Qualtrics International Inc.

NasdaqGS:XM Stok Raporu

Piyasa değeri: US$11.0b

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Qualtrics International Geçmiş Kazanç Performansı

Geçmiş kriter kontrolleri 0/6

Qualtrics International şirketinin kazançları yıllık ortalama -37.9% oranında azalırken, Software sektörünün kazançları yıllık 21.7% oranında artan oldu. Gelirler yıllık ortalama 28.1% oranında artan oldu.

Anahtar bilgiler

-37.93%

Kazanç büyüme oranı

-22.74%

EPS büyüme oranı

Software Sektör Büyümesi17.33%
Gelir büyüme oranı28.12%
Özkaynak getirisi-54.12%
Net Marj-67.08%
Son Kazanç Güncellemesi31 Mar 2023

Yakın geçmiş performans güncellemeleri

Recent updates

Seeking Alpha • Sep 27

Qualtrics Grows Revenue But Operating Losses Remain High

Summary Qualtrics reported its Q2 2022 financial results in late July 2022. The firm provides customer and employee experience software and related services to organizations worldwide. XM has produced revenue and gross profit growth, but its high operating losses and cash use in a rising cost of capital environment have been significant negatives. Until management can make a meaningful turn toward operating breakeven, I'm on Hold for XM. A Quick Take On Qualtrics International Qualtrics International (XM) reported its Q2 2022 financial results on July 20, 2022, beating expected revenue while missing EPS estimates. The company provides customer experience software to enterprises worldwide. While XM is growing revenue and gross profit impressively, its continued loss-generating ways make it difficult to imagine an upward stock price catalyst, absent a pause in interest rate hikes. Until management makes a meaningful turn toward operating breakeven or the cost of capital starts trending lower, I'm on Hold for XM. Qualtrics Overview Provo, Utah and Seattle, Washington-based Qualtrics was founded in 2002 to provide software-as-a-service that empowers organizations with the data they need to keep their customers satisfied through various stages of the customer journey. Management is headed by Chief Executive Officer Zig Serafin, who was previously president at SAP and Corporate Vice President at Microsoft. Qualtrics has developed its Experience Management, or XM, platform, which it says enables organizations to: Gather and analyze a new class of data it calls Experience-Data, or X-Data, that is richer, more immediate, and potentially noteworthy to understand the quality of experience than traditional operational data. Ensure a quality experience holistically, unifying information and insights from customers, employees, and partners and recognizing the operational linkages between these stakeholders. Become more predictive and proactive, closing feedback loops, and turning insight into real-time action to prevent and close experience insufficiencies where necessary. Decentralize the analysis and decision-making process across the organization by delivering capabilities in a simple, easy-to-use solution. Qualtrics' solutions include: Customer Experience Employee Experience Brand Experience Product Experience Design XM Services The firm's focus industries, throughout which the company's solutions are utilized include, but are not limited to, B2B, automotive, government, travel & hospitality, financial services, media, airlines, and retail industries. XM has invested in its Qualtrics Partner Network, which has more than 200 companies partnering with the firm to extend the platform for individual customization. Qualtrics' Market & Competition According to a 2018 market research report by Research and Markets, the global customer experience management market is projected to grow to $21.3 billion by 2024, representing a very strong CAGR of 22% during the period between 2018 and 2024. The main factor driving market growth is the increasing need for personalized customer experience. Major competitors that provide or are developing customer experience management services include: Adobe Avaya CA Technologies IBM Medallia Sprinklr Towers Watson SVMK HeartCore Zenvia WalkMe FreshWorks Qualtrics' Recent Financial Performance Total revenue by quarter has grown according to the following chart: 9 Quarter Total Revenue (Seeking Alpha) Gross profit by quarter has also increased, as the chart shows here: 9 Quarter Gross Profit (Seeking Alpha) Selling, G&A expenses as a percentage of total revenue by quarter have risen and then more recently fallen: 9 Quarter Selling, G&A % Of Revenue (Seeking Alpha) Operating losses by quarter have remained heavy: 9 Quarter Operating Income (Seeking Alpha) Earnings per share (Diluted) have also remained sharply negative: 9 Quarter Earnings Per Share (Seeking Alpha) (All data in above charts is GAAP) In the past 12 months, XM's stock price has fallen 78.6% vs. the U.S. S&P 500 index' fall of around 17.1%, as the chart below indicates: 52 Week Stock Price (Seeking Alpha) Valuation And Other Metrics For Qualtrics Below is a table of relevant capitalization and valuation figures for the company: Measure [TTM] Amount Enterprise Value / Sales 4.24 Revenue Growth Rate 43.1% Net Income Margin -91.2% GAAP EBITDA % -82.5% Market Capitalization $5,930,000,000 Enterprise Value $5,430,000,000 Operating Cash Flow $37,240,000 Earnings Per Share (Fully Diluted) -$2.11 (Source - Seeking Alpha) As a reference, a relevant partial public comparable would be Sprinklr (CXM); shown below is a comparison of their primary valuation metrics: Metric Sprinklr Qualtrics Int'l Variance Enterprise Value / Sales 3.41 4.24 24.3% Revenue Growth Rate 29.8% 43.1% 44.5% Net Income Margin -20.4% -91.2% 347.4% Operating Cash Flow -$13,090,000 $37,240,000 --% (Source - Seeking Alpha) A full comparison of the two companies' performance metrics may be viewed here. The Rule of 40 is a software industry rule of thumb that says that as long as the combined revenue growth rate and EBITDA percentage rate equal or exceed 40%, the firm is on an acceptable growth/EBITDA trajectory. XM's most recent GAAP Rule of 40 calculation was negative (39.4%) as of Q2 2022, so the firm has performed poorly in this regard, per the table below: Rule of 40 - GAAP Calculation Recent Rev. Growth % 43.1% GAAP EBITDA % -82.5% Total -39.4% (Source - Seeking Alpha) Commentary On Qualtrics In its last earnings call (Source - Seeking Alpha), covering Q2 2022's results, management highlighted some customer wins and expansions. Also, it launched its Employee Journey Analytics, which enables organizations to improve their employee experience processes. The firm announced its Discover product integration with major shareholder SAP's Service Cloud to use its advanced machine learning system to analyze structured and unstructured data coming into the service cloud. As to its financial results, total revenue rose 43% year-over-year, while subscription revenue increased 47%.
Seeking Alpha • Jul 20

