Q1 2021 SVMK Inc Earnings Call
Net.
[music].
And ladies and gentlemen, thank you for standing by my name is Pasha, and I will be your conference operator today.
And discussion of the risks and uncertainties related to our business and contained and our filings with the Securities and Exchange Commission, and particular and a section entitled risk factors and our quarterly and annual reports and we refer you to these filings our discussion today will include non-GAAP financial measures unless otherwise stated and he's not GAAP measures should be considered an addition to and not a substitute for or.
And isolation from our GAAP results.
Reconciliation of GAAP through and non-GAAP results may be found and our earnings release and shareholder letter, which are furnished with our 8-K filed today with the SEC and May also be found on our website.
Finally, please note that all growth rates discussed and today's prepared remarks are year over year, unless otherwise noted and with that I will now turn the call over to him stinker.
Thanks, Gary.
Or do you want and can be summed up and one word.
Huge.
Q1 revenue exceeded the high end of our guidance range more importantly, we accelerated our overall, leading gross indicators with 21% year over year growth and R. P O and 23% year over year growth deferred revenue and and the enterprise sales, we re accelerated back into hyper gross across all major product category and a new business.
And and renewal.
Just on a strong Q1 performance and revive look we're raising our full year revenue Guy.
R Q1 performance as a function of our strategic investments and product innovation and our enterprise sales go to market channel.
Recent leadership changes are paying dividends and helping us and expand our relationships with customers. We are shipping stronger products, it's better velocity and winning big.
And the experience man free category of health and our agile products deliver value.
Now where it plugs and.
Broadly on the market opportunity connecting more customers with the right solution, whether we engage with them through our website.
Our sales reps or our customers and stuff team.
Many of our growth initiatives are either early and their maturity or not yet launched a.
A response based pricing rollout to our installed day.
New high velocity sales team.
Cross-sell initiatives and our new customer experience market research solutions, we had a great quarter and we.
Plan to build on coupons momentum and cute our first quarter financial goals were robust across the board the press release and shareholder letter discuss the quarter and detail. So I'll hit the highway.
Revenue of 102.3 million exceeded the high end of our guidance range driven by growing momentum across all product line and go to market channels are P O and creek, 21% and deferred revenue grew up 23% year over year, which reflects Q1 strong broadbased, new sales and renew old performance.
Enterprise revenue rose, 24% year over year or 35%, excluding the impact of a large nonrecurring.
And Q1 of 2020.
And self serve revenue posted a second consecutive quarter of 13% year over year growth.
Non-GAAP operating loss of point 6 million was in line with as we continue to invest to drive accelerated durable gross.
And we generate $15.1 million and free cash flow and ended Q1 with 34 million and net cash.
And enterprise sales, we raise the bar on execution through the combination of our ongoing product and go to market investments and the prescriptive changes we outline on our last call we.
And we ended Q1 with more than 8800 enterprise customers up 29% year over year.
Yeah, I did more than 660, new enterprise logos sequentially, including Cedar Sinai glass door, Kawasaki Motors and economy and Tony and.
And we accelerated the leading indicators of enterprise sales growth significantly and the court well outpacing Q1 enterprise revenue growth driven by new business and renewals across all our major enterprise problems.
We already had a talented enterprise sales team and place and the tactical changes we discussed with you on February supercharged our sales motion.
New leaders brought more rigor and the combination of solutions base salary and our new high velocity sales team gave our reps greater clarity and focus revolting and more deals and higher quality deals compared to Q4 of 2020.
Enterprise sales tracks and was rugby.
Survey use cases are gaining momentum and vehicles like human resources and healthcare and.
And additional targeted solutions are on the way.
And customer experience or C X, we had a number of notable wind including group.
And you can't largest integrated digital retail and financial services providers.
And who chose to get feedback platform force speed to value and sales force integration.
Market research the combination of our new software module services and panel his resume and the market.
P C L technology, and leading global consumer Electronics company, using our agile market research solutions to run and consumer research and over 20 countries to better understand product feed your preferences and trends.
