UserTesting Reports Fourth Quarter and Full Year 2021 Financial Results

Full Year Total Revenue of $147.4 million, up 44% year-over-year

Fourth Quarter Total Revenue of $42.5 million, up 45% year-over-year

SAN FRANCISCO–(BUSINESS WIRE)–UserTesting, Inc. (NYSE: USER), a leader in video-based human insight, today announced financial results for the fourth quarter and full year ended December 31, 2021.

“The strong momentum in our business continued in the fourth quarter with total revenue growing 45% year-over-year,” said Andy MacMillan, CEO of UserTesting. “The investments we are making across our go-to-market organization to both drive awareness and expand use cases within existing customers are generating results. We believe the ability to use genuine human insights to inform business decisions at the speed of innovation represents a broad, underpenetrated market, which creates growth opportunities for years to come.”

Fourth Quarter 2021 Financial Highlights:

  • Revenue: Total revenue was $42.5 million, up 45% year-over-year. Subscription revenue was $39.8 million, up 49% year-over-year.
  • Operating Loss and Margin: GAAP operating loss was $(17.2) million, or (40)% of total revenue, compared to $(8.4) million, or (28)% of total revenue, in the same period last year. Non-GAAP operating loss was $(9.9) million, or (23)% of total revenue, compared to $(7.5) million, or (26)% of total revenue, in the same period last year.
  • Net Loss: GAAP net loss was $(16.9) million, or $(0.22) per share, compared to $(7.8) million, or $(0.47) per share, in the same period last year. Non-GAAP net loss was $(9.6) million, or $(0.12) per share, compared to $(7.0) million, or $(0.42) per share, in the same period last year.
  • Cash Flow: Net cash used in operations was $(15.1) million, compared to $(1.6) million in the same period last year. Free cash flow was $(15.8) million, compared to $(2.3) million in the same period last year.
  • Cash and Cash Equivalents: UserTesting completed its initial public offering and began trading on November 17, 2021. Net proceeds to UserTesting from the initial public offering were approximately $124.1 million after deducting underwriting discounts and commissions and other offering costs. Cash and cash equivalents were $178.4 million as of December 31, 2021.

Full Year 2021 Financial Highlights:

  • Revenue: Total revenue was $147.4 million, up 44% year-over-year. Subscription revenue was $136.7 million, up 46% year-over-year.
  • Operating Loss and Margin: GAAP operating loss was $(51.2) million, or (35)% of total revenue, compared to $(34.0) million, or (33)% of total revenue, in the same period last year. Non-GAAP operating loss was $(40.3) million, or (27)% of total revenue, compared to $(30.9) million, or (30)% of total revenue, in the same period last year.
  • Net Loss: GAAP net loss was $(50.7) million, or $(1.50) per share, compared to $(34.0) million, or $(2.10) per share, in the same period last year. Non-GAAP net loss was $(39.9) million, or $(1.18) per share, compared to $(30.9) million, or $(1.91) per share, in the same period last year.
  • Cash Flow: Net cash used in operations was $(41.1) million, compared to $(14.3) million in the same period last year. Free cash flow was $(43.7) million, compared to $(15.3) million in the same period last year.

Recent Highlights:

  • Recent new wins and growth deals included AMC Entertainment, Anheuser-Busch, Hawaiian Airlines, Home Chef, Lowe’s, Metlife, Philips, Phoenix Group, Reddit, and Vestiaire Collective SA.
  • UserTesting was again named a leader by G2, the world’s leading independent user review site, in User Research, Mobile App Testing, and Software Testing. G2 also named UserTesting a leader in all three business segments, including Enterprise, Mid-Market, and Small Business.
  • Announced partnership with Quantum Metric to help organizations design and build customer-centric experiences faster.
  • Introduced new templates for testing Facebook metaverse and virtual reality experiences.
  • Held our global virtual customer conference, Human Insight World (HiWorld), with tours in North America, EMEA, and APAC.

Financial Outlook:

For the first quarter ending March 31, 2022, UserTesting currently expects:

  • Total revenue between $43.0 million and $44.0 million.
  • Non-GAAP operating margin between (25.0%) and (27.0%).
  • Non-GAAP net loss per share between $(0.07) and $(0.08) assuming 142.5 million weighted-average shares outstanding(1).

