DocumentExhibit 99.1
Medallia Reports Record First Quarter Fiscal 2022 Revenue
•Q1 Subscription Revenue of $106.1 Million, up 19% Year-over-Year
•Q1 Total Revenue of $131.4 Million, up 17% Year-over-Year
SAN FRANCISCO--(BUSINESS WIRE)--June 1, 2021--Medallia, Inc. (NYSE: MDLA), the global leader in customer and employee experience, today announced financial results for the quarter ended April 30, 2021.
“I’m pleased with our performance in Q1. In addition to record subscription revenue we had our highest number of quarterly go-lives ever, as we added more new enterprise and mid-market customers,” said Leslie Stretch, President and CEO of Medallia. “We have more sales capacity and more product than at any other time in our history and more industry analysts validating our innovation leadership. We have strong geographic and vertical end-markets and more mature and effective alliances. Following record attendance at our Experience 21 conference we are focused on execution for the rest of the year and we see an opportunity to accelerate our subscription growth.”
Financial Highlights for the First Quarter of Fiscal 2022
•Total revenue for the quarter was $131.4 million, an increase of 17% from the same period last year. Subscription revenue was $106.1 million, an increase of 19% from the same period last year.
•Loss from operations for the quarter was $(50.1) million, compared to loss from operations of $(32.8) million in the same period last year. Non-GAAP loss from operations for the first quarter was $(10.5) million, compared to $3.5 million income from operations in the same period last year.
•Net loss for the quarter was $(52.4) million, or $(0.34) per share, basic and diluted, compared to net loss of $(32.5) million, or $(0.24) per share, basic and diluted, in the same period last year. Non-GAAP net loss was $(12.1) million, or $(0.08) per share, basic and diluted, compared to non-GAAP net income of $3.1 million, or $0.02 per share, diluted, in the same period last year.
•Cash, cash equivalents and marketable securities were $540.5 million as of April 30, 2021.
For information regarding the non-GAAP financial measures discussed in this press release, please see the section titled “Non-GAAP Financial Measures.” Reconciliations between GAAP and non-GAAP financial measures are provided in the tables of this press release.
Recent Company Highlights
•Recent wins with customers, including: Avianca Airlines, Chalhoub Group, Continental Properties, Coyote Logistics, Entain Group, Franciscan Health, Freemans Grattan Holdings (FGH), Hewlett Packard Enterprise, Marks & Spencer, Oracle, PHC Corporation of North America, Reale Mutua, Southwestern Health Resources, Terex, The Container Store, Valentino, Victoria University, Visier and Yorkshire Building Society.
•Several new product announcements at Experience including Adaptive Text Analytics, Market Research Suite, Medallia Digital Suite, Medallia Developer Network and Total Experience Profiles.
•Recognized as a leader in The Forrester Wave™: Customer Feedback Management Platforms.
•Achieved HITRUST CSF® Certification to manage risk, improve security posture, and meet compliance requirements.
•Achieved FedRAMP High Authorization.
•Medallia for ServiceNow’s HR Service Delivery platform (HRSD) has received certification with ServiceNow.
•Recognized as the Adobe Digital Experience Global ISV Partner of the Year.
•Recognized by Comparably as one of the best places to work in the San Francisco Bay Area.
Financial Outlook
Medallia is providing the following guidance for the second fiscal quarter ending July 31, 2021 and for the full fiscal year ending January 31, 2022 (stated in millions, except percentages):
| | | | | | | | | | | | | | |
| | Q2 of FY2022 Ending July 31, 2021 | | FY 2022 Ending January 31, 2022 |
| Subscription revenue | | $113.0 to $114.0 | | $467.0 to $471.0 |
| Subscription revenue growth YoY | | 22% to 23% | | 22% to 23% |
| Total revenue | | $137.0 to $139.0 | | $566.0 to $570.0 |
| Total revenue growth YoY | | 19% to 20% | | 19% |
| GAAP loss from operations | | $(57.0) to $(48.0) | | $(206.4) to $(186.4) |
| Non-GAAP loss from operations | | $(12.5) to $(11.5) | | $(22.0) to $(20.0) |
Conference Call
Medallia will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) today to discuss the first quarter of fiscal 2022 results and outlook for the second fiscal quarter and full fiscal year 2022. The conference call will be available via live webcast and replay at the Investor Relations section of Medallia’s website: https://investor.medallia.com/events-and-presentations/default.aspx.