And currently are self so channel exhibit continued strength with 13% year over year revenue growth or.
Multi use of teens products and continues to be a winter for customers and for our business model.
We are improving our ability to programmatically connect self serve customers with the right product chairs to Max's and physician.
Our self serve products and gross things are world class and we are confident and our ability to deliver durable gross and years to come.
Our overall book of business strength, and further organizational domain net revenue retention or and our our remained above 100% and improved sequentially and.
Enterprise renewal rate from queue for our third consecutive quarter of improved.
And renewal rates for annual self serve customers returned to healthier free COVID-19 levels and Q1.
We are also seen and increase in the number of customer signed up for multiple products.
Now I have more than 500 enterprise customer and using two or more of our products and.
Approximately 40%.
Based on queue once performance and our outlook, we're raising our full year 2021 and revenue.
And we know expect revenue growth and the range of 17% to 19% up from our prior expectation of 16% to 18%.
We continue to believe we can grow our appeal faster than revenue this year.
Given the efficiencies we are driving and the cost of revenue line. We now believe non-GAAP gross margin will normalize and the low 80 per cent reach we.
And we're maintaining the non-GAAP operating margin of 2% to 4% and we will continue to invest to accelerate gross and.
And we are raising our free cash flow range $247 million to $52 million.
Beyond 2021, we're confident and we can further accelerate grocery continued execution. Many of our go to market and product initiatives are not yet fully reflected in our gross profile.
And surveys beginning to ramp use case them and high velocity sales.
We built the foundation to increase sales efficiency by driving smaller deals to the high velocity and focusing our talented accounts executive and larger opportunity.
And we're still bringing use case packages to market and fine tuning the high velocity motion.
And <unk> and market research, it's still early day.
New sales leadership and capacity of ramping and we're continuing to invest and product innovation, we have a lot of runway to scale as a challenger and <unk> and he true disruptor and market research.
And enterprise expansion and we'll start migrating existing survey Mcgee enterprise customers to the response based pricing model, we introduced to new customers and April of 2020.
More broadly are new chief customer officer, Kendall is partnering with our Chief revenue Officer, John shows done to execute stronger more consistent upselling and crosstown throughout our growing base of 8800 plus enterprise customers.
And Q1 with a strong quarter across the board with phenomenal enterprise sales performance, 21% R. P O gross 23% deferred revenue growth and increased revenue growth expectations for the calendar here.
The strategy is working or enterprise price are resonating with customers our team and to energize and we have multiple early stage factors that can further accelerate gross.
Now turn the call over to my partner Tom and.
Standard Q1 was and equally phenomenal quarter for innovation that survey monkey, we deliver new products and features across all three of our product lines and increased our focus on our platform and partnerships to accelerate our move upmarket.
And survey, we launched our expanded returned to work solution, which combines automated and industry benchmarking and trend analysis to help people leaders quickly understand and act unemployed needs and sentiment as businesses reopened.
We're also seeing great tracks and and the health care vertical as organizations like Garnett health are utilizing survey monkey enterprise HIPAA compliance add on and Microsoft power B I integration as their feedback collection platform.
We're also on track to release Zoom video communications integration and with integrations for both zoom and Microsoft teams will be able to power feedback within two of the market's top collaboration platforms.
And market research, we launched to new agile solutions and April brand tracker and industry tracker that are purpose built for marketing and business leaders conducting longitudinal research through a powerful combination of panel AI powered insights interactive dashboards and expert services. These solutions provide continuous.
Intelligence and to shifts and market perception and the dynamics instantly surfacing meaningful insights without relying on flow and constantly consulting firms brand and industry tracker went from concept to general availability and only nine months, which speaks to the velocity of the team and our ability to use pre existing elements of our platform like automated insight.
To power our solutions.
And two new agile market research solutions deliberate results and days not months as illustrated by all birth, the sustainable footwear and apparel maker and our first brand tracker customer.
Albert and a market research customer for years, and they'll leverage the power of our new solution to run a continuous brand tracker with weekly sampling quotas, replacing the static reports they received from their old agency.
