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Medallia Reports Record Fourth Quarter Fiscal 2021 Revenue

Nachrichtenquelle: Business Wire (engl.)
04.03.2021, 22:06  |  207   |   |   

Medallia Inc. (NYSE: MDLA), the global leader in experience management, today announced financial results for the quarter and year ended January 31, 2021.

“During Q4, we achieved important milestones with quarterly subscription revenue exceeding $100 million and total annual revenue run rate exceeding the $500 million mark,” said Leslie Stretch, President and CEO of Medallia. “We are out-innovating competitors and continue to invest in global sales coverage and product development. Markets are being disrupted by exponential forces putting customers and employees at the center of digital transformation. Medallia is the only platform that makes all other applications customer and employee aware, transforming value for partners, customers, citizens, patients and employees.”

Financial Highlights for the Fourth Quarter of Fiscal 2021

  • Total revenue for the quarter was $128.0 million, an increase of 16% from the same period last year. Subscription revenue was $103.8 million, an increase of 20% from the same period last year.
  • Loss from operations for the quarter was $41.2 million, compared to loss from operations of $32.8 million in the same period last year. Non-GAAP income from operations for the fourth quarter was $549,000, compared to $3,000 in the same period last year.
  • Net loss for the quarter was $48.8 million, or $(0.32) per share, basic and diluted, compared to net loss of $31.9 million, or $(0.25) per share, basic and diluted, in the same period last year. Non-GAAP net loss was $1.4 million, or $(0.01) per share, basic and diluted, compared to non-GAAP net income of $491,000, or $0.00 per share, basic and diluted, in the same period last year.
  • Cash, cash equivalents and marketable securities were $682.4 million as of January 31, 2021.

Financial Highlights for the Full Fiscal Year 2021

  • Total revenue for fiscal year 2021 was $477.2 million, an increase of 19% from the prior year. Subscription revenue was $382.6 million, an increase of 23% from the prior year.
  • Loss from operations for the fiscal year 2021 was $138.0 million, compared to loss from operations of $114.9 million in fiscal year 2020. Non-GAAP income from operations for the fiscal year 2021 was $8.6 million, compared to a loss of $2.4 million in the same period last year.
  • Net loss for the fiscal year 2021 was $148.7 million, or $(1.03) per share, basic and diluted, compared to net loss of $112.3 million, or $(1.35) per share, basic and diluted, in the same period last year. Non-GAAP net income was $3.9 million, or $0.02 per share, diluted, compared to non-GAAP net loss of $1.6 million, or $(0.02) per share, basic and diluted, in the prior year.

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

  • Announced recent wins with customers, including: A&W Canada, Aimbridge Hospitality, ARC Europe Group, Avast, Dave & Buster’s, Federal Student Aid, Focus Brands, Huhtamäki Oyj, Office Depot Mexico, Nebraska's Emergency Management Agency, OXXO, Reachdesk, Saks Fifth Avenue, Salvatore Ferragamo, Volvo Cars and Y-12 Federal Credit Union.
  • Acquired Decibel, a leader in digital experience analytics.
  • Fastest growing ISV within Salesforce’s ecosystem.
  • ServiceNow named Medallia application developer partner of the year.
  • Acknowledged by Adobe as the fastest growing and most widely engaged tech partner in Adobe’s revenue sharing program.
  • Medallia for Microsoft Dynamics 365 is now live on Microsoft’s AppSource.
  • Signed IBM as a new go-to-market partner.
  • Achieved HIPAA compliance for LivingLens video feedback.
  • Announced an integration with Slack to revolutionize employee engagement and collaboration.

Financial Outlook

Medallia is providing the following guidance for the first quarter ending April 30, 2021 and for the full year ending January 31, 2022 (stated in millions, except percentages):

 

 

Q1 of FY 2022 ending
April 30, 2021

 

FY 2022 ending
January 31, 2022

Subscription revenue

 

$103.0 to $104.0

 

$465.0 to $469.0

Subscription revenue growth YoY

 

16% to 17%

 

22% to 23%

Total revenue

 

$126.0 to $128.0

 

$563.0 to $567.0

Total revenue growth YoY

 

12% to 14%

 

18% to 19%

GAAP loss from operations

 

$(54.0) to $(45.5)

 

$(204.0) to $(181.0)

Non-GAAP loss from operations

 

$(12.0) to $(11.0)

 

$(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 fourth quarter and fiscal 2021 results and outlook for the first 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.

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 related implications from the adoption of Accounting Standards Codification Topic 842.

