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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Medallia Inc | NYSE:MDLA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.99 | 0 | 01:00:00 |
Medallia, Inc. (NYSE: MDLA), the global leader in experience management, today announced financial results for the quarter and year ended January 31, 2020.
“We capped off our first year as a public company with accelerated annual subscription revenue growth while extending our innovative and unique experience platform,” commented Leslie Stretch, president and CEO, Medallia. “Recent wins include AkzoNobel, Cloudera, Freddie Mac, Freshii, Luigi Lavazza, Mazda Canada, Ryder, Samsung U.K., Smashburger and XP Investimentos, among others.”
Stretch continued, “We plan to generate positive cash flow from operations for the full fiscal 2021 year. In addition, we plan to be break-even on a non-GAAP basis in fiscal 2021. With a healthy cash balance, disciplined financial management and a phenomenal and growing customer base, I believe we are well positioned to lead the customer experience domain.”
Financial Highlights for the Fourth Quarter of Fiscal 2020
Financial Highlights for the Full Fiscal 2020
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
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 2020 results and outlook for the first quarter and full fiscal year 2021. 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 Experience Management. Medallia’s award-winning SaaS platform, the Medallia Experience Cloud, leads the market in the understanding and management of experience for customers, employees and citizens. Medallia captures experience signals created on daily journeys in person, digital and Internet of Things (IoT) interactions and applies proprietary AI technology to reveal personalized and predictive insights that can drive action with tremendous business results. Using Medallia Experience Cloud, customers can reduce churn, turn detractors into promoters and buyers, and create in-the-moment cross-sell and up-sell opportunities, 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 non-GAAP net income (loss) per share, basic and diluted. 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 expense. 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 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 legal and transactional costs associated with acquisition activities.
Restructuring and other. We exclude restructuring and other from certain of our non-GAAP financial measures. Restructuring and other consists of facility exit costs.
Income tax benefits. We exclude income 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 income tax benefits related to our stock option exercise deductions.
Trailing twelve month subscription billings. We calculate subscription billings as total subscription revenue plus the change in subscription deferred revenue and contract assets (unbilled receivables) in the period. We measure subscription billings on a trailing twelve month basis because subscription billings vary from quarter to quarter due to invoice timing.
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 and the “Financial Outlook” section, 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, acquisition-related costs, restructuring and other expenses, income tax benefits and acquisitions, 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, timing and size of orders, relative growth of our recurring revenue, potential decreases in customer spending, uncertainty regarding purchasing trends in the cloud software market, customer cancellations or non-renewal of maintenance contracts or on-demand services, our potential inability to manage effectively any growth we experience, our ability 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 prospectus filed with the SEC pursuant to Rule 424(b)(4) dated July 18, 2019 and in our quarterly report on Form 10-Q dated December 11, 2019, both of which may be obtained on the Investor Relations section of Medallia’s website (https://investor.medallia.com/financials/sec-filings/default.aspx). Actual results may differ materially from those presently reported. All forward-looking statements in this press release are based on information available to us as of the date hereof. We assume no obligation to update the information contained in this press release or the accompanying conference call, except as required by law.