And customer I spirit, there and we're making the platform even more agile and deepening our sales force integration key areas of our differentiation.
We're automating N P S programs for out of the box time to value.
And we're going deeper with sales force embedding get feedback powered survey results and CX program reported directly into the CRM experience.
Or enhancing our analytics experienced a quickly surface customer response trends drill down and to responses and view customer sentiment.
And where and nip customers to gather feedback wherever they touch customers beyond the P C or mobile.
For example, a major European Bank is usually get feedback to secure and collect responses from their ATM to better serve their customers. The result of all this agility.
Companies can benefit from the get feedback platform to get their existing six programs up and running more quickly leveraging the most important touch points surface and insights faster and driving action in there for him system.
The innovation across our major product lines as part of this super cycle of investment, we outline and the last call or.
Our platform sits at the core of these offerings delivering the AI powered insight that and make our products. So agile and we're investing here as well. We recently hired Ray ran and got from Splunk as our new V. P. A platform Ray will lead our platform strategy to help us better leverage our AI and M L capabilities across our products to drive even more value for our customers.
We expect to measure platform success in terms of customer adoption retention and expansion.
This was a stellar quarter of product innovation and delivery, which continues or move up market I'm. So proud of and grateful for the teams hard work I'll now turn the call back over to Xander.
Thanks, Tom.
Along with executing an hour up market strategy, we continue to work in queue want to amplify individual voices and help make our business and our communities more diverse equitable and close.
To raise awareness of violence against the Asian, and Pacific Islander communities, we partnered with the research and policy organization.
P I data.
Our studies suggest maybe more Asians and Pacific Islanders have experienced hate crimes and hate incidents and 2020 and 21 and the number of reported incidents during this time.
We announced a partnership with the he belonged gory a foundation to provide Latina entrepreneurs with free resources to help their business and succeed including survey monkey licenses and virtual training and both English and Spanish.
This announcement kicks off and broader program to provide training mentorship resources and access to investments for underserved entrepreneurs.
We also continued our work with operation Hope America's largest nonprofit financial inclusion organization launching the hope minority small business index to highlight the experienced and black small business owners and entrepreneurs and where.
Excited to see more customers using our products to further their own D E I and she is.
For example, a top venture capital firm is used and certainly monkey enterprise to establish a baseline for D E I within their portfolio company and track performance that and Underrepresent and founders and support entrepreneur and adopting dei best practices.
And he can and Sarah the award winning musician and founders and the second and third Foundation also use survey monkey to create a health care survey to understand the LGBTQ community experiences with the COVID-19 vaccine and elevate their concerns to policy makers and health care organizations.
We're proud that our product support these initiatives and.
We believe a more diverse equitable inclusive community benefits all our stakeholders.
He wanted that thank you should reflect the impact of our prior to go to market strategic and investment and our agility to make tactical cheap and prove execution against our Grad schools.
As a result, we are raising our full year revenue guidance range to 17, and 19% and weird.
And grow our appeal faster than revenue this year.
But the first quarter is just starting line and we're committed to building on queue once performance throughout 2021 and behind.
I'd like to think incredible survey monkey teen pristine focused on our mission you simply crushed at this quarter and it.
See the momentum and we posted and Q2 and beyond.
Thank you operate and and I'll take your questions.
Ladies and gentlemen, and as a reminder, if you would like to ask the question. Please peso and followed by the number one Oh, yeah telephone keypad. Please.
Please stand by and and I'll be compiled the Q&A last day again that standard one.
And your first question constantly and a line of Michael Martin Murphy with J P. Morgan.
Hey, there's Benjamin and thank you guys for taking our questions and congrats on the corner.
Seems like a pretty strong one and was surprised by the strength.
So quickly after all the changes you have made on the sales side, so we'd love to parse the strength of it if possible and the buildings and the D R and.
And P. O site, where are you seeing this trend specific and you and he did anything and out to you in terms of predicts that the and the other part is I guess, what extended then effect of deals being pushed out of last quarter that closed this quarter or or do you think the strength is more sustain.
