UserTesting, Inc. (NYSE: USER), a leader in video-based human insight, today announced financial results for the first quarter ended March 31, 2022.
“We posted strong first quarter results including record total revenue growing 47% year-over-year,” said Andy MacMillan, CEO of UserTesting. “The demand for video-based human insights continues to be strong. We see a large opportunity for every company who delivers a customer experience to leverage human insights.”
First Quarter 2022 Financial Highlights:
- Revenue: Total revenue was $45.9 million, up 47% year-over-year. Subscription revenue was $43.2 million, up 51% year-over-year. Excluding an accounting adjustment relating to sales tax that resulted in a $1.3 million increase in subscription revenue in the first quarter, total revenue would have been $44.6 million, up 43% year-over-year and subscription revenue would have been $41.9 million, up 46% year-over-year.
- Operating Loss and Margin: GAAP operating loss was $(15.0) million, or (33)% of total revenue, compared to $(12.2) million, or (39)% of total revenue, in the same period last year. Non-GAAP operating loss was $(8.9) million, or (19)% of total revenue, compared to $(11.1) million, or (35)% 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 $(12.4) million, or $(0.69) per share, in the same period last year. Non-GAAP net loss was $(9.0) million, or $(0.06) per share, compared to $(11.3) million, or $(0.62) per share, in the same period last year.
- Cash Flow: Net cash used in operations was $(15.5) million, compared to $(10.8) million in the same period last year. Free cash flow was $(15.8) million, compared to $(11.3) million in the same period last year.
- Cash and Cash Equivalents: Cash and cash equivalents were $163.0 million as of March 31, 2022.
Recent Highlights:
- Recent new wins and growth deals included British Airways Corporation, Canada Post, DocuSign, FullStory, HP, Parkland Fuel, ServiceNow, Volvo Cars, and WM.
- UserTesting named a leader by G2 in six categories, earned a Silver Stevie Award for Sales and Customer Service, and named an Atlanta Journal-Constitution Top Workplace.
- UserTesting and FORTUNE Brand Studio surveyed 200 global CEOs to understand the role customer empathy plays in overall business success. 79% stated customer empathy fuels financial performance.
- Introduced new product templates that help companies better understand human interactions with connected devices and the Internet of Things (IoT).
- Published the ninth annual 2022 CX Industry Report revealing a strong global demand for human insight to drive customer empathy and understanding.
- UserTesting named Jeff Solomon as first Country Manager for UserTesting Canada.
Financial Outlook:
For the second quarter ending June 30, 2022, UserTesting currently expects:
- Total revenue between $46.5 million and $47.5 million.
- Non-GAAP operating margin between (30.0%) and (32.0%).
- Non-GAAP net loss per share of $(0.10) assuming 143.5 million weighted-average shares outstanding(1).
For the full year ending December 31, 2022, UserTesting currently expects:
- Total revenue between $197.0 million and $201.0 million.
- Non-GAAP operating margin between (27.0%) and (29.0%).
- Non-GAAP net loss per share between $(0.37) and $(0.39) assuming 145.0 million weighted-average shares outstanding(1).
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