Record Third Quarter Revenue of $49.4 Million,
Up 28% Year-Over-Year
UserTesting, Inc. (NYSE: USER), a leader in video-based human
insight, today announced financial results for the third quarter
ended September 30, 2022. “We posted strong third quarter results
including record total revenue, up 28% year-over-year,” said Andy
MacMillan, CEO of UserTesting. “Despite macroeconomic headwinds, we
continue to execute on our path to profitability.”
Third Quarter 2022 Financial Highlights:
- Revenue: Total revenue was $49.4 million, up 28%
year-over-year. Subscription revenue was $47.5 million, up 32%
year-over-year.
- Operating Loss and Margin: GAAP operating loss was
$(14.3) million, or (29)% of total revenue, compared to $(10.3)
million, or (27)% of total revenue, in the same period last year.
Non-GAAP operating loss was $(5.6) million, or (11)% of total
revenue, compared to $(9.4) million, or (24)% of total revenue, in
the same period last year.
- Net Loss: GAAP net loss was $(15.2) million, or $(0.11)
per share, compared to $(9.6) million, or $(0.49) per share, in the
same period last year. Non-GAAP net loss was $(6.4) million, or
$(0.04) per share, compared to $(8.7) million, or $(0.45) per
share, in the same period last year.
- Cash Flow: Net cash used in operations was $(0.5)
million, compared to $(7.2) million in the same period last year.
Free cash flow was $(0.5) million or (1%) of total revenue compared
to $(8.1) million, or (21%) of total revenue in the same period
last year.
- Cash and Cash Equivalents: Cash and cash equivalents
were $164.6 million as of September 30, 2022.
Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating
loss, non-GAAP operating loss margin, non-GAAP net loss, non-GAAP
net loss per share, free cash flow and free cash flow margin are
non-GAAP financial measures. Additional information on
UserTesting’s reported results, including a reconciliation of the
non-GAAP financial measures to their most comparable GAAP measures,
is included in the financial tables below. Our definition for each
non-GAAP measure used is provided below, however a limitation of
non-GAAP financial measures is that they do not have uniform
definitions. Accordingly, our definitions for non-GAAP measures
used will likely differ from similarly titled non-GAAP measures
used by other companies thereby limiting comparability. In
addition, the utility of free cash flow as a measure of our
liquidity is limited as it does not represent the total increase or
decrease in our cash and cash equivalents balance for a given
period.
UserTesting Acquisition by Thoma Bravo and Sunstone
Partners
UserTesting also announced today that it had entered into a
definitive agreement to be acquired by Thoma Bravo, a leading
software investment firm, and significant minority owner Sunstone
Partners, for $7.50 per share, in an all-cash transaction valued at
approximately $1.3 billion. The offer represents a premium of
approximately 94% over UserTesting’s closing stock price on October
26, 2022, the last full trading day prior to the transaction
announcement, and a premium of approximately 97% over the volume
weighted average price of UserTesting’s shares for the 30 trading
days ended October 26, 2022. The transaction is currently expected
to close in the first half of 2023, subject to customary closing
conditions, including approval by UserTesting’s stockholders and
regulatory approvals. A copy of the press release can be found by
visiting the Investor Relations section of the UserTesting website:
https://ir.usertesting.com/.
In light of the announced transaction with Thoma Bravo and
Sunstone Partners, UserTesting does not plan to host an earnings
call. In addition, UserTesting will not provide forward-looking
guidance as a result of the pending transaction.
About UserTesting
UserTesting (NYSE: USER) has fundamentally changed the way
organizations get insights from customers with fast, opt-in
feedback and experience capture technology. The UserTesting® Human
Insight Platform taps into our global network of real people and
generates video-based recorded experiences, so anyone in an
organization can directly ask questions, hear what users say, see
what they mean, and understand what it’s actually like to be a
customer. Unlike approaches that track user behavior then try to
infer what that behavior means, UserTesting reduces guesswork and
brings customer experience data to life with human insight.
UserTesting has over 2,500 customers, including more than half of
the world’s top 100 most valuable brands according to Forbes.
UserTesting is headquartered in San Francisco, California. To learn
more, visit www.usertesting.com.
