MOMENTIVE GLOBAL INC. Company reports record revenue of
85% of paying users on annual plans, up from 78% in Q1 2019
“SurveyMonkey’s product suite is uniquely positioned to help our customers navigate this period of uncertainty. Listening to stakeholder feedback and taking action is a top priority for organizational leaders in unstable times. The results we delivered this quarter underscore the power of a market leading brand and agile software solutions that deliver value and results with speed,” said
Q1 2020 Key Results
- Revenue was
$88.3 million , an increase of 29% year-over-year. - Enterprise sales revenue was approximately 29% of total revenue, up from approximately 16% in Q1 2019 and 25% in Q4 2019. We ended the quarter with 6,800 enterprise sales customers, up 75% from 3,900 in Q1 2019.
- Deferred revenue was
$152.0 million , an increase of 37% year-over-year. Remaining performance obligation was$169.1 million , an increase of 39% year-over-year. - Paying users totaled 746,200, an increase of 75,300, or 11% from 670,900 in Q1 2019, and an increase of 25,200 paying users from Q4 2019. Approximately 85% of our paying users were on annual plans, up from 78% a year ago.
- Average revenue per user was
$483 , up 14% from$423 in Q1 2019 and up 3% from$467 in Q4 2019. - GAAP operating margin was (25.2)% and non-GAAP operating margin was (1.6)%.
- GAAP net loss was
($24.3) million and GAAP basic and diluted net loss per share was ($0.18 ). Non-GAAP net loss was($4.3) million basic and diluted net loss per share was ($0.03 ). - Net cash provided by operating activities was
$4.2 million and free cash flow was$0.9 million for 4.8% and 1.0% margin, respectively. - Cash and cash equivalents totaled
$144.6 million and total debt was$215.0 million for net debt of$70.4 million as ofMarch 31, 2020 .
Q1 2020 Business Highlights
- Ranked #2 by G2 in its 2020 report of 100 best global software companies.
- Launched COVID-19 packaged solutions for enterprise customers to address use cases such as symptom monitoring, contact tracking, healthcare worker needs assessment, onsite health assessment for businesses prior to re-opening, and employee and customer sentiment. Packages range from survey templates to consulting and technology integration services.
- Launched coronavirus crisis resources to support our customers and the community, including COVID-19 survey templates, discounts for education, charities and non-profit organizations, and critical insights from SurveyMonkey’s research team on society’s views on the novel coronavirus. Onboarded new governmental and healthcare customers in need of COVID-19 related survey research.
- Announced COVID Near You, a collaboration with Boston Children’s Hospital and the
Harvard Medical School , to accelerate critical coronavirus research efforts acrossthe United States . COVID Near You will use the scale and reach of millions of daily survey respondents throughSurveyMonkey to collect essential community data on the current global crisis.
- Announced that the
Rhode Island Department of Health (RIDOH) has deployed SurveyMonkey’s Enterprise Solution and Salesforce Integration in approximately 11 days to assist in COVID-19 tracking efforts. Through its HIPAA-compliant survey offering,SurveyMonkey enables the RIDOH to monitor all individuals exposed to the coronavirus who opt-in through daily survey links sent via SMS text. The data will help the RIDOH to track and monitor the virus’ impact.
- Joined #OpenWeStand, a consortium of organizations pledging support for small businesses by offering online resources to help navigate the COVID-19 crisis.
- Launched the Expert Solutions suite of market research tools that simplifies product and marketing concept testing. Expert Solutions combines the SurveyMonkey Audience market research panel and its AI-Powered Insights for respondent data pattern recognition with seven different concept testing solutions, making it easier than ever for customers to collect feedback on what messages, visuals and products resonate with their target demographic.
- Surpassed the milestone of
$15 million raised for non-profit organizations through Contribute platform, whereSurveyMonkey offers charitable incentives of50 cents per completed survey.