Annabelle.
Yeah Xander. Thank you for the question and the good words I'm I'm truly appreciate lives. It seems that for this quarter. There was absolutely strength across the board all product categories, and all deals and the way our businesses comprises and we just don't have very large customer and if there is no customer concentration there was absolutely not.
[noise] anomalous about Q1, and frankly, the the Reacceleration, we saw throughout the business happened stronger and faster than.
And then I had predicted and I attributed to some really good leadership changes, we made on and go to market motions.
Really good product philosophy from teams across the board and as I said at the top of the call. It was just about excellent execution. So enterprise acceleration, obviously, the the leading indicators here grew and a multiple of our total revenue growth and you'll see that me and if that throughout the year, but our P O and the program and you're a good time and then most important.
It's been your trajectory into Q2 and beyond so we've got a ton left and the tank. When you look at the large response based pricing and to share it will be rolling out to our installed base some exciting new product delivery that you'll see and the quarters to come and then just the season and ramping of a sales force that continues to grow across.
<unk> new sales.
And and expansion, so really pleased with a quarter and even more excited about the kitchen and beyond.
Well and interesting thanks for that and I'm, sorry, and as a follow up zehnder at this point in time would you say all the changes that that you intended to make on the sales side is that all over everything is in place and it's all about execution from now onwards.
I'll never say, all the changes or and place when you look at a company of our scale around the world, we're constantly and hiring new talent be hired 160, new people and Q1, 33% and some of them identify those underrepresent and minorities, we have a fantastic sales and customer successes leadership team and place. This is a team that can run a business and multiple the size of a.
So I'm looking forward to continue and acceleration this team had higher quota attainment and the quarter higher productivity by sales Rep and really we believe we're at the early early onset of you know a multiyear run here to accelerate gross so I'm looking for big things from the seem to come but will always be adding stars and the quarters to come as well.
And and I'd like to add I think there's a ton of product investment from our Super cycle, That's gonna help with new and expansion sales you know we're seeing the success of our use case strategy with survey Monkey enterprise. The new feature adds for <unk>. We just added some other components for sales force today additional market research software offering.
<unk> and our platform and.
Hi strategy I really I really taking root so we've got great seats and the ground and then you add to that the the sales efforts are high velocity sales team is just getting started R. C X and M. R X sales teams their capacity is ramping and so is there a time and seat. So we really got a bunch of seeds and the ground to give us some confidence about this.
Sustainability of this trajectory over the course of the year.
Understood. Thank you.
Your next question is from the line of Cat and it crashed Helen.
Great and.
And see the rebound and a quarter.
And and so quickly and grew and execution guys. So.
And how much it's for me just in terms of the E. R. P O gross relative to revenue growth is bad well revenue growth.
And in particular, pointing out enterprise revenue growth.
Okay and thanks for the good words, you've been following our business for awhile and the enterprise business is the area that is and hyper gross and if you look across our portfolio, we have product markets it across surveys market research and checks.
Are doubling team is thriving our Canadian P and a thriving and America's team really just had a stellar quarter. So.
R. P O growth, you're going to see here as the revenue.
And gets recognized and of course, the cockpit was we are and clearly hyperope mode as a multiple of our total revenue revenue growth and that's just a function of 90% of our business and subscription base of those that revenue and just take awhile to complain to the models and I think you'll see and the quarters to come and some.
Demonstrable gap between her current revenue growth.
And my business, but leaving indicated and the business today.
And then maybe just follow up just Mcs and an M. R X and and I know I understand those those solutions are are still relatively early but.
Are we seeing any meaningful impact from those solutions in our P O today and.
And I don't want to hold me into anything, but if we get to year and how impactful could those solutions be to R. P. L.
So you know they they each of the M. R X and TX today comprised about 10% of total revenue, but that is a backward looking number if you look at the heat and energy being applied to those two businesses can.