© 2020 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 31,2020 January 31,2019 Assets Current assets: Cash and cash equivalents$
226,866
$
44,876
Marketable securities
116,833
-
Trade and other receivables, net of allowance for doubtful accounts of $982 and $253 as of January 31, 2020 and 2019, respectively
150,661
106,120
Deferred commissions, current
22,455
15,874
Prepaid expenses and other current assets
22,492
15,595
Total current assets
539,307
182,465
Property and equipment, net
34,879
42,989
Deferred commissions, noncurrent
51,540
35,727
Intangible assets, net
21,306
305
Goodwill
79,324
16,745
Other noncurrent assets
5,293
1,953
Total assets
$
731,649
$
280,184
Liabilities, and stockholders’ equity (deficit) Current liabilities: Accounts payable
$
3,608
$
1,007
Accrued expenses and other current liabilities
20,268
12,840
Accrued compensation
37,160
19,708
Deferred revenue, current
263,115
210,666
Total current liabilities
324,151
244,221
Deferred revenue, noncurrent
1,407
1,151
Deferred rent, noncurrent
2,799
37,182
Other liabilities
5,496
4,188
Total liabilities
333,853
286,742
Stockholders’ equity (deficit): Convertible preferred stock
-
72
Common stock, Class A
-
30
Common stock
132
-
Additional paid-in capital
878,843
363,076
Accumulated other comprehensive loss
(206
)
(1,096
)
Accumulated deficit
(480,973
)
(368,640
)
Total stockholders’ equity (deficit)
397,796
(6,558
)
Total liabilities and stockholders’ equity (deficit)$
731,649
$
280,184
Medallia, Inc. Condensed Consolidated Statements of Operations (in thousands except per share data) (unaudited) Three Months EndedJanuary 31, Twelve Months EndedJanuary 31,
2020
2019
2020
2019
Revenue: Subscription$
86,160
$
67,874
$
312,168
$
246,797
Professional services
23,940
18,510
90,295
66,845
Total revenue
110,100
86,384
402,463
313,642
Cost of revenue: Subscription
16,913
12,603
61,369
47,948
Professional services
22,203
16,718
83,820
67,953
Total cost of revenue
39,116
29,321
145,189
115,901
Gross profit
70,984
57,063
257,274
197,741
Operating expenses: Research and development
27,348
19,692
95,978
86,272
Sales and marketing
53,559
30,378
180,711
138,674
General and administrative
22,843
16,299
95,515
53,239
Total operating expenses
103,750
66,369
372,204
278,185
Loss from operations
(32,766)
(9,306)
(114,930)
(80,444)
Interest income and other income (expense), net
555
(234)
3,129
(11)
Loss before provision for (benefits from) income taxes
(32,211)
(9,540)
(111,801)
(80,455)
Provision for (benefits from) income taxes
(341)
408
532
1,779
Net loss$
(31,870)
$
(9,948)
$
(112,333)
$
(82,234)
Net loss per share attributable to common stockholders, basic and diluted$
(0.25)
$
(0.34)
$
(1.35)
$
(3.07)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted
129,365
28,861
83,269
26,770
Medallia, Inc. GAAP to Non-GAAP Adjustment Summary (in thousands) (unaudited) 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, and income tax benefits as follows: Three Months EndedJanuary 31, Twelve Months EndedJanuary 31,2020
2019
2020
2019
Cost of revenue: Subscription$ 1,834
$ 264
$ 4,933
$ 1,504
Professional services2,876
557
8,943
2,379
Operating expenses: Research and development6,889
1,718
18,422
7,563
Sales and marketing10,251
1,780
29,327
6,813
General and administrative10,919
7,356
50,922
14,472
Income tax expense(408)
-
(1,783)
-
Total$ 32,361
$ 11,675
$ 110,764
$ 32,731
Medallia, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Twelve Months Ended January 31,2020
2019
Operating activities Net loss$
(112,333)
(82,234)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization
15,611
13,856
Amortization of deferred commissions
19,030
13,201
Stock-based compensation expense
109,456
27,858
Impairment (gain) on property and equipment, and lease termination
(13,783)
3,398
Other
(698)
(417)
Changes in assets and liabilities: Trade and other receivable
(43,268)
(16,383)
Deferred commissions
(41,424)
(27,218)
Prepaid expenses and other current assets
(6,198)
2,176
Lease incentives receivable
-
635
Other noncurrent assets
(252)
(853)
Accounts payable
2,097
877
Deferred revenue
49,749
42,935
Accrued expenses and other current liabilities
20,282
6,809
Other noncurrent liabilities
137
163
Net cash used in operating activities
(1,594)
(15,197)
Investing activities Purchases of property, equipment, and other
(22,009)
(11,259)
Purchase of marketable securities
(182,389)
(18,684)
Maturities of marketable securities
65,853