Qualtrics International reports mixed Q2, updates FY rev, non-GAAP EPS guidance

Qualtrics International press release (NASDAQ:XM): Q2 Non-GAAP EPS of -$0.04 misses by $0.04. Revenue of $356.4M (+43.0% Y/Y) beats by $11.56M. Sees Q3 total revenue between $358M and $360M. Sees Q3 non-GAAP net loss per share between $0.02 and $0.04. Sees FY 2022 total revenue between $1.422B and $1.426B. Sees FY 2022 non-GAAP net loss per share between $0.07 and $0.09.
Seeking Alpha • Jul 14

Qualtrics: Great Product, Hefty Price Tag

Qualtrics offers an experience management (XM) platform for managing customer, employee, brand, and product experiences. In July 2020, SAP announced its intention to take Qualtrics public, and the company began trading on the Nasdaq on January 28, 2021. Qualtrics has a great product and a great reputation in a large and growing market. Nevertheless, stock-based compensation plan, high valuation, and doubts about sustaining its previous growth make it a "hold" for me. Investment Thesis Qualtrics (XM) has a great product and a great reputation in a large and growing market. Nevertheless, its stock-based compensation plan, high valuation, and doubts about sustaining its previous growth levels make it a "hold" for me. Introducing Qualtrics Qualtrics offers an experience management ((XM)) platform for managing customer, employee, brand, and product experiences. The company was founded in 2002 and acquired by SAP in 2019. In July 2020, SAP announced its intention to take Qualtrics public, and the company began trading on the Nasdaq on January 28, 2021. Data by YCharts The stock has had a rather rough last 12 months. In the next section, we see that this could be attributed partly to widening losses. Relating to Qualtrics, in this article I will analyze: Its historical performance Factors impacting future potential Overall statistics compared My overall take on Qualtrics Historical Performance Growth (year-over-year) Dec-19 Dec-20 Dec-21 Last 4 Quarters Revenues 47.09% 29.16% 40.88% 31.11% Gross profit 35.59% 39.29% 39.88% 27.35% Selling General & Admin Expenses 334.58% -47.54% 148.26% 64.75% R&D Expenses 267.27% -12.11% 52.33% 47.80% Net income -2600.85% -72.96% -288.67% -104.37% Source: Seeking Alpha Margins (% of revenue) Dec-19 Dec-20 Dec-21 Last 4 Quarters Gross profit 68.62% 74.00% 73.48% 72.48% Selling General & Admin Expenses 195.83% 79.54% 140.16% 137.97% R&D Expenses 40.96% 27.87% 30.14% 31.33% Net income -170.45% -35.69% -98.46% -98.20% Free Cash Flow -68% -66% -9% -1% Source: Seeking Alpha The historical performance tables show that both historical revenue and gross profit growth look very strong. However, R&D and SG&A expenses both grow at a significantly higher rate. The margins show that while the gross margin is excellent, the expenses are combined much higher than the revenues, leading to extremely high losses. The cash burn decreased in more recent periods. Stock Based Compensation The latest annual report of Qualtrics state that the high operating expenses are related to high stock-based compensation, which isn't necessarily unusual in high-growth loss-making tech companies. While such stock-based compensations could improve long-term productivity and satisfaction of employees and management, it sure could increase stock dilution, which is a disadvantage for shareholders. While the stock-based compensation don't have a direct impact on cash flows, in the latest earnings call management boasts of having an improved and positive operating cash flow. However they don't mention how much stock dilution the stock based compensations will cause. The specific method of stock based compensation that Qualtrics uses, is called Restricted Stock Unit ((RSU)). A Restricted Stock Unit is a grant that is valued