Momentive announces third quarter 2021 financial results

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Momentive Announces Third Quarter 2021 Financial Results

Total Revenue Increases 20% Year-over-Year
Enterprise Sales Revenue Increases 37% Year-over-Year

SAN MATEO, Calif. — November 09, 2021 — Momentive (NASDAQ: MNTV), an agile experience management company (formerly SurveyMonkey), today reported third quarter results for the period ended September 30, 2021.

Q3 2021 Key Results

Total revenue was $114.8 million, an increase of 20% year-over-year.
Enterprise sales revenue was $37.6 million, an increase of 37% year-over year. Enterprise sales revenue accounted for approximately 33% of total revenue, up from approximately 29% in Q3 2020. We ended the quarter with approximately 10,500 enterprise sales customers, up 37% from approximately 7,700 in Q3 2020.
Self-serve revenue was $77.1 million, an increase of 13% year-over-year.
Leading Growth Indicators: Deferred revenue was $197.6 million, an increase of 20% year-over-year. Remaining performance obligations were $222.6 million, an increase of 21% year-over-year.
Paying users totaled approximately 883,100, an increase of approximately 79,900, or 10% from approximately 803,200 in Q3 2020. Approximately 90% of our paying users were on annual plans, up from 87% a year ago.
Average revenue per user was $522, up approximately 9% from $478 in Q3 2020.
GAAP operating margin was negative 17.1% and non-GAAP operating margin was 6.5%.
GAAP net loss was $22.9 million and GAAP diluted net loss per share was $0.15. Non-GAAP net income was $4.3 million and non-GAAP diluted net income per share was $0.03.
Net cash provided by operating activities was $16.7 million and free cash flow was $14.7 million for 14.6% and 12.8% margin, respectively.
Cash and cash equivalents totaled $300.7 million and total debt was $212.2 million for net cash of $88.5 million as of September 30, 2021.

Due to the Company’s pending acquisition by Zendesk, the Company has cancelled its November 9 conference call and webcast to discuss these financial results. Additionally, the Company will not be providing financial guidance for Q4 2021 and has suspended its financial guidance for the full year 2021.

Q3 2021 Business and Product Highlights

Held GetFeedback's Second Annual Customer Experience (CX) Summit, where the industry's top experts and innovators shared best practices and expert insights to help GetFeedback users prepare to take on the future of customer experience with confidence
Released new GetFeedback integrations for Slack and Salesforce, and announced Christofle and Barceló Hotel Group as new GetFeedback customers
Launched Workplace Equity IQ to help companies go beyond merely tracking representation to truly understand the beliefs and experiences of employees
Expanded the Momentive market research panel to better target B2B and healthcare audiences in order to meet the growing demand from B2B customers 
Announced that Cover Genius selected Momentive to power its global market research to uncover opportunities in the financial services industry
Recognized as a top-rated company for work-life balance and employee happiness in the Comparably Workplace Culture Awards

About Momentive

Momentive (NASDAQ: MNTV - formerly 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 GetFeedback, SurveyMonkey, and Momentive brand and market insights solutions, empower decision-makers at 345,000 organizations worldwide to shape exceptional experiences. More than 20 million active 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 momentive.ai.

Investor Relations Contact:
Gary J. Fuges, CFA
investors@momentive.ai

Media Contact:
Katie Miserany
pr@momentive.ai

Source: Momentive Global Inc.

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