Amortization of debt discount and issuance costs. We exclude costs related to the amortization of debt discount together with the issuance costs of the debt from certain of our non-GAAP financial measures. Under GAAP, we are required to separately account for liability (debt) and equity (conversion option) components of the convertible senior notes that were issued in a private placement in September 2020 and recognize the effective interest expense on our convertible senior notes and amortize the issuance costs over the term of these notes. The expense for the amortization of debt discount and debt issuance costs is a non-cash item, and we believe the exclusion of this interest 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 discount and issuance costs and income tax benefits, 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 registration statements and periodic reports we filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed with the SEC on March 19, 2020 and our Quarterly Report on Form 10-Q filed with the SEC on December 9, 2020, 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)

 

 

January 31, 2021

 

January 31, 2020

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

428,328

 

 

$

226,866

 

Marketable securities

 

254,061

 

 

116,833

 

Trade and other receivables, net

 

181,431

 

 

150,661

 

Deferred commissions, current

 

31,107

 

 

22,455

 

Prepaid expenses and other current assets

 

23,835

 

 

22,492

 

Total current assets

 

918,762

 

 

539,307

 

Property and equipment, net

 

40,668

 

 

34,879

 

Operating lease right-of-use assets (1)

 

39,050

 

 

 

Deferred commissions, noncurrent

 

68,929

 

 

51,540

 

Goodwill

 

262,942

 

 

79,324

 

Intangible assets, net

 

60,623

 

 

21,306

 

Other noncurrent assets

 

10,675

 

 

5,293

 

Total assets

 

$

1,401,649

 

 

$

731,649

 

Liabilities and stockholders' equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

11,904

 

 

$

3,608

 

Accrued expenses and other current liabilities

 

39,756

 

 

20,268

 

Accrued compensation

 

42,292

 

 

37,160

 

Deferred revenue, current

 

293,231

 

 

263,115

 

Total current liabilities

 

387,183

 

 

324,151

 

Convertible senior notes, net

 

448,064

 

 

 

Deferred revenue, noncurrent

 

1,396

 

 

1,407

 

Lease liability, noncurrent (1)

 

47,631

 

 

 

Other liabilities

 

9,134

 

 

8,295

 

Total liabilities

 

893,408

 

 

333,853

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

Common stock

 

150

 

 

132

 

Additional paid-in capital

 

1,136,534

 

 

878,843

 

Accumulated other comprehensive loss

 

1,186

 

 

(206

)

Accumulated deficit

 

(629,629

)

 

(480,973

)

Total stockholders' equity

 

508,241

 

 

397,796

 

Total liabilities and stockholders' equity

 

$

1,401,649

 

 

$

731,649

 

(1) In the fourth quarter of fiscal year 2021, we adopted Accounting Standards Update (ASU) 2016-02, “Leases” (Topic 842) using the modified retrospective method as of February 1, 2020 and elected the transition option that allows us not to restate the comparative periods in our financial statements in the year of adoption.

Medallia, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2021

 

2020

 

2021

 

2020

Revenue:

 

 

 

 

 

 

 

 

Subscription

 

$

103,814

 

 

$

86,160

 

 

$

382,573

 

 

$

312,168

 

Professional services

 

24,233

 

 

23,940

 

 

94,648

 

 

90,295

 

Total revenue

 

128,047

 

 

110,100

 

 

477,221

 

 

402,463

 

Cost of revenue:

 

 

 

 

 

 

 

 

Subscription

 

22,837

 

 

16,913

 

 

80,376

 

 

61,369

 

Professional services

 

23,264

 

 

22,203

 

 

90,308

 

 

83,820

 

Total cost of revenue

 

46,101

 

 

39,116

 

 

170,684

 

 

145,189

 

Gross profit

 

81,946

 

 

70,984

 

 

306,537

 

 

257,274

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

29,597

 

 

27,348

 

 

117,800

 

 

95,978

 

Sales and marketing

 

63,124

 

 

53,559

 

 

225,414

 

 

180,711

 

General and administrative

 

30,428

 

 

22,843

 

 

101,351

 

 

95,515

 

Total operating expenses

 

123,149

 

 

103,750

 

 

444,565

 

 

372,204

 

Loss from operations

 

(41,203

)

 

(32,766

)

 

(138,028

)

 

(114,930

)

Other income (expense), net

 

(7,030

)

 

555

 

 

(10,550

)

 

3,129

 

Loss before provision for (benefits from) income taxes

 

(48,233

)

 

(32,211

)

 

(148,578

)

 

(111,801

)

Provision for (benefits from) income taxes

 

537

 

 

(341

)

 

78

 

 

532

 

