Information Officer.

SurveyMonkey posted a shareholder letter with complete third quarter 2019 financial results and management commentary on its investor relations website at

Financial Outlook

Q4 2019
Revenue$83 million - $84 million22% - 24% YoY growth
Non-GAAP operating margin-3% to -1%
FY 2019
Revenue$306 million - $307 millionApproximately 21% YoY growth
Non-GAAP operating margin0% to 1%
Unlevered free cash flow$48 million - $51 million16% - 17% margin

We expect our acquisitions of Usabilla and GetFeedback to represent approximately 4% of total revenue for the full year 2019, which is reflected in our guidance. Both will be broadly integrated into our product and go-to-market portfolio by 2020. As a result, we will not provide contribution details in 2020 and beyond.

Conference Call Information

We will host a conference call today to discuss our Q3 2019 business and 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 A replay of the audio webcast will be available on the same website following the call. A telephonic replay will be available through November 14, 2019 by dialing (855) 859-2056 or (404) 537-3406 and entering passcode 7689737#.

Upcoming Events

Senior management will be presenting at the following investor conferences:
Credit Suisse TMT Conference in Scottsdale, Arizona, on Tuesday December 3, 2019
Wells Fargo TMT Summit in Las Vegas, Nevada, on Wednesday, December 4, 2019
UBS Global TMT Conference in New York, New York, on Tuesday, December 10, 2019

About SurveyMonkey

SurveyMonkey is a leading global survey software company on a mission to power the curious. The company’s People Powered Data 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 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.

Investor Relations Contact:
Whitney Kukulka
The Blueshirt Group

Media Contact:
Lara Sasken

Source: SurveyMonkey Inc.