Additional Information and Where to Find It
In connection with the proposed transaction, UserTesting will
file relevant materials with the Securities and Exchange Commission
(SEC), including a preliminary and definitive proxy statement.
Promptly after filing the definitive proxy statement, UserTesting
will mail the definitive proxy statement and a proxy card to
UserTesting stockholders. USERTESTING’S STOCKHOLDERS ARE URGED TO
READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR
SUPPLEMENTS THERETO) CAREFULLY WHEN IT BECOMES AVAILABLE BEFORE
MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE
PROPOSED TRANSACTION BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED
TRANSACTION. Stockholders of UserTesting will be able to obtain a
free copy of these documents, when they become available, at the
website maintained by the SEC at www.sec.gov or free of charge at
https://ir.usertesting.com.
Participants in the Solicitation
UserTesting and certain of its directors and executive officers
may be deemed to be participants in the solicitation of proxies in
respect of the proposed transaction. Information regarding
UserTesting’s directors and executive officers, including a
description of their direct interests, by security holdings or
otherwise, is contained in UserTesting’s proxy statement for its
2022 annual meeting of stockholders, which was filed with the SEC
on April 20, 2022. UserTesting stockholders may obtain additional
information regarding the direct and indirect interests of the
participants in the solicitation of proxies in connection with the
proposed transaction, including the interests of UserTesting
directors and executive officers in the transaction, which may be
different than those of UserTesting stockholders generally, by
reading the proxy statement and any other relevant documents that
are filed or will be filed with the SEC relating to the proposed
transaction. You may obtain free copies of these documents using
the sources indicated above.
Forward-Looking Statements
This press release by UserTesting, Inc. (“UserTesting,” the
“Company,” “we,” “us,” or similar terms) contains forward-looking
statements. These statements may relate to, but are not limited to,
statements about the consummation of the proposed transaction
between UserTesting and Thoma Bravo and the anticipated benefits
thereof, UserTesting’s market size and growth opportunities, plans
for future operations, competitive position, technological
capabilities, and strategic relationships, as well as assumptions
relating to the foregoing. Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified. In some cases, you can identify
forward-looking statements by terminology such as “believe,” “may,”
“will,” “potentially,” “estimate,” “continue,” “anticipate,”
“intend,” “could,” “would,” “project,” “target,” “plan,” “expect,”
and similar expressions. You should not put undue reliance on any
forward-looking statements. There are a significant number of
factors that could cause our actual results, performance, or
achievement to differ materially and adversely from the statements
made in this press release, including: the failure to satisfy any
of the conditions to the consummation of the proposed transaction,
including the adoption of the merger agreement by UserTesting’s
stockholders and the receipt of certain regulatory approvals; the
occurrence of any event, change or other circumstance that could
give rise to the termination of the merger agreement; the outcome
of any legal proceedings that may be instituted against UserTesting
related to the merger agreement or the proposed transaction;
unexpected costs, charges or expenses resulting from the proposed
transaction; intense competition in our market; our ability to
attract new customers and renew and expand sales to existing
customers; our ability to effectively introduce enhancements to our
platform, including new products, services, features, and
functionality, that achieve market acceptance or keep pace with
technological developments; quarterly fluctuations in operating
results; our ability to maintain data privacy and data security;
our limited operating history under our current business and
pricing models; our ability to effectively manage growth; our
ability to expand internationally; unfavorable conditions in our
industry and other general market, political, economic, and
business conditions, including those related to the continuing
impact of COVID-19, heightened inflation and rising interest rates.
For more information regarding the risks and uncertainties that
could cause actual results, performance, or achievement to differ
materially and adversely from those expressed or implied in these
forward-looking statements, as well as risks relating to our
business in general, we refer you to the “Risk Factors” section of
our SEC filings, including our Quarterly Report on Form 10-Q for
the quarter ended June 30, 2022 filed on August 4, 2022, our
Quarterly Report on Form 10-Q to be filed for the quarter ended
September 30, 2022, and other filings and reports that we may file
from time to time with the SEC, copies of which are available on
our website at https://ir.usertesting.com and on the SEC’s website
at www.sec.gov. You should not rely on these forward-looking
statements, as actual outcomes and results may differ materially
from those contemplated by these forward-looking statements as a
result of such risks and uncertainties. All forward-looking
statements in this press release are based on information available
to us as of the date hereof, and we do not assume any obligation to
update the forward-looking statements provided to reflect events
that occur or circumstances that exist after the date of this press
release or to reflect new information or the occurrence of
unexpected events, except as required by law. We may not actually
achieve the plans, intentions, or expectations disclosed in our
forward-looking statements, and you should not place undue reliance
on our forward-looking statements.