Net loss

 

$

(48,770

)

 

$

(31,870

)

 

$

(148,656

)

 

$

(112,333

)

 

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.32

)

 

$

(0.25

)

 

$

(1.03

)

 

$

(1.35

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted

 

151,663

 

 

129,365

 

 

144,563

 

 

83,269

 

GAAP to Non-GAAP Reconciliations

GAAP to Non-GAAP adjustments include stock-based compensation expense and related employer payroll tax expense, amortization of acquired intangible assets, acquisition-related costs, restructuring and other, amortization of debt discount and issuance costs and income tax benefits as follows:

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2021

 

2020

 

2021

 

2020

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Subscription

 

$

3,146

 

 

$

1,834

 

 

$

10,264

 

 

$

4,933

 

Professional services

 

2,475

 

 

2,876

 

 

10,819

 

 

8,943

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

5,610

 

 

6,889

 

 

28,176

 

 

18,422

 

Sales and marketing

 

11,700

 

 

10,251

 

 

44,225

 

 

29,327

 

General and administrative

 

18,820

 

 

10,919

 

 

53,182

 

 

50,922

 

Other income (expense), net

 

5,979

 

 

 

 

8,741

 

 

 

Income tax benefits

 

(336

)

 

(408

)

 

(2,894

)

 

(1,783

)

Total

 

$

47,394

 

 

$

32,361

 

 

$

152,513

 

 

$

110,764

 

Medallia, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Twelve Months Ended January 31,

 

 

2021

 

2020

Operating activities

 

 

 

 

Net loss

 

$

(148,656

)

 

$

(112,333

)

Adjustments to reconcile net loss to net cash (provided by) used in operating activities:

 

 

 

 

Depreciation and amortization

 

 

29,047

 

 

 

15,611

 

Amortization of deferred commissions

 

 

26,761

 

 

 

19,030

 

Non-cash lease expense (1)

 

 

11,827

 

 

 

 

Stock-based compensation expense

 

 

104,805

 

 

 

109,456

 

Gain on property and equipment, and lease termination

 

 

 

 

 

(13,783

)

Lease exit costs

 

 

16,838

 

 

 

 

Amortization of debt discount and issuance costs

 

 

8,742

 

 

 

 

Other

 

 

1,832

 

 

 

(698

)

Changes in assets and liabilities:

 

 

 

 

Trade and other receivables

 

 

(30,391

)

 

 

(43,268

)

Deferred commissions

 

 

(52,802

)

 

 

(41,424

)

Prepaid expenses and other current assets

 

 

1,666

 

 

 

(6,198

)

Other noncurrent assets

 

 

(1,864

)

 

 

(252

)

Accounts payable

 

 

5,579

 

 

 

2,097

 

Deferred revenue

 

 

24,665

 

 

 

49,749

 

Accrued expenses and other current liabilities

 

 

6,973

 

 

 

20,282

 

Other noncurrent liabilities

 

 

(3,370

)

 

 

137

 

Net cash provided by (used in) operating activities

 

 

1,652

 

 

 

(1,594

)

Investing activities

 

 

 

 

Purchases of property, equipment and other

 

 

(20,822

)

 

 

(22,009

)

Purchase of marketable securities

 

 

(394,774

)

 

 

(182,389

)

Maturities of marketable securities

 

 

256,233

 

 

 

65,853

 

Proceeds from sale of marketable securities

 

 

1,100

 

 

 

511

 

Acquisitions, net of cash acquired

 

 

(223,647

)

 

 

(76,532

)

Other

 

 

 

 

 

(1,500

)

Net cash used in investing activities

 

 

(381,910

)

 

 

(216,066

)

Financing activities

 

 

 

 

Proceeds from issuance of convertible senior notes, net of issuance costs

 

 

558,237

 

 

 

 

Purchase of capped calls related to convertible senior notes

 

 

(61,870

)

 

 

 

Proceeds from initial public offering net of issuance costs, underwriters discounts and commissions, and concurrent private placement

 

 

 

 

 

319,572

 

Proceeds from Series F convertible preferred stock, net of issuance costs

 

 

 

 

 

69,848

 

Proceeds from revolving line of credit

 

 

43,000

 

 

 

 

Repayment of revolving line of credit

 

 

(43,000

)

 

 

 

Proceeds from exercise of stock options

 

 

78,595

 

 

 

34,009

 

Payments for employee taxes withheld upon vesting of restricted stock units

 

 

 

 

 

(17,907

)

Proceeds from share purchase plan

 

 

17,828

 

 

 

 

Principal payments on financing leases

 

 