And Tom's point, the brand tracker and industry tracker that we locked inside of market research winning world class technology companies like all birds and getting a whole bunch of attention from and serve Dbg business services and so we're seeing bigger deals there were seen and improved margin structure, they're given more of those that business non comprised of software.
On T X. They get feedback thing is on fire, we've saw there rebrand and they shipped new product, we shipped and probably today with sales force and we're winning deals expanding deals from companies like care for and the very group and Kawasaki and tunnel and we're just or any world class customer. So it's all about more mark awareness and more sales execution. So.
You can hold me to anything and I hope that you will put accountability for you know a higher percentage of our P. O from TX market research when we get to the end of the year.
Awesome sounds good nice job thanks picture.
Your next question is from a line of day of artists with Bank of America.
Great Hey, guys. Thanks for taking the questions.
So it's it's clear and you know you guys had a nice improvement and the execution.
I'm curious just about the the CX market health and general, though too absolutely we've seen some mix things out there, but 2021 still seems like it's a year, where CX and set to be a big theme. So what are you guys getting in terms of the willingness and urgency her customers to spend and this category and just generally.
Yeah, I'll kick it off and maybe Tom can can dig deeper and some of the points.
And I think she acts as one of the most interesting categories and all of software and you know if you think about this broadly defined experienced management category. This is what companies are asking us for today, they want to do better by their customers. It's why people Chemosurgery Monkey 10, 15 years ago to ask questions of their stakeholders to do better by then.
To deliver better products to meet them, where they are better campaign, better pricing better packaging and Mac density and usage on serve you Monkey and survey Monkey Enterprise is what led us and to see that we made two pivotal acquisitions that were super proud of and 2019 and use it and get feedback.
Today Crenshaw from that feedback is leaving that team with the C. E O B the bill at Martha and I turn on products and we now have a purpose built software solutions for customers across financial services CPG quick serve restaurants were doing really well and consulting health care and government you name it and.
And that purpose built pollution, and which really helps people inside of all kinds of companies respond to the needs of our customers and and integrate inside a sales force to take the right action. We believe this is a massive market they're going to be two winners in this category and we're going to do on it.
Tom or would you rather.
And the one thing I would add is that for companies that haven't really invested behind CX. They feel the urgency and COVID-19 and the shifting of digital transformation has driven them to say, we've got to get out for those quickly and we play really really well there because of our agile positioning and our time to solution value on the other side, you've got folks who've been doing it for a little while and COVID-19.
Disrupted them and shifted them more towards digital me and they're gonna have a more of their interactions with their customers via their website or their app and and that transformation, our our value proposition of both agility and digital and tie into sales force. Their CRM a record is such a powerful selling proposition. So I think to answer your question broadly.
I think there is a tailwind around CRM inane.
Enabled CX because of digital transformation and because of COVID-19 and I think we're really well positioned to sort of take the lead on that because of the emphasis on digital and the emphasis on sales force. That's that's part of our value proposition.
And.
<unk> sure any of us and what's a digital transformation not going back and not like we're still on face masks are doughnut and delivery and there's nothing COVID-19 related here other than the digital transformation. The CX transformation it stimulating companies across the world and every different kind of industry to embrace software to <unk>.
Gifts and other customers better to do right by their customers. So.
We have no fear that a return to office and a return to safety and health somehow gonna take people back to the the cable the paper and pen.
Yeah and I.
And I I agree and that's that's all great to hear and and really helpful. Just as a quick follow up kind of continue the theme and you're just <unk>, who are you guys up against mostly forget feedback as are are you up again, salesforce surveys and and maybe you can just touch on some of the key differentiation between them.
Sure. So we have great partnerships with Microsoft sales force burgeoning one with with service now.
All of these companies have some kind of storms product don't Kid yourself. This is not a competitive CX price. So we see great partnership opportunities to help build product and meet the needs of their customers Desi, great opportunity and referring customers to us those customers and become stickier cloud customers with higher net revenue retention inside and these platforms. So they can.
