Medallia co-founder Amy Pressman. Photo by Harry Murphy/Web Summit via Sportsfile, under Creative Commons license

Survey software company Medallia has released its financial results for the first quarter of this year, indicating $113 million in revenue, up 20% year-over-year, and notably a record for the company. Subscription revenue accounted for $89 million out of the reported $113 million in revenues. During the quarter, Medallia generated operating cash flow of $23 million, but with increased spending, losses, however, amounted to about $33 million, compared to $2 million in the same quarter of last year.

As of April end, Medallia had about $408 million in cash and cash equivalents on its balance sheet. During the first quarter of this year, the San Francisco-based company notably completed its acquisition of Voci Technologies, a Pittsburgh-based speech-to-text startup.