(4,937

)

 

 

(3,540

)

Repayment of debt assumed in acquisitions and other

 

 

(6,445

)

 

 

(2,297

)

Net cash provided by financing activities

 

 

581,408

 

 

 

399,685

 

Effect of exchange rate changes on cash and cash equivalents

 

 

312

 

 

 

(35

)

Net increase in cash and cash equivalents

 

 

201,462

 

 

 

181,990

 

Cash and cash equivalents at beginning of period

 

 

226,866

 

 

 

44,876

 

Cash and cash equivalents at end of period

 

$

428,328

 

 

$

226,866

 

 

(1) In the fourth quarter of fiscal year 2021, we adopted Accounting Standards Update (ASU) 2016-02, “Leases” (Topic 842) using the modified retrospective method as of February 1, 2020 and elected the transition option that allows us not to restate the comparative periods in our financial statements in the year of adoption.

Medallia, Inc.

GAAP to Non-GAAP Reconciliations

(in thousands, except percentages)

(unaudited)

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2021

 

2020

 

2021

 

2020

Non-GAAP gross profit reconciliation:

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

81,946

 

 

$

70,984

 

 

$

306,537

 

 

$

257,274

 

GAAP gross margin

 

64

%

 

64

%

 

64

%

 

64

%

Add:

 

 

 

 

 

 

 

 

Stock-based compensation

 

3,237

 

 

3,823

 

 

13,916

 

 

11,882

 

Employer payroll tax expense related to stock-based compensation

 

268

 

 

7

 

 

825

 

 

119

 

Amortization of acquired intangible assets

 

2,116

 

 

880

 

 

6,342

 

 

1,875

 

Non-GAAP gross profit

 

$

87,567

 

 

$

75,694

 

 

$

327,620

 

 

$

271,150

 

Non-GAAP gross margin

 

68

%

 

69

%

 

69

%

 

67

%

 

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2021

 

2020

 

2021

 

2020

Non-GAAP subscription revenue gross profit reconciliation:

 

 

 

 

 

 

 

 

GAAP subscription revenue gross profit

 

$

80,977

 

 

$

69,247

 

 

$

302,197

 

 

$

250,799

 

GAAP subscription revenue gross margin

 

78

%

 

80

%

 

79

%

 

80

%

Add:

 

 

 

 

 

 

 

 

Stock-based compensation

 

925

 

 

954

 

 

3,650

 

 

3,058

 

Employer payroll tax expense related to stock-based compensation

 

105

 

 

 

 

272

 

 

 

Amortization of acquired intangible assets

 

2,116

 

 

880

 

 

6,342

 

 

1,875

 

Non-GAAP subscription revenue gross profit

 

$

84,123

 

 

$

71,081

 

 

$

312,461

 

 

$

255,732

 

Non-GAAP subscription revenue gross margin

 

81

%

 

82

%

 

82

%

 

82

%

 
Medallia, Inc.

GAAP to Non-GAAP Reconciliations

(in thousands, except percentages)

(unaudited)

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2021

 

2020

 

2021

 

2020

Non-GAAP operating expenses reconciliation:

 

 

 

 

 

 

 

 

GAAP operating expenses

 

$

123,149

 

 

$

103,750

 

 

$

444,565

 

 

$

372,204

 

GAAP operating expenses, as a % of total revenue

 

96

%

 

94

%

 

93

%

 

92

%

Add (subtract):

 

 

 

 

 

 

 

 

Stock-based compensation

 

(20,115

)

 

(25,336

)

 

(90,889

)

 

(97,574

)

Employer payroll tax expense related to stock-based compensation

 

(2,599

)

 

(823

)

 

(7,628

)

 

(1,369

)

Amortization of acquired intangible assets

 

(1,893

)

 

(326

)

 

(4,378

)

 

(441

)

Acquisition-related costs

 

(347

)

 

(1,027

)

 

(3,391

)

 

(2,793

)

Restructuring and other

 

(11,177

)

 

(547

)

 

(19,298

)

 

3,506

 

Non-GAAP operating expenses

 

$

87,018

 

 

$

75,691

 

 

$

318,981

 

 

$

273,533

 

Non-GAAP operating expenses, as a % of total revenue

 

68

%

 

69

%

 

67

%

 

68

%

 

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2021

 

2020

 

2021

 

2020

Non-GAAP income (loss) from operations reconciliation:

 

 

 

 

 

 

 

 

GAAP loss from operations

 

$

(41,203

)

 

$

(32,766

)

 

$

(138,028

)

 

$

(114,930

)

GAAP loss from operations, as a % of total revenue

 