About Medallia
Medallia (NYSE: MDLA) is the pioneer and market leader in customer, employee, citizen and patient experience. The company’s award-winning SaaS platform, Medallia Experience Cloud, is becoming the experience system of record that makes all other applications customer and employee aware. The platform captures billions of experience signals across interactions including all voice, video, digital, IoT, social media and corporate messaging tools. Medallia uses proprietary artificial intelligence and machine learning technology to automatically reveal predictive insights that drive powerful business actions and outcomes. Medallia customers reduce churn, turn detractors into promoters and buyers, create in-the-moment cross-sell and up-sell opportunities and drive revenue-impacting business decisions, providing clear and potent returns on investment. For more information visit www.medallia.com.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release and the accompanying tables contain, and the conference call will contain, non-GAAP financial measures, including non-GAAP gross profit and gross margin, non-GAAP subscription revenue gross profit and gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP net income (loss) and weighted average basic and diluted shares. Our management uses these non-GAAP financial measures internally in analyzing our financial results and believes they are useful to investors, as a supplement to the corresponding GAAP financial measures, in evaluating our ongoing operational performance and trends and in comparing our financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. In addition, other companies may utilize metrics that are not similar to ours.
The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. There are material limitations associated with the use of non-GAAP financial measures since they exclude significant expenses and income that are required by GAAP to
be recorded in our financial statements. Please see the reconciliation tables at the end of this release for the reconciliation of GAAP and non-GAAP results. Management encourages investors and others to review Medallia’s financial information in its entirety and not rely on a single financial measure.
We adjust the following items from one or more of our non-GAAP financial measures:
Stock-based compensation. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, companies calculate stock-based compensation expense using a variety of valuation methodologies and subjective assumptions.
Employer payroll tax expense related to stock-based compensation. We exclude cash expenses for employer payroll taxes related to stock-based compensation, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, this expense is tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of exercise or vesting, which may vary from period to period independent of the operating performance of our business.
Amortization of acquired intangible assets. We exclude amortization of acquired intangible assets, which is a non-cash expense, from certain of our non-GAAP financial measures. Our expenses for amortization of intangible assets are inconsistent in amount and frequency because they are significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. We exclude these amortization expenses because we do not believe these expenses have a direct correlation to the operation of our business.
Acquisition-related costs. We exclude costs related to acquisitions from our non-GAAP financial measures. These costs include transaction and integration related costs associated with acquisition activities.
Option acceleration payments related to acquisition. We exclude costs related to option acceleration payments from an acquisition from our non-GAAP financial measures. These costs include payments as part of the close of an acquisition.
Restructuring and other. We exclude restructuring and other from certain of our non-GAAP financial measures. Restructuring and other primarily consists of lease impairments and net expenses related to leased properties which we cease to occupy. Any losses and gains associated with these activities are generally unrelated to financial and operational performance in any particular period and we believe the exclusion of such losses and gains provides for a more useful comparison of operational performance in comparative periods that may or may not include such losses and gains.
Amortization of debt issuance costs. We exclude costs related to the amortization of debt issuance costs from certain of our non-GAAP financial measures. Under GAAP, we are required to amortize the issuance costs over the term of the debt. The amortization of the debt issuance costs is a non-cash item, and we believe the exclusion of this expense will provide for a more useful comparison of our operational performance in different periods.
Income tax benefits. We exclude tax benefits related to acquisitions from our non-GAAP financial measures. These tax benefits realized consist of the change in the valuation allowance resulting from acquisitions. In addition, we exclude tax benefits related to our stock option exercise deductions and certain discrete and one-time events.
Non-GAAP Supplemental Financial Information
Subscription billings: We define subscription billings, a non-GAAP financial measure, as total subscription revenue plus the change in subscription deferred revenue and contract assets, excluding acquired contract assets.