Financial Outlook
Given the increased uncertainty in the macroeconomic environment,
For the second quarter of 2020,
| Q2 2020 | ||
| Revenue | 18% YoY growth at mid-point | |
| Non-GAAP operating margin | 0% to 2% | |
The company expects basic and diluted weighted average shares outstanding to be approximately 139 million for the second quarter 2020. For a detailed explanation of the Company’s non-GAAP measures, please refer to the appendix section of this press release.
Conference Call Information
Upcoming Events
Senior management is scheduled to present at the following virtual investor conferences:
Zander Lurie , CEO, will be presenting at the 2020JPMorgan Global TMT Conference onTuesday, May 12 .Zander Lurie , CEO will be presenting at the Needham 15th AnnualTech & Media Conference onWednesday, May 20 .Debbie Clifford , CFO will be hosting one-on-one meetings at the Craig-Hallum Annual Growth Conference onWednesday, May 27 .Tom Hale , president, andDebbie Clifford , CFO, will be presenting at theBAML Technology Conference onWednesday, June 3 .
A live webcast of the conference presentations will be accessible from the
About
Investor Relations Contact:
gfuges@surveymonkey.com
Media Contact:
Lara Sasken
lsasken@surveymonkey.com
Source:
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
| (in thousands) | 2020 | 2019 | ||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 144,621 | $ | 131,035 | ||||
| Accounts receivable, net | 19,147 | 17,795 | ||||||
| Deferred commissions, current | 3,359 | 3,078 | ||||||
| Prepaid expenses and other current assets | 10,300 | 9,382 | ||||||
| Total current assets | 177,427 | 161,290 | ||||||
| Property and equipment, net | 31,204 | 35,072 | ||||||
| Operating lease right-of-use assets | 59,983 | 63,904 | ||||||
| Capitalized internal-use software, net | 32,901 | 33,156 | ||||||
| Acquisition intangible assets, net | 29,565 | 33,150 | ||||||
| 461,395 | 462,927 | |||||||
| Deferred commissions, non-current | 5,828 | 5,384 | ||||||
| Other assets | 8,779 | 9,376 | ||||||
| Total assets | $ | 807,082 | $ | 804,259 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,912 | $ | 2,677 | ||||
| Accrued expenses and other current liabilities | 16,216 | 16,077 | ||||||
| Accrued compensation | 13,428 | 24,031 | ||||||
| Deferred revenue, current | 150,986 | 139,990 | ||||||
| Operating lease liabilities, current | 7,582 | 8,381 | ||||||
| Debt, current | 1,900 | 1,900 | ||||||
| Total current liabilities | 196,024 | 193,056 | ||||||
| Deferred revenue, non-current | 1,032 | 1,015 | ||||||
| Deferred tax liabilities | 4,961 | 4,870 | ||||||
| Debt, non-current | 213,141 | 213,616 | ||||||
| Operating lease liabilities, non-current | 78,795 | 82,668 | ||||||
| Other non-current liabilities | 5,738 | 7,050 | ||||||
| Total liabilities | 499,691 | 502,275 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 1 | 1 | ||||||
| Additional paid-in capital | 737,236 | 705,143 | ||||||
| Accumulated other comprehensive loss | (2,880 | ) | (444 | ) | ||||
| Accumulated deficit | (426,966 | ) | (402,716 | ) | ||||
| Total stockholders’ equity | 307,391 | 301,984 | ||||||