For the full year ending December 31, 2022, UserTesting currently expects:

  • Total revenue between $194.5 million and $198.5 million.
  • Non-GAAP operating margin between (29.0%) and (31.0%).
  • Non-GAAP net loss per share between $(0.39) and $(0.41) assuming 145.0 million weighted-average shares outstanding(1).

(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.

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

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.

With regards to the non-GAAP guidance provided above, 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 UserTesting’s results computed in accordance with GAAP.

A supplemental financial presentation and other information can be accessed through UserTesting’s investor relations website at https://ir.usertesting.com.

UserTesting Conference Call

UserTesting will host a conference call today on February 28, 2022 to review its fourth quarter and full year 2021 financial results and to discuss its financial outlook. The call is scheduled to begin at 1:30pm Pacific Time (4:30pm Eastern Time). Investors are invited to join the webcast by visiting https://ir.usertesting.com/news-events. The webcast will be available live, and a replay will be available following the completion of the live broadcast for approximately 90 days.

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 more than 2,300 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.

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, our financial outlook for the first quarter and full year 2022, expectations of future operating results or financial performance, 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 “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: 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; and other general market, political, economic, and business conditions, including those related to the continuing impact of COVID-19. 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 Securities and Exchange Commission (the “SEC”) filings, including our final prospectus filed with the SEC pursuant to Rule 424(b), dated November 16, 2021, 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 than 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, 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 to those of peer companies and over multiple periods.

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.

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 December 31,

 

Twelve Months Ended December 31,

 

2021

 

2020

 

2021

 

2020

Revenue

 

 

 

 

 

 

 

Subscription

$

39,795

 

 

$

26,752

 

 

$

136,678

 

 

$

93,374

 

Professional services

 

2,689

 

 

 

2,637

 

 

 

10,720

 

 

 

8,821

 

Total revenue

 

42,484

 

 

 

29,389

 

 

 

147,398

 

 

 

102,195

 

Cost of revenue

 

 

 

 

 

 

 

Subscription

 

7,332

 

 

 

5,697

 

 

 

28,562

 

 

 

21,441

 

Professional services

 

2,351

 

 

 

2,187

 

 

 

8,598

 

 

 

8,126

 

Total cost of revenue

 

9,683

 

 

 

7,884

 

 

 

37,160

 

 

 

29,567

 

Gross profit

 

32,801

 

 

 

21,505

 

 

 

110,238

 

 

 

72,628

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

29,122

 

 

 

17,144

 

 

 

91,634

 

 

 

59,737

 

Research and development

 

10,698

 

 

 

7,723

 

 

 

39,826

 

 

 

27,897

 

General and administrative

 

10,137

 

 

 

5,010

 

 

 

29,954

 

 

 

18,960

 

Total operating expenses

 

49,957

 

 

 

29,877

 

 

 

161,414

 

 

 

106,594

 

Loss from operations

 

(17,156

)

 

 

(8,372

)

 

 

(51,176

)

 

 

(33,966

)

Interest income, net

 

23

 

 

 

46

 

 

 

126

 

 

 

136

 

Other income, net

 

168

 

 

 

585

 

 

 

851

 

 

 

747

 

Loss before provision for (benefit from) income taxes

 

(16,965

)

 

 

(7,741

)

 

 

(50,199

)

 

 

(33,083

)

Provision for (benefit from) income taxes

 

(47

)

 

 

106

 

 

 

522

 

 

 

900

 

Net loss

$

(16,918

)

 

$

(7,847

)

 

$

(50,721

)

 

$

(33,983

)

Net loss per share attributable to common stockholders, basic and diluted(1)

$

(0.22

)

 

$

(0.47

)

 

$

(1.50

)

 

$

(2.10

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted(1)

 

78,478

 

 

 

16,791

 

 

 

33,841

 

 

 

16,210

 

(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 December 31,

 

Twelve Months Ended December 31,

 

2021

 

2020

 

2021

 

2020

Cost of revenue

 

 

 

 

 

 

 

Subscription

$

93

 

$

4

 

$

123

 

$

14

Professional services

 

202

 

 

8

 

 

362

 

 

35

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

2,520

 

 

239

 

 

3,599

 

 

868

Research and development

 

1,271

 

 

99

 

 

1,891

 

 

346

General and administrative

 

3,220

 

 

355

 

 

6,250

 

 

1,284

 

$

7,306

 

$

705

 

$

12,225

 

$

2,547

Amortization of 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 December 31,

 