Non-GAAP Financial Measures
To supplement our financial results, which are prepared and
presented in accordance with GAAP, we use certain non-GAAP
financial measures, as described below, to understand and evaluate
our core performance. These non-GAAP measures, which may be
different from similarly-titled measures used by other companies,
are presented to enhance investors’ overall understanding of our
financial performance and should not be considered a substitute
for, or superior to, the financial information prepared and
presented in accordance with GAAP.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and future prospects, and
allow for greater transparency with respect to important metrics
used by our management for financial and operational decision-
making. We are presenting these non-GAAP measures to assist
investors in seeing our financial performance using a management
view, and because we believe that these measures provide an
additional tool for investors to use in comparing our core
financial performance over multiple periods with other companies in
our industry. You should consider non-GAAP results alongside other
financial performance measures and results presented in accordance
with GAAP. In addition, in evaluating non-GAAP results, you should
be aware that in the future we will incur expenses such as those
that are the subject of adjustments in deriving non-GAAP results
and you should not infer from our non-GAAP results that our future
results will not be affected by these expenses or any unusual or
non-recurring items.
Non-GAAP gross profit, non-GAAP operating loss, non-GAAP net
loss, non-GAAP net loss per share: We define these non-GAAP
financial measures as the respective GAAP measures, excluding
stock-based compensation expenses, amortization of acquired
intangible assets, reversals of prior sales and use tax accruals
and related penalties and interest, restructuring expenses and the
tax impact of the non-GAAP adjustments. We believe it is useful to
exclude these expenses in order to better understand the long-term
performance of our core business and to facilitate comparison of
our results over multiple periods and to those of peer
companies.
Non-GAAP gross margin and non-GAAP operating loss margin:
Non-GAAP gross margin is calculated as non-GAAP gross profit
divided by total revenue. Non-GAAP operating loss margin is
calculated as non-GAAP operating loss divided by total revenue. We
use these non-GAAP financial measures in conjunction with
traditional GAAP measures to evaluate our financial
performance.
Free cash flow and free cash flow margin: We define free cash
flow as net cash used in operating activities less cash used for
purchases of property and equipment and capitalized internal-used
software. Free cash flow margin is calculated as free cash flow
divided by total revenue. We believe that these non-GAAP financial
measures are useful indicators of liquidity that provides
information to management and investors, even if negative, about
the amount of cash generated (or used) in our operations that,
after investments in property and equipment, can be used for
strategic opportunities and strengthening our balance sheet.
However, free cash flow is not a substitute for cash used in
operating activities. The utility of free cash flow and free cash
flow margin is limited as these measures do not reflect our future
contractual commitments and do not represent the total increase or
decrease in our cash balance for any given period.
Non-GAAP Supplemental Financial Information
Calculated Billings: We define calculated billings, a non-GAAP
financial measure, as total revenue plus the change in contract
liabilities from the beginning to the end of the period. We
typically invoice our customers annually in advance, and to a
lesser extent quarterly in advance, for subscriptions to our
platform. Calculated billings in any particular period reflect
amounts invoiced to customers.
UserTesting, Inc.