Kind of landscape for us today is first and foremost ourselves we're trying to move customers off of a a subscription product or the enterprise product and move them up as we see greater opportunities to deliver value to our customers with bumping and call tricks and increasing amount. So we used to see cultured very and frequently today, we're being invited more and more to our pubic and.
Sculptrix and we are beating them time and again for customers that are prioritizing agility speed the value integrations with their systems and record and price disruption.
So we really believe that culture and serve and monkey will be the two market leaders here and TX, but there is so much greenfield for both of us depressed.
Great to see the breath of customers that we adopt and we have great customers like Crocs Jedi pull my car for headspace, let a technology companies, but like credit card company, leading European utility major energy company and the U K large banks and Europe major sandwiched chain Global Pizza changed like we are big cut.
Tomorrow, and who are really seeing the value of digital and the importance of their app and their web experience because that's how they have to interact with customers and a COVID-19 world. So we were and a really great position and great posture here.
And Tom said, there's something really attractive to about the global nature of this product category. There's there's nothing.
Inherently U S centric about this we hired a sales later out a vehicle and and Grand Douglas down to lead R. T.
<unk> practice in Europe and deals that he and the team are bringing to look for it just shows you the size and scale and multiyear components of the deals where the most broad based European customers and every category are really looking to embrace software to be smarter and they're not just tech company and Tom sat there across the S and P. Five on.
Kind of link.
Mhm, great great. Thanks for all the collar guys I appreciate it. Thank you appreciate the question.
And next question customer and lineup line Donna with me and.
Iran.
Hi, Thanks for taking my question and congrats on a solid quarter here, we we want and to understand a bit more on the multi product success day, you're having obviously some really healthy gross sir but would love to hear what products customers. They take typically packaging together and and how this and perhaps opens up the opportunity.
And do you foresee X and M R X to be more.
Real within the survey customer base.
Yeah, that's a great question and our heritage was and surveys and it started as a and.
Online product and generally transactions just over the web.
Has really more into a very fast growing enterprise ask business, but the reason we are in market research and the reason we are in TX is because those were the two most valuable use cases on survey monkey that let us down the path to really build purpose built solutions put G. M. Until later in charge of those businesses and we are seeing and just a Tory.
Thick market category for both of those business. So you heard on the call 500 of our 8800 enterprise customers today or by two or more products and it's 40% growth year over year and as we mentioned and can you all our new chief customer officer, just brings a whole other level regular and grabbed the toss expertise to how we're showing up and market.
So he's really partnered with our Chief revenue Officer, John show and signed to just show keep the full Arsenal of products and you have to customers. We are super early here, but and a world where the the word platform is.
Arguably overused to attribute strength to accompany might be offering. We believe we have a really valuable solution and the opportunity to land and and expand and deliver more value to customers. We think it's gonna drive net revenue attention and help us continue reoccurring gross and be a meaningful driver as we showcased customers not more of those products and.
Thompson and building.
Excellent that's super helpful, and and and a follow up and when we think about the shifts to response based pricing and I talked about that that's gonna be really launching and and materially and June within the existing day, but I'm thinking about insensitive and station structures to try to drive some of that let's shift maybe more in the near term than than longer term. Thanks.
And.
So we take a super customer centric view here you know we've been in the market with what we call. So you can complete which is our response based pricing paper for for and price customer since last April so just over a year, we sign and nearly 2000 customers new customers onto this this model and we're now beginning this month going back to.
Our installed base of over 5007 months enterprise customers and introducing the new model. So we believe we've got a ton and new value to showcase and products and customers are super familiar with this model that is consumption based and you know the more value we deliver the more we get paid and again 10 year olds team will be overseen that's.
To the newspaper, so cute and they're very customer centric approach and work with our customers and I believe we're going to be very successful report out and of course to come as we make that transition.
Thanks very much.
And next question and spend the line of Black and scale with Wells Fargo.
What to ask about and.
Six and and what what were called a a ship the social shopping and shop and will add format within social spheres are you seeing any broader shifts and how clients are deploying are utilizing C X to cover that flick. It and maybe it's maybe it's just simply more of what you're already talking about it's showing up and load.