Twelve Months Ended December 31,

 

2021

 

2020

 

2021

 

2020

Cost of revenue

 

 

 

 

 

 

 

Subscription

$

333

 

$

80

 

$

825

 

$

245

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

513

 

 

47

 

 

657

 

 

145

Research and development

 

42

 

 

40

 

 

172

 

 

140

General and administrative

 

 

 

1

 

 

 

 

15

 

$

888

 

$

168

 

$

1,654

 

$

545

UserTesting, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 

 

December 31,
2021

 

December 31,
2020

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

178,430

 

 

$

96,972

 

Accounts receivable, net

 

47,973

 

 

 

24,267

 

Costs capitalized to obtain revenue contracts, current

 

8,116

 

 

 

5,231

 

Prepaid expenses and other current assets

 

6,045

 

 

 

3,067

 

Total current assets

 

240,564

 

 

 

129,537

 

Property and equipment, net

 

3,257

 

 

 

1,292

 

Operating lease right-of-use assets

 

16,401

 

 

 

 

Intangible assets, net

 

640

 

 

 

2,194

 

Goodwill

 

8,785

 

 

 

8,785

 

Costs capitalized to obtain revenue contracts, non-current

 

12,941

 

 

 

9,119

 

Other long-term assets

 

540

 

 

 

826

 

Total Assets

$

283,128

 

 

$

151,753

 

Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

1,544

 

 

$

1,214

 

Contract liabilities

 

90,952

 

 

 

62,815

 

Operating lease liabilities, current

 

5,271

 

 

 

 

Accrued expenses and other current liabilities

 

21,799

 

 

 

24,030

 

Total current liabilities

 

119,566

 

 

 

88,059

 

Operating lease liabilities, noncurrent

 

12,996

 

 

 

 

Other long-term liabilities

 

887

 

 

 

2,526

 

Total Liabilities

 

133,449

 

 

 

90,585

 

Convertible preferred stock

 

 

 

 

201,531

 

Stockholders’ equity (deficit):

 

 

 

Common stock and capital in excess of par value

 

352,881

 

 

 

12,118

 

Accumulated deficit

 

(203,202

)

 

 

(152,481

)

Total Stockholders’ equity (deficit)

 

149,679

 

 

 

(140,363

)

Total Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)

$

283,128

 

 

$

151,753

 

UserTesting, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

Twelve Months Ended December 31,

 

2021

 

2020

Cash flows from operating activities:

 

 

 

Net loss

$

(50,721

)

 

$

(33,983

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

2,384

 

 

 

865

 

Stock-based compensation expense

 

12,225

 

 

 

2,547

 

Provision for allowance for doubtful accounts

 

160

 

 

 

89

 

Amortization of costs capitalized to obtain revenue contracts

 

6,778

 

 

 

4,062

 

Deferred income taxes

 

327

 

 

 

136

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(23,865

)

 

 

(5,093

)

Costs capitalized to obtain revenue contracts

 

(13,485

)

 

 

(8,961

)

Prepaid expenses and other assets

 

(2,566

)

 

 

(2,113

)

Accounts payable

 

407

 

 

 

(178

)

Accrued liabilities

 

882

 

 

 

6,867

 

Contract liabilities

 

28,137

 

 

 

17,126

 

Other liabilities

 

(1,741

)

 

 

4,331

 

Net cash used in operating activities

 

(41,078

)

 

 

(14,305

)

Cash flows from investing activities:

 

 

 

Purchase of property and equipment

 

(2,657

)

 

 

(1,002

)

Purchase of intangible assets

 

(150

)

 

 

(150

)

Acquisition of business, net of cash acquired

 

 

 

 

(8,617

)

Net cash used in investing activities

 

(2,807

)

 

 

(9,769

)

Cash flows from financing activities:

 

 

 

Proceeds from the issuance of convertible preferred stock, net of issuance costs

 

 

 

 

99,884

 

Proceeds from the issuance of common stock upon initial public offering, net of issuance costs and underwriting discounts

 

124,071

 

 

 

 

Repayments of note payable

 

 

 

 

(2,500

)

Payment of deferred purchase consideration

 

(1,766

)

 

 

 

Proceeds from issuance of common stock upon exercise of stock options

 

3,038

 

 

 

1,905

 

Net cash provided by financing activities

 

125,343

 

 

 

99,289

 

Net increase in cash and cash equivalents

 

81,458

 

 

 

75,215

 

Cash and cash equivalents, beginning of period

 

96,972

 

 

 

21,757

 

Cash and cash equivalents, end of period

$

178,430

 

 

$

96,972

 

UserTesting, Inc.