| Total liabilities and stockholders’ equity | $ | 807,082 | $ | 804,259 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||
| Three Months Ended | ||||||||
| (in thousands, except per share amounts) | 2020 | 2019 | ||||||
| Revenue | $ | 88,265 | $ | 68,641 | ||||
| Cost of revenue (1)(2) | 19,944 | 17,530 | ||||||
| Gross profit | 68,321 | 51,111 | ||||||
| Operating expenses: | ||||||||
| Research and development (1) | 26,557 | 20,806 | ||||||
| Sales and marketing (1)(2) | 42,091 | 26,050 | ||||||
| General and administrative (1) | 21,932 | 20,556 | ||||||
| Restructuring | — | (66 | ) | |||||
| Total operating expenses | 90,580 | 67,346 | ||||||
| Loss from operations | (22,259 | ) | (16,235 | ) | ||||
| Interest expense | 3,086 | 3,659 | ||||||
| Other non-operating (income) expense, net | (1,236 | ) | (1,979 | ) | ||||
| Loss before income taxes | (24,109 | ) | (17,915 | ) | ||||
| Provision for (benefit from) income taxes | 141 | (138 | ) | |||||
| Net loss | $ | (24,250 | ) | $ | (17,777 | ) | ||
| Net loss per share, basic and diluted | $ | (0.18 | ) | $ | (0.14 | ) | ||
| Weighted-average shares used in computing basic and diluted net loss per share | 136,911 | 126,786 | ||||||
(1) Includes stock-based compensation, net of amounts capitalized as follows:
| Three Months Ended | ||||||||
| (in thousands) | 2020 | 2019 | ||||||
| Cost of revenue | $ | 960 | $ | 1,096 | ||||
| Research and development | 6,457 | 4,766 | ||||||
| Sales and marketing | 4,343 | 2,780 | ||||||
| General and administrative | 5,742 | 6,469 | ||||||
| Stock-based compensation, net of amounts capitalized | $ | 17,502 | $ | 15,111 | ||||
(2) Includes amortization of acquisition intangible assets as follows:
| Three Months Ended | ||||||||
| (in thousands) | 2020 | 2019 | ||||||
| Cost of revenue | $ | 2,010 | $ | 488 | ||||
| Sales and marketing | 1,358 | 537 | ||||||
| Amortization of acquisition intangible assets | $ | 3,368 | $ | 1,025 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | ||||||||
| Three Months Ended | ||||||||
| (in thousands) | 2020 | 2019 | ||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (24,250 | ) | $ | (17,777 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 12,288 | 9,730 | ||||||
| Non-cash leases expense | 3,423 | 3,051 | ||||||
| Stock-based compensation expense, net of amounts capitalized | 17,502 | 15,111 | ||||||
| Deferred income taxes | 97 | 95 | ||||||
| Gain on sale of a private company investment | (1,001 | ) | (1,001 | ) | ||||
| Other | 317 | (154 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (1,532 | ) | 163 | |||||
| Prepaid expenses and other assets | (2,208 | ) | (2,184 | ) | ||||
| Accounts payable and accrued liabilities | 2,647 | 2,991 | ||||||
| Accrued compensation | (10,452 | ) | (8,359 | ) | ||||
| Deferred revenue | 11,229 | 9,575 | ||||||
| Operating lease liabilities | (3,827 | ) | (3,438 | ) | ||||
| Net cash provided by operating activities | 4,233 | 7,803 | ||||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | (406 | ) | (581 | ) | ||||
| Capitalized internal-use software | (2,946 | ) | (3,150 | ) | ||||
| Proceeds from sale of a private company investment | 1,001 | 1,001 | ||||||