Note on Forward-Looking Statements
The forward-looking statements included in this press release and in the accompanying conference call, including for example, the quotations of management, the statements under the heading “Financial Outlook” above, the information provided in the “Financial Outlook” section of the tables below, strategies, discussion of our commercial prospects, partnerships, estimates of future revenues, operating income/loss and expenses, stock-based compensation expense and related employer payroll tax expense, amortization of acquired intangible assets, acquisitions and acquisition-related costs, restructuring and other expenses, amortization of debt issuance costs and income tax benefits, and the impact of the ongoing COVID-19 pandemic and related public health measures reflect management’s best judgment based on factors currently known and involve risks and uncertainties. These risks and uncertainties include, but are not limited to, potential disruption of customer purchase decisions resulting from global economic conditions including from an economic downturn or recession in the United States or in other countries around the world, timing and size of orders, relative growth of our recurring revenue, potential decreases in customer spending, including as a result of the COVID-19 pandemic and related public health measures, uncertainty regarding purchasing trends in the cloud software market, customer cancellations or non-renewal of maintenance contracts or on-demand services, developments in and the duration of the COVID-19 pandemic and the resulting impact on our business and operations, and the business of our customers and partners, including the economic impact of safety measures to mitigate the impacts of COVID-19, our potential inability to manage effectively any growth we experience, our ability or inability to develop new products and services, increased competition or new entrants in the marketplace, potential impact of acquisitions and investments, changes in staffing levels, and other risks detailed in periodic reports we filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed with the SEC on March 22, 2021, which may be obtained on the Investor Relations section of Medallia’s website (https://investor.medallia.com/financials/sec-filings/default.aspx). Additionally, these forward-looking statements involve risk, uncertainties, and assumptions, including those related to the impacts of COVID-19 on our business and global economic conditions. Many of these assumptions relate to matters that are beyond our control and are changing rapidly, including, but not limited to, the timeframes for and severity of social distancing and other mitigation requirements, the impact of COVID-19 on our customers’ purchasing decisions and the length of our sales cycles, particularly for customers in certain industries highly affected by COVID-19. Significant variation from the assumptions underlying our forward-looking statements could cause our actual results to vary, and the impact could be significant. All forward-looking statements in this press release are based on information available to us as of the date hereof. We undertake no obligation, and do not intend, to update the information contained in this press release or the accompanying conference call, except as required by law.
© 2021 Medallia, Inc. All rights reserved. Medallia®, the Medallia logo, and the names and marks associated with Medallia’s products are trademarks of Medallia. All other trademarks are the property of their respective owners.
Medallia, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| | | | | | | | | | | | | | |
| | April 30, 2021 | | January 31, 2021 |
| Assets | | | | |
| Current assets: | | | | |
| Cash and cash equivalents | | $ | 283,939 | | | $ | 428,328 | |
| Marketable securities | | 256,598 | | | 254,061 | |
| Trade and other receivables, net | | 103,312 | | | 181,431 | |
| Deferred commissions, current | | 32,366 | | | 31,107 | |
| Prepaid expenses and other current assets | | 30,607 | | | 23,835 | |
| Total current assets | | 706,822 | | | 918,762 | |
| Property and equipment, net | | 42,416 | | | 40,668 | |
| Operating lease right-of-use assets | | 36,808 | | | 39,050 | |
| Deferred commissions, noncurrent | | 69,571 | | | 68,929 | |
| Goodwill | | 412,480 | | | 262,942 | |
| Intangible assets, net | | 83,547 | | | 60,623 | |
| Other noncurrent assets | | 11,509 | | | 10,675 | |
| Total assets | | $ | 1,363,153 | | | $ | 1,401,649 | |
| Liabilities and stockholders' equity | | | | |
| Current liabilities: | | | | |
| Accounts payable | | $ | 16,349 | | | $ | 11,904 | |
| Accrued expenses and other current liabilities | | 43,619 | | | 39,756 | |
| Accrued compensation | | 33,171 | | | 42,292 | |
| Deferred revenue, current | | 263,846 | | | 293,231 | |
| Total current liabilities | | 356,985 | | | 387,183 | |
| Convertible senior notes, net | | 560,276 | | | 448,064 | |
| Deferred revenue, noncurrent | | 2,337 | | | 1,396 | |
| Lease liability, noncurrent | | 45,285 | | | 47,631 | |
| Other liabilities | | 14,509 | | | 9,134 | |
| | | | |
| | | | |
| Stockholders' equity: | | | | |