34,840
Proceeds from sale of marketable securities
511
1,296
Acquisitions, net of cash acquired
(76,532)
-
Other
(1,500)
-
Net cash provided by (used in) investing activities
(216,066)
6,193
Financing activities 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
-
Payment of employee taxes withheld upon vesting of restricted stock units
(17,907)
-
Proceeds from exercise of stock options
34,009
12,093
Payment of capital leases
(3,540)
(708)
Repayment of debt assumed in acquisition
(2,297)
-
Net cash provided by financing activities
399,685
11,385
Effect of exchange rate changes on cash and cash equivalents
(35)
(204)
Net increase in cash and cash equivalents
181,990
2,177
Cash and cash equivalents at beginning of period
44,876
42,699
Cash and cash equivalents at end of period$
226,866
$
44,876
Medallia, Inc. GAAP to Non-GAAP Reconciliations (in thousands, except percentages) (unaudited) Three Months EndedJanuary 31, Twelve Months EndedJanuary 31,2020
2019
2020
2019
Non-GAAP gross profit reconciliation: GAAP gross profit$
70,984
$
57,063
$
257,274
$
197,741
GAAP gross margin
64
%
66
%
64
%
63
%
Add (subtract): Stock-based compensation
3,823
779
11,882
3,522
Employer payroll tax expense related to stock-based compensation
7
-
119
-
Amortization of acquired intangible assets
880
42
1,875
361
Non-GAAP gross profit
$
75,694
$
57,884
$
271,150
$
201,624
Non-GAAP gross margin
69
%
67
%
67
%
64
%
Three Months EndedJanuary 31, Twelve Months EndedJanuary 31,2020
2019
2020
2019
Non-GAAP subscription revenue gross profit reconciliation: GAAP subscription revenue gross profit$
69,247
$
55,271
$
250,799
$
198,849
GAAP subscription revenue gross margin
80
%
81
%
80
%
81
%
Add (subtract): Stock-based compensation
954
222
3,058
1,143
Amortization of acquired intangible assets
880
42
1,875
361
Non-GAAP subscription revenue gross profit
$
71,081
$
55,535
$
255,732
$
200,353
Non-GAAP subscription revenue gross margin
82
%
82
%
82
%
81
%
Three Months EndedJanuary 31, Twelve Months EndedJanuary 31,2020
2019
2020
2019
Non-GAAP operating expense reconciliation: GAAP operating expenses$
103,750
$
66,369
$
372,204
$
278,185
Add (subtract): Stock-based compensation
(25,336
)
(7,426
)
(97,574
)
(24,336
)
Employer payroll tax expense related to stock-based compensation
(823
)
-
(1,369
)
-
Amortization of acquired intangible assets
(326
)
-
(441
)
-
Acquisition-related costs
(1,027
)
-
(2,793
)
-
Restructuring and other
(547
)
(3,428
)
3,506
(4,512
)
Non-GAAP operating expenses$
75,691
$
55,515
$
273,533
$
249,337
Three Months EndedJanuary 31, Twelve Months EndedJanuary 31,
2020
2019
2020
2019
Non-GAAP loss from operations reconciliation: GAAP loss from operations$
(32,766
)
$
(9,306
)
$
(114,930
)
$
(80,444
)
Add: Stock-based compensation
29,159
8,205
109,456
27,858
Employer payroll tax expense related to stock-based compensation
830
-
1,488
-
Amortization of acquired intangible assets
1,206
42
2,316
361
Acquisition-related costs
1,027
-
2,793
-
Restructuring and other
547
3,428
(3,506
)
4,512
Non-GAAP income (loss) from operations
$
3
$
2,369
$
(2,383
)
$
(47,713
)
Three Months EndedJanuary 31, Twelve Months EndedJanuary 31,2020
2019
2020
2019
Non-GAAP net loss reconciliation: GAAP net loss$
(31,870
)
$
(9,948
)
$
(112,333
)
$
(82,234
)
Add (subtract): Stock-based compensation
29,159
8,205
109,456
27,858
Employer payroll tax expense related to stock-based compensation
830
-
1,488
-
Amortization of acquired intangible assets
1,206
42
2,316
361
Acquisition-related costs
1,027
-
2,793
-
Restructuring and other
547
3,428
(3,506
)
4,512
Income tax benefits
(408
)
-
(1,783
)
-
Non-GAAP net income (loss)
$
491
$
1,727
$
(1,569
)
$
(49,503
)
Weighted average shares: Basic
129,365
28,861
83,269
26,770
Diluted
171,436
112,996
83,269
26,770
Medallia, Inc. Non-GAAP Supplemental Financial Information (In thousands, except for percentages) (unaudited) Trailing Twelve Months EndedJanuary 31, Subscription billings
2020
2019
Subscription revenue$
312,168
$
246,797
Increase in subscription deferred revenue
47,549
39,095
Decrease in contract assets (unbilled receivables)
1,052
3,575
Subscription billings
$
360,769
$
289,467
Subscription billings growth rate
25
%
24
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20200312005750/en/
Contacts Investor Relations Carolyn Bass ir@medallia.com
PR Contact: Valerie Beaudett press@medallia.com +1 (650) 400-7833
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