Condensed Consolidated
Statements of Operations
(in thousands, except per
share amounts)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenue
Subscription
$
47,517
$
35,951
$
135,900
$
96,883
Professional services
1,891
2,694
6,922
8,031
Total revenue
49,408
38,645
142,822
104,914
Cost of revenue
Subscription
8,501
7,388
24,607
21,230
Professional services
2,402
2,124
7,114
6,247
Total cost of revenue
10,903
9,512
31,721
27,477
Gross profit
38,505
29,133
111,101
77,437
Operating expenses:
Sales and marketing
29,662
23,384
93,049
62,512
Research and development
10,804
9,543
33,774
29,128
General and administrative
10,980
6,492
30,981
19,817
Restructuring
1,385
—
1,385
—
Total operating expenses
52,831
39,419
159,189
111,457
Loss from operations
(14,326
)
(10,286
)
(48,088
)
(34,020
)
Interest income, net
24
29
44
103
Other income (expense), net
(582
)
896
(562
)
683
Loss before provision for income taxes
(14,884
)
(9,361
)
(48,606
)
(33,234
)
Provision for income taxes
307
275
508
569
Net loss
$
(15,191
)
$
(9,636
)
$
(49,114
)
$
(33,803
)
Net loss per share attributable to common
stockholders, basic and diluted(1)
$
(0.11
)
$
(0.49
)
$
(0.34
)
$
(1.80
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted(1)
144,211
19,558
143,347
18,798
(1)
Includes the impact of (i) the issuance of
shares of common stock by UserTesting in its initial public
offering, and (ii) the conversion of all then outstanding shares of
convertible preferred stock into shares of common stock in
connection with the initial public offering, in the
weighted-average shares calculation weighted from the date of the
initial public offering.
Stock-based Compensation Expense
The following table summarizes total stock-based compensation
expense included in cost of revenue and operating expenses (in
thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Cost of revenue:
Subscription
$
211
$
11
$
553
$
30
Professional services
239
78
701
160
Operating expenses:
Sales and marketing
2,920
404
9,057
1,079
Research and development
1,384
237
4,574
620
General and administrative
2,562
2,057
7,811
3,030
$
7,316
$
2,787
$
22,696
$
4,919
Amortization of Acquired Intangible Assets
The following table summarizes total amortization of acquired
intangible assets included in cost of revenue and operating
expenses (in thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Cost of revenue:
Subscription
$
21
$
163
$
63
$
492
Operating expenses:
Sales and marketing
—
47
—
144
Research and development
43
43
128
130
$
64
$
253
$
191
$
766
UserTesting, Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
September 30,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents
$
164,618
$
178,430
Accounts receivable, net
34,058
47,973
Costs capitalized to obtain revenue
contracts, current
8,621
8,116
Prepaid expenses and other current
assets
8,512
6,045
Total current assets
215,809
240,564
Property and equipment, net
2,916
3,257
Operating lease right-of-use assets,
net
12,852
16,401
Intangible assets, net
449
640
Goodwill
8,785
8,785
Costs capitalized to obtain revenue
contracts, non-current
12,256
12,941
Other long-term assets
808
540
Total assets
$
253,875
$
283,128
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
1,524
$
1,544
Contract liabilities
96,831
90,952
Operating lease liabilities, current
5,219
5,271
Accrued expenses and other current
liabilities
12,536
21,799
Total current liabilities
116,110
119,566
Operating lease liabilities,
non-current
9,346
12,996
Other long-term liabilities
887
887
Total liabilities
126,343
133,449
Stockholders’ equity:
Preferred stock
—
—
Common stock and capital in excess of par
value
379,848
352,881
Accumulated deficit
(252,316
)
(203,202
)
Total stockholders’ equity
127,532
149,679
Total liabilities and stockholders’
equity
$
253,875
$
283,128
UserTesting, Inc.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September
30,
2022
2021
Cash flows from operating
activities:
Net loss
$
(49,114
)
$
(33,803
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
1,139
1,204
Stock-based compensation expense
22,696
4,919
Provision for allowance for doubtful
accounts
687
154
Amortization of costs capitalized to
obtain revenue contracts
6,886
4,757
Changes in operating assets and
liabilities:
Accounts receivable
13,228
(7,323
)
Costs capitalized to obtain revenue
contracts
(6,706
)
(8,969
)
Prepaid expenses and other assets
(2,734
)
(2,877
)
Accounts payable
(9
)
366
Accrued liabilities
(9,306
)
(1,769
)
Contract liabilities
5,879
16,784
Other liabilities
86
552
Net cash used in operating activities
(17,268
)
(26,005
)
Cash flows from investing
activities:
Purchase of property and equipment
(713
)
(1,955
)
Purchase of intangible assets
—
(150
)
Net cash used in investing activities
(713
)
(2,105
)
Cash flows from financing
activities:
Payment of offering costs
(102
)
(4,025
)
Payment of deferred purchase
consideration
—
(1,766
)
Proceeds from issuance of common stock
upon exercise of stock options
2,244
1,822
Proceeds from issuance of common stock
under the employee stock purchase plan
2,027
—
Net cash provided by (used in) financing
activities
4,169
(3,969
)
Net decrease in cash and cash
equivalents
(13,812
)
(32,079
)
Cash and cash equivalents, beginning of
period
178,430
96,972
Cash and cash equivalents, end of
period
$
164,618
$
64,893
UserTesting, Inc.
