Medallia Inc (NYSE:MDLA) Q1 2021 Earnings Conference Call - Final Transcript
Jun 02, 2020 • 04:30 pm ET
Welcome to Medallia's First Quarter of Fiscal 2021 Earnings. [Operator instructions]
I'd now like to turn the conference over to your speaker today, Roxanne Oulman, Chief Financial Officer. Please go ahead.
Thank you, Jesse. Welcome to Medallia's first quarter fiscal 2021 earnings call. We issued our earnings release a short time ago and furnished the related Form 8-K to the SEC. To access the press release, please see the Investor Relations section of our website. With me on the call today is Leslie Stretch, President and CEO of Medallia.
Before we begin, please remember during the course of this call, we will make forward-looking statements about the operations and the future results of Medallia that may vary and involve many assumptions, risks and uncertainties, including those related to the COVID-19 pandemic. To the extent possible, our forward-looking statements seek to take into account the impact of COVID 2019. However, the crisis that this pandemic has created is very fluid, and the situation is constantly evolving.
If any of the risks or uncertainties related to the forward-looking statements develop or if any of the assumptions related to the forward-looking statements prove incorrect, actual results could differ materially from those expressed or implied from our forward-looking statement. For a discussion of our risk factors associated with forward-looking statements, please refer to the text in the company's press release issued today and to our periodic reports filed with the SEC, including our Form 10-K, dated March 19, 2020. We disclaim any obligation to update any forward-looking statement.
On today's call, we will refer to both GAAP and non-GAAP financial measures. The non-revenue financial figures discussed are non-GAAP unless stated that the measure is a GAAP number. Please refer to today's press release for the reconciliation of GAAP to non-GAAP financial performance and additional disclosures regarding these measures. Additionally, in conjunction with the release of our earnings report, we have posted on our website at medallion.com under the Investor Relations section additional charts that identify trended metric performance that we believe will aid understanding and evaluating our performance over time.
Now I'll turn the call over to Leslie.
Thank you, Roxanne. Good afternoon. I'd like to begin my prepared remarks by wishing everyone a safe and healthy year ahead. I'd especially like to thank each and every Medallion for their responsiveness and flexibility through Q1 as we saw the pandemic in full effect. Notably, hospitality, travel and bricks and mortar retail business segments were the hardest hit, and the shock came quickly and cannot possibly be overstated. However, our company pivoted to work remotely in one day, and we began serving our customers completely virtually.
We beat our outlook and our Q1 revenue was a record. Our operating income was well above our forecast too. Our performance was backed up by solid cash collections and long-term renewals. Our digital signals increased in importance and some sectors grew daily use and feedback volumes significantly. As you know, we previously shared with you that last year we