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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 ended October 31, 2019.
“I am very pleased with the momentum in our business that has carried into the fourth quarter. During the third quarter, we crossed the $100 million quarterly revenue milestone, added many more marquee customers and grew our year-over-year subscription and total revenue,” commented Leslie Stretch, president and CEO, Medallia. “New signings included Amadeus, American Axle & Manufacturing, Inc., Amtrak, Hard Rock Cafe, Pizza Hut and Softbank.”
Stretch continued, “We also expanded our ability to transform customer experience in real-time with the acquisition of Crowdicity, a crowdsourcing innovation and idea solution, and Zingle, a multi-channel mobile messaging technology, already in use in many of our hospitality customers. Our platform and signal story is resonating with customers and prospects alike, our scale and ability to out-innovate the market is being clearly recognized and this positions us well for the future.”
Financial Highlights for the Third Quarter of 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 Highlights
Conference Call
Medallia will host a conference call at 1:30 p.m. PT (4:30 p.m. ET) today to discuss the third quarter of fiscal 2020, our outlook for the fourth quarter and the full fiscal year 2020, as well as a preliminary outlook for the 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 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 IoT interactions and applies proprietary AI technology to reveal personalized and predictive insights that can drive action with tremendous business results. Using the suite of experience management and innovation solutions offered by Medallia, customers can engage employees, 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, please 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, non-GAAP subscription revenue gross profit, non- GAAP operating expenses, non-GAAP loss from operations, non-GAAP net loss and non-GAAP net 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. We also exclude cash expenses for employer payroll taxes related to employee stock plans, 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 exit costs related to our former headquarters in San Mateo.
Tax benefit related to acquisitions. 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.
Note on Forward-Looking Statements
The forward-looking statements included in this press release and in the accompanying conference call, including for example, 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, 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 file 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 September 12, 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.
© 2019 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) October 31, January 31,
2019
2019
Assets Current assets: Cash and cash equivalents
$
296,651
$
44,876
Marketable securities
22,646
— Trade and other receivables, net of allowance for doubtful accounts of $609and $253 as of October 31, 2019 and January 31, 2019, respectively
71,036
106,120
Deferred commissions, current
19,303
15,874
Prepaid expenses and other current assets
21,659
15,595
Total current assets
431,295
182,465
Property and equipment, net
31,363
42,989
Deferred commissions, noncurrent
42,710
35,727
Goodwill and intangible assets, net
101,139
17,050
Other noncurrent assets
4,602
1,953
Total assets
$
611,109
$
280,184
Liabilities, and stockholders’ equity (deficit) Current liabilities: Accounts payable
$
4,220
$
1,007
Accrued expenses and other current liabilities
21,569
12,840
Accrued compensation
27,741
19,708
Deferred revenue, current
163,554
210,666
Total current liabilities
217,084
244,221
Deferred revenue, noncurrent
1,194
1,151
Deferred rent, noncurrent
2,633
37,182
Other liabilities
5,854
4,188
Total liabilities
226,765
286,742
Stockholders’ equity (deficit): Convertible preferred stock —
72
Common stock, Class A —
30
Common stock
127
