MNTV - Momentive Global plunges on Q2 estimates miss

• Momentive Global ( MNTV ) shares slides 13% premarket as the Co. missed its Q2 estimates.
• Sales-assisted channel revenue was $44.1M, an increase of 30% Y/Y, which accounted for ~37% of total revenue, up from ~31% in Q2 2021.
• The Co. ended the quarter with ~15,700 sales-assisted channel customers, up 67% from ~9,400 in Q2 2021.
• Self-serve channel revenue was $76.1M, an increase of 1% Y/Y.
• Deferred revenue was $219.2M, an increase of 11% Y/Y. Remaining performance obligations were $249.8M, an increase of 13% Y/Y.
• Paying users totaled ~909,700, an increase of 6% from ~862,200 in Q2 2021. Approximately 92% of our paying users were on annual plans, up from 90% a year ago.
• Average revenue per user was ~$534, up 4% from ~$514 in Q2 2021.
• GAAP operating margin was negative 21.2% and non-GAAP operating margin was 2.8%.
• Cash and equivalents totaled $209.4M and total debt was $185.8M for net cash of $23.6M as of June 30, 2022.
• Q3 Outlook: Revenue to be in the range of $119.5M - $122.5M vs. consensus of $126.99M, Non-GAAP operating margin 5% to 7%.
• 2022 Outlook: Revenue to be in the range of $479M - $485M vs. consensus of $497.41M, Non-GAAP operating margin 6% to 7%, FCF of $1-$7M.
• “As our full year 2022 outlook reflects, we intend to drive increased profitability in the second half of this year, and on our August 5th investor day we will lay out our path to ‘Rule of 40’ financial performance.” said Zander Lurie, CEO.
• Previously: Momentive Global Non-GAAP EPS of $0.00 misses by $0.01, revenue of $120.2M misses by $1.19M (Aug. 4)

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