SurveyMonkey Posts 22% Revenue Growth, Over $45M in Free Cash Flow in 2020

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SurveyMonkey, a leader in agile software solutions for customer experience, market research, and survey feedback, today reported fourth-quarter and full-year financial results for the period ended December 31, 2020.

“The SurveyMonkey team remained focused in a challenging 2020, delivering 22% year-over-year revenue growth, over $45 million in free cash flow, and agile, new products and solutions that help customers listen, learn, and take action for their stakeholders,” said Zander Lurie, chief executive officer of SurveyMonkey.

SurveyMonkey Q3 Revenues Up 20% to $95.4 million BrandspurngSurveyMonkey Q3 Revenues Up 20% to $95.4 million Brandspurng

“Our Q4 book of business remained strong with more than 500 new enterprise customers like Avon, Carrefour, Evernote, Headspace, Mulberry, and Norwegian Cruise Lines, and we are confident we can move further up-market in 2021 through continued product innovation that helps even more enterprises turn feedback into action.”

Q4 2020 Key Results

  • Total revenue was $101.0 million, an increase of 20% year-over-year.
  • Enterprise sales revenue was $29.8 million, an increase of 39% year-over-year. Enterprise sales revenue accounted for approximately 29% of total revenue, up from approximately 25% in Q4 2019. We ended the quarter with approximately 8,200 enterprise sales customers, up 24% from approximately 6,600 in Q4 2019.
  • Self-serve revenue was $71.2 million, an increase of 13% year-over-year.
  • Deferred revenue was $170.6 million, an increase of 21% year-over-year. Remaining performance obligations (RPO) were $187.9 million, an increase of 17% year-over-year.
  • Paying users totaled approximately 820,300, an increase of approximately 99,400, or 14% from approximately 720,900 in Q4 2019, and an increase of approximately 17,100 paying users from Q3 2020. Approximately 88% of our paying users were on annual plans, up from 84% a year ago.
  • The average revenue per user was $494, up approximately 6% from $467 in Q4 2019.
  • GAAP operating margin was negative 16.0% and non-GAAP operating margin was 7.2%.
  • GAAP net loss was $18.3 million and GAAP diluted net loss per share was $0.13. Non-GAAP net income was $5.1 million and non-GAAP diluted net income per share was $0.03.
  • Net cash provided by operating activities was $11.6 million and free cash flow was $9.5 million for 11.5% and 9.4% margin, respectively.

SurveyMonkey Q3 Revenues Up 20% to $95.4 million Brandspurng

The full Year 2020 Key Results

  • Total revenue was $375.6 million, an increase of 22% year-over-year.
  • Enterprise sales revenue was $107.9 million, an increase of 65% year-over-year.
  • Self-serve revenue was $267.7 million, an increase of 11% year-over-year.
  • GAAP operating margin was negative 21.7% and non-GAAP operating margin was 2.7%.
  • GAAP net loss was $91.6 million and GAAP diluted net loss per share was $0.65. Non-GAAP net loss was $0.7 million and non-GAAP diluted net loss per share was $0.01.
  • Net cash provided by operating activities was $55.6 million and free cash flow was $45.6 million for 14.8% and 12.1% margin, respectively.
  • Cash and cash equivalents totalled $224.4 million and total debt was $213.6 million for net cash of $10.8 million as of December 31, 2020.

The full Year 2020 Business Milestones

Launched new products and solutions

  • Launched the GetFeedback platform, SurveyMonkey’s powerful and agile customer experience (CX) solution that helps organizations set up their CX program within days to quickly understand and act on customer insights.
  • Launched the expert solutions suite of market research tools that simplifies product and marketing concept and creative testing with built-in methodology and AI-Powered Insights.
  • Launched new survey templates and resources to assist with pandemic-related distance learning, remote work and return to work issues.
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Helped customers navigate through challenges of the pandemic

  • The Rhode Island Department of Health (RIDOH) deployed SurveyMonkey’s Enterprise Solution and Salesforce integration in approximately 11 days to assist in monitoring COVID-19’s impact.
  • Global supermarket giant Carrefour Group is using GetFeedback’s multi-channel agile CX solution to effectively leverage customer feedback and improve the online shopping experience for its customers.
  • SurveyMonkey’s return to work solutions has been instrumental in helping Carlex Glass ensure the health of its employees and keep worksites productive and safe, and resulted in approximately $9,000 in savings per day in overtime.
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New partnerships and integrations with leading systems of record

  • New integrations with Microsoft Teams, Zoom Video Communications, Salesforce Commerce Cloud, and ServiceNow help organizations prepare for the future of work by advancing digital transformation and improving the feedback experience of stakeholders.
  • Launched the SurveyMonkey Technology Ecosystem Program (STEP), an expanded partner platform that will allow companies to build, launch, and scale their SurveyMonkey integrations with developer resources and go-to-market opportunities.

Expanded executive team

  • Announced the hiring of Ken Ewell as the company’s first Chief Customer Officer, Antoine Andrews as its first Chief Diversity and Social Impact Officer, Graham Douglas as our new EMEA sales executive to grow the CX business in the region, and Karen Budell as new Vice President of Brand Marketing. The company also promoted Sasa Ferrari to Vice President of Talent Acquisition, and Janelle Lopez to Vice President on the People Team.

Made progress on the company’s diversity, equity and inclusion and social impact initiatives

  • Announced its vendor diversity initiative, launched resources for advancing racial equity, and became a Charter Member of The Board Challenge, a new initiative to help improve the representation of Black directors in corporate U.S. boardrooms.
  • Surpassed the milestone of $15 million raised for non-profit organizations through the Contribute platform, and released its Inaugural Social Impact Report.

Achieved industry recognition

  • Ranked #2 by G2 in its 2020 report of 100 best global software companies, and several employer awards: Best Companies for Women to Advance by Parity.org, National Capital Region’s Top Employer (Canada), Fortune’s Best Workplaces in the Bay Area, and Glassdoor Best Places to Work: Employee Choice Award.

Financial Outlook

For the first quarter and full year of 2021, SurveyMonkey currently expects the following:

Q1 2021 FY 2021
Revenue $99.5 million – $101.5 million $436 million – $443 million
Non-GAAP operating margin (2.0%) to 0.0% 2% to 4%
Free cash flow NA $43 million – $48 million
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For the first quarter of 2021, the company expects basic and diluted weighted average shares outstanding to be approximately 144 million. For the full year 2021, the company expects basic weighted average shares to be approximately 148 million and dilutive weighted average shares to be approximately 155 million.

SurveyMonkey Posts 22% Revenue Growth, Over $45M in Free Cash Flow in 2020 Brandspurng

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SurveyMonkey Posts 22% Revenue Growth, Over $45M in Free Cash Flow in 2020 - Brand SpurSurveyMonkey Posts 22% Revenue Growth, Over $45M in Free Cash Flow in 2020 - Brand Spur

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SurveyMonkey Posts 22% Revenue Growth, Over $45M in Free Cash Flow in 2020 - Brand SpurSurveyMonkey Posts 22% Revenue Growth, Over $45M in Free Cash Flow in 2020 - Brand Spur

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