in terms of company stock but is not issued at the time of the grant. The corporation distributes shares, or the cash equivalent of the number of shares used to value the unit, after the receiver of a unit meets the vesting criterion. Overview restricted stock units (Annual report Qualtrics) In the overview above, it can be seen that there are 82 million restricted standing units outstanding as of December 31, 2021. As of December 31, 2021, Qualtrics had 570 million shares outstanding. Hypothetically, if all restricted standing units were to be activated as of now, that would lead to a 14.4% increase of outstanding shares (dilution). Alternatively, the company could pay out a cash equivalent. Great market opportunity Experience management is the business discipline of helping organizations connect with their customers and employees. A report by PwC states that more and more customers prioritize their experience and demands more when it comes to experience. I could only imagine it's the same for employees. Despite this, most companies are not able to manage the experience well enough. Thus, the experience management market opportunity is huge and it can be found in every business, in every sector, in every country. Experience platforms offer a solution to such issues. Amazing product The Qualtrics XM Platform is its main software platform, allowing for the design and continuous improvement of the four core experiences of any organization: customer, employee, product, and brand. Qualtrics enables the management of all four experiences on a single, integrated platform: CustomerXM — reduce churn, boost engagement, and increase customer lifetime value (LTV) by listening to customers across all channels and acting on their input. EmployeeXM - boost employee retention, engagement, and productivity by continually listening to employees and providing improved working experiences. ProductXM — create goods that people want, save time to market, and improve share of wallet by identifying and acting on user wants desires, and expectations. BrandXM — create a bedrock of loyal followers, acquire new customers, and increase market share by ensuring that your brand resonates at each critical touchpoint and attracts target buyers. Unlike some other experience services on the market, Qualtrics does more than gather post-transaction data to track satisfaction patterns. Instead, its XM Operating System is a single, secure, cloud-native platform that enables organizations to bring together all of their structured and unstructured experience data, analyze it with native advanced AI-powered analytics, and take real-time action to continuously improve the experiences they deliver across customer, employee, product, and brand. With the acquisition of Clarabridge in 2021, Qualtrics strengthened its ability to help enterprises uncover what their customers and workers are saying, wherever they are saying through it, including social media, emails, support calls, chats, and product reviews. Market Leader Because of the quality of its products, the Qualtrics XM Platform is trusted by more than 16,750 customers, including 89% of the Fortune 100, according to its latest annual report. Furthermore, the company wins plenty of awards for its platform and scores high reviews on review websites. Nevertheless, there are also other respected companies in the experience management market, such as Medallia and Momentive Global (MNTV) which own SurveyMonkey. While Momentive is more focused on smaller businesses, they are trying to get into the enterprise market as well. Also, Medallia scores quite well in the enterprise segment. While Qualtrics is the leader in the enterprise market, these players are still something to watch out for.
Seeking Alpha • Apr 28