| Net cash used in investing activities | (2,351 | ) | (2,730 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from stock option exercises | 13,815 | 7,640 | ||||||
| Repayment of debt | (550 | ) | (550 | ) | ||||
| Net cash provided by financing activities | 13,265 | 7,090 | ||||||
| Effect of exchange rate changes on cash | (1,267 | ) | (44 | ) | ||||
| Net increase in cash, cash equivalents and restricted cash | 13,880 | 12,119 | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 131,683 | 154,371 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 145,563 | $ | 166,490 | ||||
| Supplemental cash flow data: | ||||||||
| Interest paid for term debt | $ | 2,967 | $ | 3,423 | ||||
| Income taxes paid | $ | 3 | $ | 247 | ||||
| Non-cash investing and financing transactions: | ||||||||
| Stock compensation included in capitalized software costs | $ | 776 | $ | 953 | ||||
| Accrued unpaid capital expenditures | $ | 204 | $ | 517 | ||||
| Proceeds receivable from stock option exercises | $ | — | $ | 6,779 | ||||
| Derecognized financing obligation related to building due to adoption of ASC 842 | $ | — | $ | 92,009 | ||||
| Derecognized building due to adoption of ASC 842 | $ | — | $ | 71,781 | ||||
RECONCILIATION OF GAAP TO NON-GAAP DATA (unaudited) (1) | ||||||||
| Reconciliation of GAAP to Non-GAAP (Loss) Income from Operations | ||||||||
| Three Months Ended | ||||||||
| (in thousands, except percentages) | 2020 | 2019 | ||||||
| GAAP Loss from operations | $ | (22,259 | ) | $ | (16,235 | ) | ||
| GAAP Operating margin | (25 | )% | (24 | )% | ||||
| Stock-based compensation, net | 17,502 | 15,111 | ||||||
| Amortization of acquisition intangible assets | 3,368 | 1,025 | ||||||
| Restructuring | — | (66 | ) | |||||
| Non-GAAP Loss from operations | $ | (1,389 | ) | $ | (165 | ) | ||
| Non-GAAP Operating margin | (2 | )% | — | % | ||||
| Reconciliation of GAAP to Non-GAAP Loss and Loss per diluted share | ||||||||
| Three Months Ended | ||||||||
| (in thousands, except per share amounts) | 2020 | 2019 | ||||||
| GAAP Net loss | $ | (24,250 | ) | $ | (17,777 | ) | ||
| GAAP Net loss per diluted share | $ | (0.18 | ) | $ | (0.14 | ) | ||
| Weighted-average shares used to compute GAAP net loss per diluted share | 136,911 | 126,786 | ||||||
| Stock-based compensation, net | 17,502 | 15,111 | ||||||
| Amortization of acquisition intangible assets | 3,368 | 1,025 | ||||||
| Restructuring | — | (66 | ) | |||||
| Gain on sale of a private company investment | (1,001 | ) | (1,001 | ) | ||||
| Income tax effect on Non-GAAP adjustments (2) | 97 | 94 | ||||||
| Non-GAAP Net loss | $ | (4,284 | ) | $ | (2,614 | ) | ||
| Non-GAAP Net loss per diluted share | $ | (0.03 | ) | $ | (0.02 | ) | ||
| Weighted-average shares used to compute Non-GAAP net loss per diluted share | 136,911 | 126,786 | ||||||
(1) Please see Appendix A for explanation of non-GAAP measures used.
(2) Due to the full valuation allowance on our US deferred tax assets, there were no tax effects associated with the Non-GAAP adjustments for stock-based compensation, net, restructuring and gain on sale of a private company investment. Non-GAAP adjustments pertain to the income tax effects of amortization of acquisition-related intangible assets.