| Common stock | | 151 | | | 150 | |
| Additional paid-in capital | | 1,057,084 | | | 1,136,534 | |
| Accumulated other comprehensive loss | | 1,299 | | | 1,186 | |
| Accumulated deficit | | (674,773) | | | (629,629) | |
| Total stockholders' equity | | 383,761 | | | 508,241 | |
| Total liabilities and stockholders' equity | | $ | 1,363,153 | | | $ | 1,401,649 | |
Medallia, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended April 30, | |
| | 2021 | | 2020 | | | | |
| Revenue: | | | | | | | | |
| Subscription | | $ | 106,071 | | | $ | 88,992 | | | | | |
| Professional services | | 25,303 | | | 23,699 | | | | | |
| Total revenue | | 131,374 | | | 112,691 | | | | | |
| Cost of revenue: | | | | | | | | |
| Subscription | | 24,156 | | | 17,344 | | | | | |
| Professional services | | 23,542 | | | 22,219 | | | | | |
| Total cost of revenue | | 47,698 | | | 39,563 | | | | | |
| Gross profit | | 83,676 | | | 73,128 | | | | | |
| Operating expenses: | | | | | | | | |
| Research and development | | 30,637 | | | 32,379 | | | | | |
| Sales and marketing | | 72,980 | | | 52,015 | | | | | |
| General and administrative | | 30,113 | | | 21,498 | | | | | |
| Total operating expenses | | 133,730 | | | 105,892 | | | | | |
| Loss from operations | | (50,054) | | | (32,764) | | | | | |
| Other income (expense), net | | (1,593) | | | 175 | | | | | |
| Loss before provision for income taxes | | (51,647) | | | (32,589) | | | | | |
| Provision for (benefits from) income taxes | | 774 | | | (60) | | | | | |
| Net loss | | $ | (52,421) | | | $ | (32,529) | | | | | |
| | | | | | | | |
| Net loss per share attributable to common stockholders, basic and diluted | | $ | (0.34) | | | $ | (0.24) | | | | | |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | | 156,364 | | | 135,993 | | | | |
GAAP to Non-GAAP adjustments include stock-based compensation expense and related employer payroll tax expense, amortization of acquired intangible assets, acquisition-related costs, amortization of debt issuance costs, option acceleration payments, restructuring and other, and income tax benefits as follows:
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended April 30, | | |
| | 2021 | | 2020 | | | | |
| Cost of revenue: | | | | | | | | |
| Subscription | | $ | 3,584 | | | $ | 1,961 | | | | | |
| Professional services | | 2,383 | | | 2,881 | | | | | |
| Operating expenses: | | | | | | | | |
| Research and development | | 4,858 | | | 12,311 | | | | | |
| Sales and marketing | | 12,365 | | | 10,536 | | | | | |
| General and administrative | | 16,340 | | | 8,593 | | | | | |
| Other income (expense), net | | 827 | | | — | | | | | |
| Benefits from income taxes | | (23) | | | (696) | | | | | |
| Total | | $ | 40,334 | | | $ | 35,586 | | | | | |
| | | | | | | | |
Medallia, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| | | | | | | | | | | | | | |
| | | | |
| | Three Months Ended April 30, |
| | 2021 | | 2020 |
| Operating activities | | | | |
| Net loss | | $ | (52,421) | | | $ | (32,529) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | | | | |
| Depreciation and amortization | | 10,111 | | | 5,468 | |
| Amortization of deferred commissions | | 7,931 | | | 6,081 | |
| Non-cash lease expense | | 2,778 | | | 2,832 | |
| Stock-based compensation expense | | 23,601 | | | 31,804 | |
| Amortization of debt issuance costs | | 827 | | | — | |
| Other | | 5,915 | | | 845 | |
| Changes in assets and liabilities: | | | | |
| Trade and other receivables | | 81,679 | | | 81,689 | |
| Deferred commissions | | (9,832) | | | (4,345) | |
| Prepaid expenses and other current assets | | (6,428) | | | (3,399) | |
| Other noncurrent assets | | (125) | | | (892) | |
| Accounts payable | | 1,905 | | | (2,726) | |
| Deferred revenue | | (35,700) | | | (39,248) | |
| Accrued expenses and other current liabilities | | (13,659) | | | (19,778) | |
| Other noncurrent liabilities | | (2,249) | | | (2,689) | |
| Net cash provided by operating activities | | 14,333 | | | 23,113 | |
| Investing activities | | | | |
| Purchases of property, equipment and other | | (6,484) | | | (5,374) | |
| Purchase of marketable securities | | (55,877) | | | (22,748) | |
| Maturities of marketable securities | | 49,500 | | | 76,423 | |
| Proceeds from sale of marketable securities | | 3,500 | | | 600 | |
| Acquisitions, net of cash acquired | | (163,762) | | | (25,209) | |
| Net cash (used in) provided by investing activities | | (173,123) | | | 23,692 | |
| Financing activities | | | | |
| Proceeds from revolving line of credit | | — | | | 43,000 | |
| Proceeds from exercise of stock options | | 7,584 | | | 19,180 | |
| Proceeds from share purchase plan | | 7,953 | | | 10,267 | |
| Principal payments on financing leases | | (1,514) | | | (1,041) | |
| Net cash provided by financing activities | | 14,023 | | | 71,406 | |
| Effect of exchange rate changes on cash and cash equivalents | | 378 | | | (380) | |
| Net (decrease) increase in cash and cash equivalents | | (144,389) | | | 117,831 | |
| Cash and cash equivalents at beginning of period | | 428,328 | | | 226,866 | |
| Cash and cash equivalents at end of period | | $ | 283,939 | | | $ | 344,697 | |
| | | | |
Medallia, Inc.