— Additional paid-in capital
834,079
363,076
Accumulated other comprehensive loss
(759
)
(1,096
)
Accumulated deficit
(449,103
)
(368,640
)
Total stockholders’ equity (deficit)
384,344
(6,558
)
Total liabilities and stockholders’ equity (deficit)$
611,109
$
280,184
Medallia, Inc. Condensed Consolidated Statements of Operations (in thousands except per share data) (unaudited) Three Months EndedOctober 31, Nine Months EndedOctober 31,
2019
2018
2019
2018
Revenue: Subscription
$
79,749
$
63,241
$
226,008
$
178,923
Professional services
23,325
17,925
66,355
48,335
Total revenue
103,074
81,166
292,363
227,258
Cost of revenue: Subscription
16,296
11,942
44,456
35,345
Professional services
22,299
17,459
61,617
51,235
Total cost of revenue
38,595
29,401
106,073
86,580
Gross profit
64,479
51,765
186,290
140,678
Operating expenses: Research and development
26,321
20,995
68,630
66,580
Sales and marketing
47,067
34,243
127,152
108,296
General and administrative
32,758
13,020
72,672
36,940
Total operating expenses
106,146
68,258
268,454
211,816
Loss from operations
(41,667
)
(16,493
)
(82,164
)
(71,138
)
Interest income and other income (expense), net
2,001
205
2,574
223
Loss before provision for (benefits from) income taxes
(39,666
)
(16,288
)
(79,590
)
(70,915
)
Provision for (benefits from) income taxes
(46
)
323
873
1,371
Net loss
$
(39,620
)
$
(16,611
)
$
(80,463
)
$
(72,286
)
Net loss per share attributable to common stockholders, basic anddiluted$
(0.31
)
$
(0.60
)
$
(1.19
)
$
(2.77
)
Weighted-average shares used in computing net loss per shareattributable to common stockholders, basic and diluted
127,715
27,482
67,735
26,065
Medallia, Inc. GAAP to Non-GAAP Adjustment Summary (in thousands) (unaudited) GAAP to Non-GAAP adjustments include stock-based compensation expense, amortization of acquired intangible assets, acquisition-related costs, restructuring and other and tax benefit related to acquisitions as follows: Three Months Ended Nine Months Ended October 31, October 31,
2019
2018
2019
2018
Cost of revenue: Subscription$
1,578
$
363
$
3,099
$
1,240
Professional services2,820
580
6,067
1,822
Operating expenses: Research and development6,292
1,665
11,533
5,845
Sales and marketing9,099
1,593
19,076
5,033
General and administrative19,858
3,457
40,003
7,116
Tax benefit related to acquisitions(959)
—(1,375)
— Total$
38,688
$
7,658
$
78,403
$
21,056
Medallia, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Nine Months Ended October 31,
2019
2018
Operating activities Net loss
$
(80,463
)
$
(72,286
)
Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization
10,812
10,440
Amortization of deferred commissions
13,616
9,481
Stock-based compensation expense
80,296
19,653
Impairment (gain) on property and equipment and lease termination
(13,783
)
— Other
(1,463
)
(430
)
Changes in assets and liabilities: Accounts receivable
36,627
40,255
Deferred commissions
(24,108
)
(14,105
)
Prepaid expenses and other current assets
(5,849
)
4,452
Other noncurrent assets
92
(709
)
Accounts payable
2,655
1,835
Deferred revenue
(49,921
)
(37,130
)
Accrued expenses and other current liabilities
10,410
3,084
Other noncurrent liabilities
17
723
Net cash used in operating activities
(21,062
)
(34,737
)
Investing activities Purchases of property, equipment and other
(14,250
)
(5,637
)
Purchase of marketable securities
(76,122
)
(18,684
)
Maturities of marketable securities
53,604
33,340
Proceeds from sale of marketable securities
511
1,296
Acquisitions, net of cash acquired
(75,238
)
— Other
(1,500
)
— Net cash (used in) provided by investing activities
(112,995
)
10,315
Financing activities Proceeds from initial public offering, net of issuance costs, underwriters discounts and commissions, and concurrent private placement
319,972
— Proceeds from Series F convertible preferred stock, net of issuance costs
69,848
— Proceeds from exercise of stock options
16,451
7,831
Payments for employee taxes withheld upon vesting of restricted stock units
(15,592
)
— Payment of capital leases
(2,505
)
(224
)