Expansion and and and more in depth product usage, but I don't know if there's a wrinkle too yeah, they're specifically using this and this schappell social.
<unk> regime.
Tell me about one of my and tackle that one.
I think the answer is probably yes, I think the ship towards E. Commerce, obviously driven by the pandemic.
What you see though is ecommerce has different levels you have sort of chats, along the path of a check out if someone gets caught or has a question you have posed transaction feedback you have a web feedback if someone either abandon to check out our clicks outside of the browser and those are all things that we do today and what you're saying, though is where we're really stretching and this is taking it into that.
And so your CRM instant so that you can have automation to trigger off the back of that so should someone you know get all the way to the end of their check out and then abandoned that might be something you might want to record and sales force and then take action on because you've recorded that event against that specific customer and I think that's that's really where are kind of sophistication in terms of time back to CRM, Israel Israeli critical and.
And probably on the leading edge of what people can do on on the Commerce front.
And and.
And maybe when following and it was just on the and the new get feedback features wondering if you can maybe contextualized deep thinking fully clothes any remaining feature GAAP fair and meaningful and feature gaps versus pairs, maybe if you could talk about coming priorities and in terms of from from the products.
And point there thanks.
Tell me Sir.
So I think when we might have left on.
It'd be a product where we were just going to continue to enhance the nature of the the collection mechanisms and so right now and we're very strong and web an app and.
Salesforce expanding to atm's, we have new collection mechanisms coming.
Really it's not that action player to Tom mentioned and how do you help customers integrate gets individuals and brecher can take feedback and then take that right action and so whole bunch and different data that we're integrating to showcase your customers. But this is gonna be a product just continues to get better and better and AI and she my and I'm going to be at the heart of everything you do hobbies time, you take a bus.
[noise] of unstructured data as well as structured data and deliver outcomes to the person who was past we've taken the action yep.
And our goal is always around agility and tying back to CRM as a sister and a record. So for example.
We've got a program builder that we just introduce which enables someone to build a sequence of steps and events and it kind of WYSIWYG drag and drop way that actually builds the program for them and makes makes reparate recommendations for them and then today, we introduced a whole new sales force app inside of Salesforce and allows you to see the data appearing.
And the sales force you I as part of an App and that'll be shipping and June and as we look to the second half of the year I think there are places, where we're going to continue to differentiate around tax based analytics around surfacing themes out of that both of those.
Those.
Text text feedback that people give and and as Xander said the actions and automation Slayer, that's really where the critical value comes in.
Yeah.
Thanks, and then the next time I appreciate it.
And for the question.
And your next question and spend a lineup hacker line Stifel.
Hi, Thanks for taking my question and.
Noticed that you highlighted to zoom integration and I think you and existing teams integration as you think about those two integrations, obviously derive drives a lot of value for your existing customers a survey, but in terms of monetization is there anything we should be aware of theirs and purely on the response based pricing front or is it more so just the customer success and I mentioned about.
Sure.
Yeah. This is Tom and and thanks for the question Parker.
The zoom integration and teams integration serve two purposes, and our and our strategy one and said it brings top a funnel because obviously those two platform C. A ton of usage and so being kind of present and those ecosystems Israeli my fourth but as a practical matter and it's also a great way for our Csm's and our sales reps to deliver kind of.
<unk> and enterprise value that's differentiate so.
And some sense being able to say listen and this is how you work and your team's environment and how you gather feedback from your employees are from your workers. That's part of the value proposition that helps us sell and clothes more effectively.
I just want to I want to give a shout out and good team internally. That's working on this integration. We we had the good fortune of air to on the C. E O of Doom and probably a a few of the year and 2020 and come on and speak in front of our whole company and talk about how important to serve remarked integration could be to help their customers get feedback they need at the end of fish and so when you think we were taken.
Really innovative approach and can't wait to show the market.
And you've been 20 and I keep it.