RECONCILIATION OF GAAP TO NON-GAAP DATA (unaudited) (1) | ||||||||
| Calculation of Free Cash Flow | ||||||||
| Three Months Ended | ||||||||
| (in thousands) | 2020 | 2019 | ||||||
| Net cash provided by operating activities | $ | 4,233 | $ | 7,803 | ||||
| Purchases of property and equipment | (406 | ) | (581 | ) | ||||
| Capitalized internal-use software | (2,946 | ) | (3,150 | ) | ||||
| Free cash flow | $ | 881 | $ | 4,072 | ||||
| Supplemental GAAP and Non-GAAP Information | ||||||||
| Three Months Ended | ||||||||
| (in thousands, except percentages) | 2020 | 2019 | ||||||
| GAAP Gross profit | $ | 68,321 | $ | 51,111 | ||||
| GAAP Gross margin | 77 | % | 74 | % | ||||
| Stock-based compensation, net | 960 | 1,096 | ||||||
| Amortization of acquisition intangible assets | 2,010 | 488 | ||||||
| Non-GAAP Gross profit | $ | 71,291 | $ | 52,695 | ||||
| Non-GAAP Gross margin | 81 | % | 77 | % | ||||
| $ | 26,557 | $ | 20,806 | |||||
| 30 | % | 30 | % | |||||
| Stock-based compensation, net | 6,457 | 4,766 | ||||||
| $ | 20,100 | $ | 16,040 | |||||
| 23 | % | 23 | % | |||||
| GAAP Sales and marketing | $ | 42,091 | $ | 26,050 | ||||
| GAAP Sales and marketing margin | 48 | % | 38 | % | ||||
| Stock-based compensation, net | 4,343 | 2,780 | ||||||
| Amortization of acquisition intangible assets | 1,358 | 537 | ||||||
| Non-GAAP Sales and marketing | $ | 36,390 | $ | 22,733 | ||||
| Non-GAAP Sales and marketing margin | 41 | % | 33 | % | ||||
| GAAP General and administrative | $ | 21,932 | $ | 20,556 | ||||
| GAAP General and administrative margin | 25 | % | 30 | % | ||||
| Stock-based compensation, net | 5,742 | 6,469 | ||||||
| Non-GAAP General and administrative | $ | 16,190 | $ | 14,087 | ||||
| Non-GAAP General and administrative margin | 18 | % | 21 | % | ||||
(1) Please see Appendix A for explanation of non-GAAP measures used.
APPENDIX A
EXPLANATION OF NON-GAAP MEASURES
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP (“GAAP”), we use the following Non-GAAP financial measures: Non-GAAP income from operations, Non-GAAP operating margin, Non-GAAP net loss, Non-GAAP net loss per share, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP research and development, Non-GAAP research and development margin, Non-GAAP sales and marketing, Non-GAAP sales and marketing margin, Non-GAAP general and administrative, Non-GAAP general and administrative margin, adjusted EBITDA, free cash flow and unlevered free cash flow. Our definition for each Non-GAAP measure used is provided below, however a limitation of Non-GAAP financial measures are 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.
With regards to the Non-GAAP guidance provided above, a reconciliation to the corresponding GAAP amounts are not provided as the quantification of certain items excluded from each respective Non-GAAP measure, which may be significant, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For example, the Non-GAAP adjustment for stock-based compensation expense, net, requires additional inputs such as number of shares granted and market price that are not currently ascertainable.
Non-GAAP income from operations, Non-GAAP operating margin: We define Non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation, net, amortization of acquisition intangible assets and restructuring. Non-GAAP operating margin is defined as Non-GAAP income from operations divided by revenue.
Non-GAAP net loss, Non-GAAP net loss per share: We define Non-GAAP net loss as GAAP net loss excluding stock-based compensation, net, amortization of acquisition intangible assets, restructuring and gain on sale of a private company investment. Non-GAAP net loss per share is defined as Non-GAAP net loss divided by the weighted-average shares outstanding.
Non-GAAP gross profit, Non-GAAP gross margin: We define Non-GAAP gross profit as GAAP gross profit excluding stock-based compensation, net and amortization of acquisition intangible assets. Non-GAAP gross margin is defined as Non-GAAP gross profit divided by revenue.
Non-GAAP research and development, Non-GAAP research and development margin: We define Non-GAAP research and development as GAAP research and development excluding stock-based compensation, net. Non-GAAP research and development margin is defined as Non-GAAP research and development divided by revenue.
Non-GAAP sales and marketing, Non-GAAP sales and marketing margin: We define Non-GAAP sales and marketing as GAAP sales and marketing excluding stock-based compensation, net and amortization of acquisition intangible assets. Non-GAAP sales and marketing margin is defined as Non-GAAP sales and marketing divided by revenue.
Non-GAAP general and administrative, Non-GAAP general and administrative margin: We define Non-GAAP general and administrative as GAAP general and administrative excluding stock-based compensation, net. Non-GAAP general and administrative margin is defined as Non-GAAP general and administrative divided by revenue.