Qualtrics: Balancing Employee Compensation With Shareholder Return

Qualtrics International is a high-growth experience management company that was carved out of SAP last year through an IPO. Stock-based compensation has been rising in recent years and in some instances is egregiously high. Qualtrics' $1.06 billion net loss in 2021 exactly matches its stock-based compensation of $1.06 billion for the year. Companies appear to have relegated shareholder returns to the back seat as they chase market share and rack up large losses.
Seeking Alpha • Mar 15

Qualtrics International Offers An Attractive Entry Point For Long-Term Investors

The broader non-profitable tech stocks selloff has created an investment opportunity in Qualtrics International. The company’s stock price slid sharply in the last six months despite robust revenue growth trends. The valuations are in line with the industry average, but the growth sustainability makes the XM stock a smart long-term investment.
Seeking Alpha • Feb 24

Qualtrics Seeks Growth Amid Great Resignation

Qualtrics International went public in January 2021, raising $1.55 billion in an IPO. The firm provides a suite of customer and employee experience software to enterprises worldwide. XM has grown revenue but is producing high operating losses. Given the current negative market environment for high loss-making stocks and the possibility of increasing cost of capital, I'm on Hold for XM.
Seeking Alpha • Feb 17

Qualtrics Rebound In The 'Great Resignation' Reset

Qualtrics enjoys a positive outlook from the management. Positive growth fueled by successful acquisitions and integrations. Improving ecosystems that generate outstanding growth in customer retention. XM is a relatively a cheap stock that benefits from its favorable insider trading catalyst.
Seeking Alpha • Nov 16

Qualtrics International Inc.: Market Leader On Track For Global Growth

Qualtrics International is the market leader in Experience Management software and continues to increase its market share. A significant increase in the demand for experience management solutions is projected in the future. Qualtrics is quickly expanding, catering to the ever-growing customer base across the world. With stable quarterly revenue growth for the last two years, Qualtrics' financials reflect a methodical, effective approach to expansion.
Seeking Alpha • Jul 23

Qualtrics International Inc.: Growth Momentum Is The Experience

Qualtrics International reported its Q2 earnings highlighted by strong top-line momentum. The company continues to win major corporate customers with consistently high retention rates. The stock commands a pricey valuation but is justified, in our opinion, with a positive long-term outlook.

Gelir ve Gider Dağılımı

Qualtrics International nasıl para kazanır ve harcar. LTM bazında en son bildirilen kazançlara dayanmaktadır.

Kazanç ve Gelir Geçmişi

NasdaqGS:XM Gelir, gider ve kazançlar (USD Millions )
TarihGelirKazançlarG+A GiderleriAr-Ge Giderleri
31 Mar 231,533-1,0281,661430
31 Dec 221,459-1,0611,650427
30 Sep 221,386-1,1151,654418
30 Jun 221,280-1,1671,645404
31 Mar 221,173-1,1521,615367
31 Dec 211,076-1,0591,505324
30 Sep 21973-7641,217270
30 Jun 21894-564982249
31 Mar 21826-428788240
31 Dec 20764-273607213
30 Sep 20723-141684228
31 Dec 19591-7431,158242
30 Sep 19531-8981,054204
31 Dec 18402-3726666
30 Sep 18372021157
30 Jun 18343-119650
31 Mar 18315-218546
31 Dec 17290016741
31 Dec 16191-1211822

Kaliteli Kazançlar: XM şu anda kârlı değil.