(32

)%

 

(30

)%

 

(29

)%

 

(29

)%

Add (subtract):

 

 

 

 

 

 

 

 

Stock-based compensation

 

23,352

 

 

29,159

 

 

104,805

 

 

109,456

 

Employer payroll tax expense related to stock-based compensation

 

2,867

 

 

830

 

 

8,453

 

 

1,488

 

Amortization of acquired intangible assets

 

4,009

 

 

1,206

 

 

10,719

 

 

2,316

 

Acquisition-related costs

 

347

 

 

1,027

 

 

3,391

 

 

2,793

 

Restructuring and other

 

11,177

 

 

547

 

 

19,298

 

 

(3,506

)

Non-GAAP income (loss) from operations

 

$

549

 

 

$

3

 

 

$

8,638

 

 

$

(2,383

)

Non-GAAP income (loss) from operations, as a % of total revenue

 

%

 

%

 

2

%

 

(1

)%

 
Medallia, Inc.

GAAP to Non-GAAP Reconciliations

(in thousands, except percentages)

(unaudited)

 

 

Three Months Ended January 31,

 

Twelve Months Ended January 31,

 

 

2021

 

2020

 

2021

 

2020

Non-GAAP net loss reconciliation:

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(48,770

)

 

$

(31,870

)

 

$

(148,656

)

 

$

(112,333

)

GAAP net loss as a % of total revenue

 

(38

)%

 

(29

)%

 

(31

)%

 

(28

)%

Add (subtract):

 

 

 

 

 

 

 

 

Stock-based compensation

 

23,352

 

 

29,159

 

 

104,805

 

 

109,456

 

Employer payroll tax expense related to stock-based compensation

 

2,867

 

 

830

 

 

8,453

 

 

1,488

 

Amortization of acquired intangible assets

 

4,009

 

 

1,206

 

 

10,719

 

 

2,316

 

Acquisition-related costs

 

347

 

 

1,027

 

 

3,391

 

 

2,793

 

Restructuring and other

 

11,177

 

 

547

 

 

19,298

 

 

(3,506

)

Amortization of debt discount and issuance costs

 

5,979

 

 

 

 

8,741

 

 

 

Income tax benefits

 

(336

)

 

(408

)

 

(2,894

)

 

(1,783

)

Non-GAAP net income (loss)

 

$

(1,375

)

 

$

491

 

 

$

3,857

 

 

$

(1,569

)

Non-GAAP net income (loss) as a % of total revenue

 

(1

)%

 

%

 

1

%

 

%

 

 

 

 

 

 

 

 

 

Weighted average shares - basic

 

151,663

 

 

129,365

 

 

144,563

 

 

83,269

 

Weighted average shares - diluted

 

151,663

 

 

171,436

 

 

174,824

 

 

83,269

 

 

Medallia, Inc.

Non-GAAP Supplemental Financial Information

(in thousands, except percentages)

(unaudited)

 

 

Trailing Twelve Months Ended January 31,

 

 

2021

 

2020

 

 

 

 

 

 

 

(in thousands, except percentages)

Subscription revenue

 

$

382,573

 

$

312,168

Increase in subscription deferred revenue

 

31,597

 

47,549

(Increase) decrease in contract assets

 

(2,646)

 

1,052

Subscription billings

 

$

411,524

 

$

360,769

Subscription billings growth rate

 

14%

 

25%

Medallia, Inc.
Financial Outlook
(in thousands, except percentages)
(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 Ended April 30, 2021

 

Twelve Months Ended January 31, 2022

 

 

Low

 

High

 

Low

 

High

GAAP loss from operations

 

$

(54,000)

 

$

(45,500)

 

$

(204,000)

 

$

(181,000)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

27,000

 

25,000

 

127,000

 

125,000

Employer payroll tax expense related to stock-based compensation

 

5,000

 

3,000

 

16,000

 

10,000

Amortization of acquired intangible assets

 

6,000

 

5,000

 

25,000

 

23,000

Acquisition-related costs

 

2,000

 

1,000

 

6,000

 

1,000

Restructuring and other

 

2,000

 

500

 

8,000

 

2,000

Non-GAAP loss from operations

 

$

(12,000)

 

$

(11,000)

 

$

(22,000)

 

$

(20,000)

 

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Disclaimer

Medallia Reports Record Fourth Quarter Fiscal 2021 Revenue Medallia Inc. (NYSE: MDLA), the global leader in experience management, today announced financial results for the quarter and year ended January 31, 2021. “During Q4, we achieved important milestones with quarterly subscription revenue exceeding …

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