We use these Non-GAAP measures to compare and evaluate our operating results across periods in order to manage our business, for purposes of determining executive and senior management incentive compensation, and for budgeting and developing our strategic operating plans. We believe that these Non-GAAP measures provide useful information about our operating results, enhance the overall understanding of our past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by our management in evaluating our financial performance and for operational decision making, but they are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP.
We have excluded the effect of the following items from the aforementioned Non-GAAP measures because they are non-cash and/or are non-recurring in nature and because we believe that the Non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance and liquidity. We further believe this measure is useful to investors in that it allows for greater transparency to certain line items in our financial statements and facilitates comparisons to historical operating results and comparisons to peer operating results. A description of the Non-GAAP adjustments for the above measures is as follows:
- Stock-based compensation, net: We incur stock based-compensation expense on a GAAP basis resulting from equity awards granted to our employees. Although stock-based compensation is a key incentive offered to our employees, and we believe such compensation contributed to the revenues earned during the periods presented and also believe it will contribute to the generation of future period revenues, we continue to evaluate our business performance excluding stock-based compensation expenses. Stock-based compensation expenses will recur in future periods.
- Amortization of intangible assets: We incur amortization expense on intangible assets on a GAAP basis resulting from prior acquisitions. Amortization of acquired intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of any acquisitions. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of acquired intangible assets will recur in future periods.
- Restructuring: Restructuring expenses consist of employee severance and other exit costs. We believe it is useful for investors to understand the effects of these items on our total operating expenses. We expect that restructuring costs will generally diminish over time with respect to past acquisitions and/or strategic initiatives. However, we may incur these expenses in future periods in connection with any new acquisitions and/or strategic initiatives.
- Gain on sale of a private company investment: Gain on sale of a private company investment because it was recognized on a GAAP basis resulting from the sale of certain corporate assets. We expect that such transactions will be infrequent in occurrence and are therefore excluded from our Non-GAAP results as they do not otherwise relate to our core business operations.
For more information on the Non-GAAP financial measures, please see the “Reconciliation of GAAP to Non-GAAP Data” section of this press release. The accompanying tables provide details on the GAAP financial measures that are most directly comparable to the Non-GAAP financial measures and the related reconciliations between those financial measures.
Free cash flow: We define free cash flow as GAAP net cash provided by operating activities less purchases of property and equipment and capitalized internal-use software. We consider free cash flow to be an important measure because it measures our liquidity after deducting capital expenditures for purchases of property and equipment and capitalized software development costs, which we believe provides a more accurate view of our cash generation and cash available to grow our business. We expect to generate positive free cash flow over the long term. Free cash flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities. Some of the limitations of free cash flow are that free cash flow does not reflect our future contractual commitments and may be calculated differently by other companies in our industry, limiting its usefulness as a comparative measure.
Safe Harbor Statement
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements about our financial outlook, outstanding shares, products, including our investments in products, technology and other key strategic areas. The achievement of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any of these risks or uncertainties materialize or if any of the assumptions prove incorrect, the company’s results could differ materially from the results expressed or implied by the forward-looking statements the company makes.
The risks and uncertainties referred to above include - but are not limited to - risks related to the COVID-19 coronavirus pandemic, our ability to retain and upgrade customers; our revenue growth rate; our brand; our marketing strategies; our self-serve business model; the length of our sales cycles; the growth and development of our salesforce; security measures; expectations regarding our ability to timely and effectively scale and adapt existing technology and network infrastructure to ensure that our products and services are accessible at all times; competition; our debt; revenue recognition; our ability to manage our growth; our culture and talent; our data centers; privacy, security and data transfer concerns, as well as changes in regulations, which could impact our ability to serve our customers or curtail our monetization efforts; litigation and regulatory issues; expectations regarding the return on our strategic investments; execution of our plans and strategies, including with respect to mobile products and features and expansion into new areas and businesses; our international operations; intellectual property; the application of
Further information on these and other factors that could affect our financial results are included in documents filed with the
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