GAAP to Non-GAAP Reconciliations
(in thousands, except percentages)
(unaudited)
| | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | Three Months Ended April 30, | | |
| | 2021 | | 2020 | | | | |
| Non-GAAP gross profit reconciliation: | | | | | | | | |
| | | | | | | | |
| GAAP gross profit | | $ | 83,676 | | $ | 73,128 | | | | |
| GAAP gross margin | | 64 | % | | 65 | % | | | | |
| | | | | | | | |
| Add: | | | | | | | | |
| Stock-based compensation | | 3,072 | | 3,593 | | | | |
| Employer payroll tax expense related to stock-based compensation | | 262 | | 257 | | | | |
| Amortization of acquired intangible assets | | 2,633 | | 992 | | | | |
| Non-GAAP gross profit | | $ | 89,643 | | $ | 77,970 | | | | |
| Non-GAAP gross margin | | 68 | % | | 69 | % | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | Three Months Ended April 30, | | |
| | 2021 | | 2020 | | | | |
| Non-GAAP subscription revenue gross profit reconciliation: |
| | | | | | | | |
| GAAP subscription revenue gross profit | | $ | 81,915 | | $ | 71,648 | | | | |
| GAAP subscription revenue gross margin | | 77 | % | | 81 | % | | | | |
| | | | | | | | |
| Add: | | | | | | | | |
| Stock-based compensation | | 854 | | 909 | | | | |
| Employer payroll tax expense related to stock-based compensation | | 97 | | 60 | | | | |
| Amortization of acquired intangible assets | | 2,633 | | 992 | | | | |
| Non-GAAP subscription revenue gross profit | | $ | 85,499 | | $ | 73,609 | | | | |
| Non-GAAP subscription revenue gross margin | | 81 | % | | 83 | % | | | | |
Medallia, Inc.
GAAP to Non-GAAP Reconciliations
(in thousands, except percentages)
(unaudited)
| | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | Three Months Ended April 30, | | |
| | 2021 | | 2020 | | | | |
| Non-GAAP operating expense reconciliation: | | | | | | | | |
| | | | | | | | |
| GAAP operating expenses | | $ | 133,730 | | $ | 105,892 | | | | |
| GAAP operating expenses, as a % of total revenue | | 102 | % | | 94 | % | | | | |
| | | | | | | | |
| Add (subtract): | | | | | | | | |
| Stock-based compensation | | (20,529) | | (28,211) | | | | |
| Employer payroll tax expense related to stock-based compensation | | (1,340) | | (1,959) | | | | |
| Amortization of acquired intangible assets | | (2,228) | | (419) | | | | |
| Acquisition-related costs | | (2,620) | | (851) | | | | |
| Option acceleration payments | | (5,396) | | — | | | | |
| Restructuring and other | | (1,450) | | — | | | | |
| Non-GAAP operating expenses | | $ | 100,167 | | $ | 74,452 | | | | |
| Non-GAAP operating expenses, as a % of total revenue | | 76 | % | | 66 | % | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | Three Months Ended April 30, | | |
| | 2021 | | 2020 | | | | |
| Non-GAAP income (loss) from operations reconciliation: | |
| | | | | | | | |
| GAAP loss from operations | | $ | (50,054) | | $ | (32,764) | | | | |
| GAAP loss from operations, as a % of total revenue | | (38) | % | | (29) | % | | | | |
| | | | | | | | |
| Add (subtract): | | | | | | | | |
| Stock-based compensation | | 23,601 | | 31,804 | | | | |
| Employer payroll tax expense related to stock-based compensation | | 1,602 | | 2,216 | | | | |
| Amortization of acquired intangible assets | | 4,861 | | 1,411 | | | | |
| Acquisition-related costs | | 2,620 | | 851 | | | | |
| Option acceleration payments | | 5,396 | | — | | | | |
| Restructuring and other | | 1,450 | | — | | | | |
| Non-GAAP income (loss) from operations | | $ | (10,524) | | $ | 3,518 | | | | |
| Non-GAAP income (loss) from operations, as a % of total revenue | | (8) | % | | 3 | % | | | | |
Medallia, Inc.