Repayment of debt assumed in acquisition
(2,297
)
— Net cash provided by financing activities
385,877
7,607
Effect of exchange rate changes on cash and cash equivalents
(45
)
(222
)
Net increase (decrease) in cash and cash equivalents
251,775
(17,037
)
Cash and cash equivalents at beginning of period
44,876
42,699
Cash and cash equivalents at end of period
$
296,651
$
25,662
Medallia, Inc. GAAP to Non-GAAP Reconciliations (in thousands, except percentages) (unaudited) Three Months Ended Nine Months Ended October 31, October 31,
2019
2018
2019
2018
Non-GAAP gross profit reconciliation: GAAP gross profit$
64,479
$
51,765
$
186,290
$
140,678
GAAP gross margin63%
64%
64%
62%
Add (subtract): Stock-based compensation3,768
901
8,171
2,743
Amortization of acquired intangible assets630
42
995
319
Non-GAAP gross profit$
68,877
$
52,708
$
195,456
$
143,740
Non- GAAP gross margin67%
65%
67%
63%
Three Months Ended Nine Months Ended October 31, October 31,2019
2018
2019
2018
Non-GAAP subscription revenue gross profit reconciliation: GAAP subscription revenue gross profit$
63,453
$
51,299
$
181,552
$
143,578
GAAP subscription revenue gross margin80%
81%
80%
80%
Add (subtract): Stock-based compensation948
321
2,104
921
Amortization of acquired intangible assets630
42
995
319
Non-GAAP subscription revenue gross profit$
65,031
$
51,662
$
184,651
$
144,818
Non-GAAP subscription revenue gross margin82%
82%
82%
81%
Three Months Ended Nine Months Ended October 31, October 31,2019
2018
2019
2018
Non-GAAP operating expense reconciliation: GAAP operating expenses$
106,146
$
68,258
$
268,454
$
211,816
GAAP operating expenses, as a % of total revenue103%
84%
92%
93%
Add (subtract): Stock-based compensation(34,046)
(5,631)
(72,784)
(16,910)
Amortization of acquired intangible assets(113)
—(115)
— Acquisition-related costs(1,090)
—(1,766)
— Restructuring and other-
(1,084)
4,053
(1,084)
Non-GAAP operating expenses$
70,897
$
61,543
$
197,842
$
193,822
Non-GAAP operating expenses, as a % of total revenue69%
76%
68%
85%
Medallia, Inc. GAAP to Non-GAAP Reconciliations (in thousands, except percentages) (unaudited) Three Months Ended Nine Months Ended October 31, October 31,2019
2018
2019
2018
Non-GAAP loss from operations reconciliation: GAAP loss from operations$
(41,667)
$
(16,493)
$
(82,164)
$
(71,138)
GAAP loss from operations, as a % of total revenue(40)%
(20)%
(28)%
(31)%
Add (subtract): Stock-based compensation37,814
6,532
80,955
19,653
Amortization of acquired intangible assets743
42
1,110
319
Acquisition-related costs1,090
—1,766
— Restructuring and other —1,084
(4,053)
1,084
Non-GAAP loss from operations$
(2,020)
$
(8,835)
$
(2,386)
$
(50,082)
Non-GAAP loss from operations, as a % of total revenue(2)%
(11)%
(1)%
(22)%
Three Months Ended Nine Months Ended October 31, October 31,2019
2018
2019
2018
Non-GAAP net loss reconciliation: GAAP net loss$
(39,620)
$
(16,611)
$
(80,463)
$
(72,286)
GAAP net loss as a % of total revenue(38)%
(20)%
(28)%
(32)%
Add (subtract): Stock-based compensation37,814
6,532
80,955
19,653
Amortization of acquired intangible assets743
42
1,110
319
Acquisition-related costs1,090
—1,766
— Restructuring and other —1,084
(4,053)
1,084
Tax benefit related to acquisitions(959)
—(1,375)
— Non-GAAP net loss$
(932)
$
(8,953)
$
(2,060)
$
(51,230)
Non-GAAP net loss as a % of total revenue(1)%
(11)%
(1)%
(23)%
Weighted average shares - basic and diluted127,715
27,482
67,735
26,065
Medallia, Inc. Non-GAAP Supplemental Financial Information (In thousands, except for percentages) (unaudited) Trailing Twelve Months Ended October 31, Subscription Billings2019
2018
Subscription revenue$
293,882
$
232,931
Change in subscription deferred revenue and contract assets (unbilled receivables)36,818
34,640
Subscription billings$
330,700
$
267,571
Subscription billings growth rate24%
View source version on businesswire.com: https://www.businesswire.com/news/home/20191205005850/en/
Investor Relations Contact Carolyn Bass ir@medallia.com Source: Medallia Inc.
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