Qualtrics International Beats On Q2 Earnings, Issues Robust Q3 Guidance

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Qualtrics International Inc XM reported second-quarter FY21 revenue growth of 38% year-on-year to $249.3 million beating the analyst consensus of $241.6 million.

  • Revenues from Subscription rose 48% Y/Y to $204.5 million, and Professional service increased 5.3% Y/Y to $44.8 million.
  • The non-GAAP operating margin was 5%.
  • Non-GAAP EPS of $0.04 surpassed analyst consensus EPS loss of $(0.02).
  • XM held $635.1 million in cash and equivalents at the end of Q2 and generated $58.8 million in operating cash flow.
  • Outlook: Qualtrics sees Q3 FY21 revenue of $257 million- $259 million, above the analyst consensus of $246.6 million.
  • The Subscription revenue guidance is $209 million- $211 million, and the non-GAAP operating margin outlook is between 0% - 1%.
  • It expects a non-GAAP EPS loss of $(0.03) - $(0.01), better than the analyst consensus EPS loss of $(0.05).
  • Analyst Action: Piper Sandler maintained Overweight on Qualtrics International and raised the price target to $50, implying 32% upside potential.
  • Price action: XM shares are trading higher by 5.16% at $39.75 premarket on the last check Wednesday.
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