Büyüyen Kar Marjı: XM şu anda kârlı değil.

Serbest Nakit Akışı ve Kazanç Analizi

Geçmiş Kazanç Büyüme Analizi

Kazanç Eğilimi: XM kârlı değildir ve zararlar son 5 yılda yılda 37.9% oranında artmıştır.

Büyüme Hızlandırma: XM 'un son bir yıldaki kazanç büyümesinin 5 yıllık ortalamasıyla karşılaştırılması mümkün değil çünkü şu anda kârlı değil

Kazançlar vs. Sektör: XM kârlı olmadığından, geçmiş yıl kazanç büyümesinin Software sektörüyle ( 14.3% ) karşılaştırılması zorlaşıyor.

Özkaynak Getirisi

Yüksek ROE: XM hissesi şu anda kârlı olmadığından negatif Özsermaye Getirisi'ne ( -54.12% ) sahiptir.

Varlık Getirisi

Kullanılan Sermaye Getirisi

Geçmişte güçlü performans gösteren şirketleri keşfedin

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1Y

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Şirket Analizi ve Finansal Veri Durumu

VeriSon Güncelleme (UTC saati)
Şirket Analizi2023/06/29 07:27
Gün Sonu Hisse Fiyatı2023/06/27 00:00
Kazançlar2023/03/31
Yıllık Kazançlar2022/12/31

Veri Kaynakları

Şirket analizimizde kullanılan veriler S&P Global Market Intelligence LLC'den alınmıştır. Bu raporu oluşturmak için analiz modelimizde aşağıdaki veriler kullanılmıştır. Veriler normalize edilmiştir, bu da kaynağın mevcut olmasından kaynaklanan bir gecikmeye neden olabilir.

PaketVeriZaman ÇerçevesiÖrnek ABD Kaynağı *
Şirket Finansalları10 yıl
  • Gelir tablosu
  • Nakit akış tablosu
  • Bilanço
Analist Konsensüs Tahminleri+3 yıl
  • Finansal tahminler
  • Analist fiyat hedefleri
Piyasa Fiyatları30 yıl
  • Hisse senedi fiyatları
  • Temettüler, Bölünmeler ve Eylemler
Sahiplik10 yıl
  • En büyük hissedarlar
  • İçeriden öğrenenlerin ticareti
Yönetim10 yıl
  • Liderlik ekibi
  • Yönetim Kurulu
Önemli Gelişmeler10 yıl
  • Şirket duyuruları

* ABD menkul kıymetleri için örnek, ABD dışı için eşdeğer düzenleyici formlar ve kaynaklar kullanılmıştır.

Belirtilmediği sürece tüm finansal veriler yıllık bir döneme dayanmaktadır ancak üç ayda bir güncellenmektedir. Bu, İzleyen On İki Ay (TTM) veya Son On İki Ay (LTM) Verileri olarak bilinir. Daha fazla bilgi edinin.

Analiz Modeli ve Kar Tanesi

Bu raporu oluşturmak için kullanılan analiz modelinin ayrıntılarına GitHub sayfamızdan ulaşabilirsiniz, ayrıca raporlarımızı nasıl kullanacağınızı anlatan kılavuzlarımız ve Youtube'da eğitim videolarımız da bulunmaktadır.

Simply Wall St analiz modelini tasarlayan ve oluşturan dünya standartlarındaki ekip hakkında bilgi edinin.

Endüstri ve Sektör Metrikleri

Sektör ve bölüm metriklerimiz Simply Wall St tarafından her 6 saatte bir hesaplanmaktadır, sürecimizin ayrıntıları Github'da mevcuttur.

Analist Kaynakları

Qualtrics International Inc. 16 Bu analistlerden 12, raporumuzun girdisi olarak kullanılan gelir veya kazanç tahminlerini sunmuştur. Analistlerin gönderimleri gün boyunca güncellenmektedir.

AnalistKurum
Keith BachmanBMO Capital Markets Equity Research
Stefan Julien SlowinskiBNP Paribas
Adam BergereBofA Global Research