GAAP to Non-GAAP Reconciliations
(in thousands, except percentages)
(unaudited)
| | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Three Months Ended April 30, | | |
| | 2021 | | 2020 | | | | |
| Non-GAAP net income (loss) reconciliation: | | | | | | | | |
| | | | | | | | |
| GAAP net loss | | $ | (52,421) | | $ | (32,529) | | | | |
| | | | | | | | |
| Add (subtract): | | | | | | | | |
| Stock-based compensation | | 23,601 | | 31,804 | | | | |
| Employer payroll tax expense related to stock-based compensation | | 1,602 | | 2,216 | | | | |
| Amortization of acquired intangible assets | | 4,861 | | 1,411 | | | | |
| Acquisition-related costs | | 2,620 | | 851 | | | | |
| Option acceleration payments | | 5,396 | | — | | | | |
| Restructuring and other | | 1,450 | | — | | | | |
| Amortization of debt issuance costs | | 827 | | — | | | | |
| Income tax benefits | | (23) | | (696) | | | | |
| Non-GAAP net income ( loss) | | $ | (12,087) | | $ | 3,057 | | | | |
| | | | | | | | |
| Weighted average shares: | | | | | | | | |
| Basic | | 156,364 | | 135,993 | | | | |
| Diluted | | 156,364 | | 169,659 | | | | |
Medallia, Inc.
Non-GAAP Supplemental Financial Information
(in thousands, except percentages)
(unaudited)
| | | | | | | | | | | | | | |
| | Trailing Twelve Months Ended April 30, |
| | 2021 | | 2020 |
| | | | |
| Subscription revenue | | $ | 399,653 | | $ | 329,448 |
| Increase in subscription deferred revenue | | 39,830 | | 36,632 |
| (Increase) decrease in contract assets | | (4,842) | | 1,373 |
| Subscription billings | | $ | 434,641 | | $ | 367,453 |
| Subscription billings growth rate | | 18% | | 23% |
Medallia, Inc.
Financial Outlook
(in thousands)
(unaudited)
The guidance figures provided below and elsewhere in this press release are forward-looking statements, reflect a number of estimates, assumptions and other uncertainties, and are approximate in nature because our future performance is difficult to predict. Such guidance is based on information available on the date of this press release, and we assume no obligation to update.
Reconciliation of GAAP to Non-GAAP Forward-Looking Guidance Measures
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ending July 31, 2021 | | Twelve Months Ending January 31, 2022 |
| | Low | | High | | Low | | High |
| GAAP loss from operations | | $ | (57,000) | | $ | (48,000) | | $ | (206,396) | | $ | (186,396) |
| | | | | | | | |
| Stock-based compensation | | 31,000 | | 28,000 | | 125,000 | | 122,000 |
| Employer payroll tax expense related to stock-based compensation | | 3,000 | | 1,500 | | 15,000 | | 9,000 |
| Amortization of acquired intangible assets | | 6,500 | | 5,500 | | 25,000 | | 23,000 |
| Acquisition-related costs | | 1,500 | | 500 | | 6,000 | | 3,000 |
| Option acceleration payments | | — | | — | | 5,396 | | 5,396 |
| Restructuring and other | | 2,500 | | 1,000 | | 8,000 | | 4,000 |
| Non-GAAP loss from operations | | $ | (12,500) | | $ | (11,500) | | $ | (22,000) | | $ | (20,000) |
Contacts
Investor Relations:
Carolyn Bass
ir@medallia.com
Austin DeArman
press@medallia.com
202-341-9181