Got it and then I think it's a couple of quarters now since you watch the new get feedback platform and as you think about those customers that have come up on this renewal cycles and that's been launched have they been grandfather and into this new solution or for them to get some of these and your platform features that actually have to pay somewhat of an up self from their existing and use a bill or a good feedback and.
And licenses that they had purchased before that was launched.
I think yeah and thanks.
I think the answer broadly speaking is when they add digital meaning to collect their app or through their website and E mail. They are paying to expand the footprint of their <unk> solution and and if and Conversely, if they were a direct digital customer and they want to add direct they're going to pay so ultimately when they buy up to the platform it is and.
C V expansion, we also see expansion within the platform and say add capabilities or buy more capacity. So so we do have expansion we've seen a fair amount of good expansion over the course of the last year from from customers I can think of one big network equipment provider, who signed up for a three year deal and it was a it was a massive expansion because they decided to.
Just taken across multiple parts of their business as opposed to the one where they and start it. So yeah. We we see a good opportunity for expansion with get feedback and of course those customers are are very sticky.
We have a we have a slack channel internally dedicated to posting the big wins of the day and one of the.
One of the major Tech company, which reporting this afternoon actually just renewed and up upgraded their get feedback and and so it's Tom said you can you can grow and keeping by expanding Geography's, which we didn't care for you can be out and channels web.
Web digital Salesforce et cetera, or you just driving more consumption and consumption based and a sales. So we think that the gross and net revenue retention forget feedback and particular will grow given the power of this product and frankly, just a better and more mature so.
Thanks, I appreciate the color and very quarter.
And keep it accounts.
Ladies and gentlemen, as a reminder to you and I can ask you questions and police pastime line and your telephone keypad. Our next question, it's been a line of rent and I blush net.
And and by a capital.
Hi.
And my question, maybe it's all on the.
The enterprise side of the bold and.
Gross and salaries.
This quarter is that theater.
Calm and house, and we think about the clothing of that globe going for and.
Like all the looting and in Florida.
And this is sellers and there.
Yeah, Let me just Disabuse you of any notion that there was detail. This is the best quarter. We've ever had so we had reacceleration across all key indicators highlighted by just really hyper growth and enterprise would read you will see manifest.
And Rev wreck and the quarters to come so I would say revenue and a business like ours and dominated by subscription and it takes a bit to turn me to turn the ship, but the leading indicators here, where fantastic across all product categories, All Jose and.
Fortunately, we've got that trajectory, continuing and Q2 and gave a comp and tomato overall.
Here and outlook for revenue and give them, what we have in terms of new product pricing and sales.
[laughter].
Perfect and that's very.
Oh, and and maybe just a follow up on your comment, whereas and said and you think you guys and classes. So that'd be the theaters and that the next day medallions and that.
And you guys do view, you and and Closser size, having Ah and advantage over nathalia and if so I guess what would that advantage day.
I could talk about our advantages as long as you have in terms of product velocity speed the value integration with your assistance with record customer footprint price disruption, we just got a super talented team that is growing up.
Got a lot of respect for contracts adds a formidable product offering when we come up against them. We went our fair share. So I think the two of US are gonna go out and kick a ton of market share.
And as far as the other player all day and that that.
Understood. Thanks, so much for sure and for Ya.
Question.
And at this time, ladies and gentlemen, there and no further questions and as day, Okay to be no. Further questions. Thank you I'd like to 10 o'clock that Culver C E O Xander Larry for clothes and remarks, sorry. Please go ahead.
Well. Thank you operate I appreciate your time today and thank you all for joining US we're super excited to build on the momentum and we have and Q1 and we look forward to connecting with you and virtual constitutes over the next few weeks will be J P Morgan and need them and Craig Hallum, Alabama.
Hopefully, we'll be able to see you in person and.
Actual approximate rooms, together and she can to grab a meal and talk more about the health and trajectory and sort of a monkey. So thank you to all the great employees that are made this quarter possible. Thank you to our shareholders for your support and for the room.
Is a challenge free time drive sales and my friends ticket.
This concludes today's conference call and you may now disconnect.
[music].
Yeah.