Reconciliation of GAAP to
Non-GAAP Gross Profit and Gross Margin
(dollars in thousands)
(unaudited)
Three Months Ended September
30, 2022
Three Months Ended September
30, 2021
Subscription
Professional
Services
Total
Subscription
Professional
Services
Total
GAAP gross profit
$
39,016
$
(511
)
$
38,505
$
28,563
$
570
$
29,133
GAAP gross margin
82
%
(27
) %
78
%
79
%
21
%
75
%
Adjustments:
Stock-based compensation expense
211
239
450
11
78
89
Amortization of acquired intangible
assets
21
—
21
163
—
163
Non-GAAP gross profit
$
39,248
$
(272
)
$
38,976
$
28,737
$
648
$
29,385
Non-GAAP gross margin
83
%
(14
) %
79
%
80
%
24
%
76
%
Nine Months Ended September
30, 2022
Nine Months Ended September
30, 2021
Subscription
Professional
Services
Total
Subscription
Professional
Services
Total
GAAP gross profit
$
111,293
$
(192
)
$
111,101
$
75,653
$
1,784
$
77,437
GAAP gross margin
82
%
(3
) %
78
%
78
%
22
%
74
%
Adjustments:
Stock-based compensation expense
553
701
1,254
30
160
190
Amortization of acquired intangible
assets
63
—
63
492
—
492
Non-GAAP gross profit
$
111,909
$
509
$
112,418
$
76,175
$
1,944
$
78,119
Non-GAAP gross margin
82
%
7
%
79
%
79
%
24
%
74
%
UserTesting, Inc.
Reconciliation of GAAP to
Non-GAAP Operating Expenses
(dollars in thousands)
(unaudited)
Three Months Ended September
30, 2022
Three Months Ended September
30, 2021
Sales and Marketing
Research and
Development
General and
Administrative
Restructuring
Total Operating
Expenses
Sales and Marketing
Research and
Development
General and
Administrative
Restructuring
Total Operating
Expenses
GAAP expenses
$
29,662
$
10,804
$
10,980
$
1,385
$
52,831
$
23,384
$
9,543
$
6,492
$
—
$
39,419
Adjustments:
Stock-based compensation expense
(2,920
)
(1,384
)
(2,562
)
—
(6,866
)
(404
)
(237
)
(2,057
)
—
(2,698
)
Amortization of acquired intangible
assets
—
(43
)
—
—
(43
)
(47
)
(43
)
—
—
(90
)
Reversal of sales and use tax accruals,
penalties and interest
—
—
—
—
—
—
—
2,122
—
2,122
Restructuring
—
—
—
(1,385
)
(1,385
)
—
—
—
—
—
Non-GAAP expenses
$
26,742
$
9,377
$
8,418
$
—
$
44,537
$
22,933
$
9,263
$
6,557
$
—
$
38,753
Non-GAAP expenses as a % of revenue
54
%
19
%
17
%
—
%
90
%
59
%
24
%
17
%
—
%
100
%
Nine Months Ended September
30, 2022
Nine Months Ended September
30, 2021
Sales and Marketing
Research and
Development
General and
Administrative
Restructuring
Total Operating
Expenses
Sales and Marketing
Research and
Development
General and
Administrative
Restructuring
Total Operating
Expenses
GAAP expenses
$
93,049
$
33,774
$
30,981
$
1,385
$
159,189
$
62,512
$
29,128
$
19,817
$
—
$
111,457
Adjustments:
Stock-based compensation expense
(9,057
)
(4,574
)
(7,811
)
—
(21,442
)
(1,079
)
(620
)
(3,030
)
—
(4,729
)
Amortization of acquired intangible
assets
—
(128
)
—
—
(128
)
(144
)
(130
)
—
—
(274
)
Reversal of sales and use tax accruals,
penalties and interest
—
—
1,157
—
1,157
—
—
2,122
—
2,122
Restructuring
—
—
—
(1,385
)
(1,385
)
—
—
—
—
—
Non-GAAP expenses
$
83,992
$
29,072
$
24,327
$
—
.