Reconciliation of GAAP to Non-GAAP Gross Profit and Gross Margin

(dollars in thousands)

(unaudited)

 

 

Three Months Ended December 31, 2021

 

Three Months Ended December 31, 2020

 

Subscription

 

Professional
Services

 

Total

 

Subscription

 

Professional
Services

 

Total

GAAP gross profit

$

32,463

 

 

$

338

 

 

$

32,801

 

 

$

21,055

 

 

$

450

 

 

$

21,505

 

GAAP gross margin

 

82

%

 

 

13

%

 

 

77

%

 

 

79

%

 

 

17

%

 

 

73

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

93

 

 

 

202

 

 

 

295

 

 

 

4

 

 

 

8

 

 

 

12

 

Amortization of intangible assets

 

333

 

 

 

 

 

 

333

 

 

 

80

 

 

 

 

 

 

80

 

Non-GAAP gross profit

$

32,889

 

 

$

540

 

 

$

33,429

 

 

$

21,139

 

 

$

458

 

 

$

21,597

 

Non-GAAP gross margin

 

83

%

 

 

20

%

 

 

79

%

 

 

79

%

 

 

17

%

 

 

73

%

 

Twelve Months Ended December 31, 2021

 

Twelve Months Ended December 31, 2020

 

Subscription

 

Professional
Services

 

Total

 

Subscription

 

Professional
Services

 

Total

GAAP gross profit

$

108,116

 

 

$

2,122

 

 

$

110,238

 

 

$

71,933

 

 

$

695

 

 

$

72,628

 

GAAP gross margin

 

79

%

 

 

20

%

 

 

75

%

 

 

77

%

 

 

8

%

 

 

71

%

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

123

 

 

 

362

 

 

 

485

 

 

 

14

 

 

 

35

 

 

 

49

 

Amortization of intangible assets

 

825

 

 

 

 

 

 

825

 

 

 

245

 

 

 

 

 

 

245

 

Non-GAAP gross profit

$

109,064

 

 

$

2,484

 

 

$

111,548

 

 

$

72,192

 

 

$

730

 

 

$

72,922

 

Non-GAAP gross margin

 

80

%

 

 

23

%

 

 

76

%

 

 

77

%

 

 

8

%

 

 

71

%

UserTesting, Inc.

Reconciliation of GAAP to Non-GAAP Operating Expenses

(dollars in thousands)

(unaudited)

 

 

Three Months Ended December 31, 2021

 

Three Months Ended December 31, 2020

 

Sales and

Marketing

 

Research

and

Development

 

General and

Administrative

 

Total

Operating

Expenses

 

Sales and

Marketing

 

Research

and

Development

 

General and

Administrative

 

Total

Operating

Expenses

GAAP expenses

$

29,122

 

.

$

10,698

 

 

$

10,137

 

 

$

49,957

 

 

$

17,144

 

.

$

7,723

 

 

$

5,010

 

 

$

29,877

 

Adjustments:

 

Stock-based compensation expense

 

(2,520

)

 

 

(1,271

)

 

 

(3,220

)

 

 

(7,011

)

 

 

(239

)

 

 

(99

)

 

 

(355

)

 

 

(693

)

Amortization of intangible assets

 

(513

)

 

 

(42

)

 

 

 

 

 

(555

)

 

 

(47

)

 

 

(40

)

 

 

(1

)

 

 

(88

)

Reversal of sales and use tax accruals, penalties and interest

 

 

 

 

 

 

 

900

 

 

 

900

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP expenses

$

26,089

 

 

$

9,385

 

 

$

7,817

 

 

$

43,291

 

 

$

16,858

 

 

$

7,584

 

 

$

4,654

 

 

$

29,096

 

Non-GAAP expenses as a % of revenue

 

61

%

 

22

%

 

 

18

%

.

 

102

%

 

 

57

%

.

 

26

%

 

 

16

%

 

99

%

Contacts

Investor Relations Contact:
Erica Mannion and Michael Funari

Sapphire Investor Relations, LLC

ir@usertesting.com
617-542-6180

Media Contact:
UserTesting, Inc.

Chris Halcon

chalcon@usertesting.com
415-699-0553

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