Qualtrics Announces Outstanding First Quarter 2022 Financial Results

• Q1 2022 total revenue of $335.6M, up 41% year over year
• Q1 2022 subscription revenue of $280.8M, up 50% year over year
• Total remaining performance obligations¹ of $1,766.6M, up 48% year over year
• Next 12 months remaining performance obligations of $1,031.9M, up 52% year over year

Qualtrics (NASDAQ: XM), the leader and creator of the Experience Management (XM) category, today announced financial results for the first quarter ended March 31, 2022.

“Q1 was an outstanding quarter for Qualtrics – in fact, it was the biggest Q1 in our history,” said Qualtrics CEO Zig Serafin. “These results highlight the demand for experience management as companies of every size and in every industry navigate an uncertain environment. I’m particularly pleased to deliver another quarter of positive non-GAAP operating margin while continuing to invest in long-term, durable growth.”

First Quarter 2022 Financial Highlights:

• Revenue: Total revenue for the first quarter was $335.6 million, up from $238.6 million one year ago, an increase of 41% year over year. Subscription revenue for the first quarter was $280.8 million, up from $186.9 million one year ago, an increase of 50% year over year.
• Operating Income (Loss) and Margin: First quarter operating loss was $(290.5) million, compared to $(196.6) million one year ago. Non-GAAP operating income (see discussion of non-GAAP operating income and margin measures below) was $4.1 million, compared to non-GAAP operating income of $6.8 million one year ago. For the first quarter, GAAP operating margin was (87)% and non-GAAP operating margin was 1%, compared to GAAP operating margin of (82)% and non-GAAP operating margin of 3% one year ago.
• Net Income (Loss) and Net Income (Loss) Per Share: First quarter net loss was $(292.3) million, or $(0.51) per share, compared to $(199.9) million, or $(0.41) per share in the first quarter of fiscal year 2021. Non-GAAP net income (see discussion of the non-GAAP net income measure below) for the first quarter was $3.4 million, or $0.01 per share, compared to non-GAAP net income of $5.3 million, or $0.01 per share in the first quarter of fiscal year 2021.
• Cash and Cash Equivalents: Total cash and cash equivalents as of March 31, 2022 was $836.4 million.

Financial Outlook:

Qualtrics is providing guidance for its second quarter ending June 30, 2022 as follows:

• Total revenue between $344 and $346 million.
• Subscription revenue between $291 and $293 million.
• Non-GAAP operating margin between 1.5% and 2.5%.
• Non-GAAP net income (loss) per share between $(0.01) and $0.01 assuming 585 million weighted shares outstanding.

Qualtrics is updating its guidance for its full year ending December 31, 2022 as follows:

• Total revenue between $1,428 and $1,432 million.
• Subscription revenue between $1,202 and $1,206 million.
• Non-GAAP operating margin between 1% and 3%.
• Non-GAAP net income per share between $0.00 and $0.02 assuming 595 million weighted shares outstanding.

The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

¹ Remaining performance obligations represent all contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods.

Non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP net income per share are non-GAAP financial measures. Additional information on Qualtrics’ reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Qualtrics’ results computed in accordance with GAAP.

A supplemental financial presentation and other information can be accessed through Qualtrics’ investor relations website at https://www.qualtrics.com/investors/.

Qualtrics Earnings Call

Qualtrics plans to host a conference call today to review its fiscal first quarter 2022 financial results and to discuss its financial outlook. The call is scheduled to begin at 3:00 p.m. MT/5:00 p.m. ET. Investors are invited to join the webcast by visiting: https://qualtrics.com/investors/events. The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 90 days.

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