$
137,391
$
61,289
$
28,378
$
18,909
$
—
.
$
108,576
Non-GAAP expenses as a % of revenue
59
%
20
%
17
%
—
%
96
%
58
%
27
%
18
%
—
%
103
%
UserTesting, Inc.
Reconciliation of GAAP to
Non-GAAP Operating Loss and Operating Loss Margin
(dollars in thousands)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP operating loss
$
(14,326
)
$
(10,286
)
$
(48,088
)
$
(34,020
)
GAAP operating loss margin
(29
) %
(27
) %
(34
) %
(32
) %
Adjustments:
Stock-based compensation expense
7,316
2,787
22,696
4,919
Amortization of acquired intangible
assets
64
253
191
766
Reversal of sales and use tax accruals,
penalties and interest
—
(2,122
)
(1,157
)
(2,122
)
Restructuring
1,385
—
1,385
—
Non-GAAP operating loss
$
(5,561
)
$
(9,368
)
$
(24,973
)
$
(30,457
)
Non-GAAP operating loss margin
(11
) %
(24
) %
(17
) %
(29
) %
UserTesting, Inc.
Reconciliation of GAAP to
Non-GAAP Net Loss and Net Loss Per Share
(in thousands, except per
share amounts)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP net loss
$
(15,191
)
$
(9,636
)
$
(49,114
)
$
(33,803
)
Adjustments:
Stock-based compensation expense
7,316
2,787
22,696
4,919
Amortization of acquired intangible
assets
64
253
191
766
Reversal of sales and use tax accruals,
penalties and interest
—
(2,122
)
(1,157
)
(2,122
)
Restructuring
1,385
—
1,385
—
Non-GAAP net loss
$
(6,426
)
$
(8,718
)
$
(25,999
)
$
(30,240
)
GAAP net loss per share, basic and
diluted
$
(0.11
)
$
(0.49
)
$
(0.34
)
$
(1.80
)
Adjustments to GAAP net loss per
share:
Stock-based compensation expense
0.06
0.14
0.16
0.26
Amortization of acquired intangible
assets
—
0.01
—
0.04
Reversal of sales and use tax accruals,
penalties and interest
—
(0.11
)
(0.01
)
(0.11
)
Restructuring
0.01
—
0.01
—
Non-GAAP net loss per share, basic and
diluted
$
(0.04
)
$
(0.45
)
$
(0.18
)
$
(1.61
)
Weighted-average shares used in computing
non-GAAP net loss per share, basic and diluted
144,211
19,558
143,347
18,798
UserTesting, Inc.
Non-GAAP Free Cash Flow
Reconciliation
(dollars in thousands)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
GAAP net cash used in operating
activities
$
(487
)
$
(7,159
)
$
(17,268
)
$
(26,005
)
Add: Purchases of property and
equipment
(18
)
(984
)
(713
)
(1,955
)
Non-GAAP free cash flow
$
(505
)
$
(8,143
)
$
(17,981
)
$
(27,960
)
Non-GAAP free cash flow margin
(1
) %
(21
) %
(13
) %
(27
) %
UserTesting, Inc.
Non-GAAP Supplemental
Financial Information
(dollars in thousands)
(unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenue
$
49,408
$
38,645
$
142,822
$
104,914
Increase in contract liabilities
(2,962
)
5,346
5,879
16,784
Calculated billings
$
46,446
$
43,991
$
148,701
$
121,698
Year-over-year calculated billings growth
rate
6
%
49
%
22
%
50
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221027005554/en/
Investor Relations Contact: Sapphire Investor Relations,
LLC Erica Mannion and Michael Funari ir@usertesting.com
617-542-6180
Media Contact: UserTesting, Inc. Susie Penner
press@usertesting.com 650-793-1162
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