Smartsheet Inc (NYSE:SMAR) Beats Earnings Estimates

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Smartsheet Inc (NYSE:SMAR) stock rose 5.61% (As on Dec 3, 11:52:41 AM UTC-4, Source: Google Finance) after the company beaten the earnings estimates for the third quarter of FY 22. Subscription revenue was $132.6 million, an increase of 46% year over year. Professional services revenue was $12.0 million, an increase of 50% year over year. Non-GAAP operating loss was $2.7 million, or 2% of total revenue, compared to non-GAAP operating loss of $15.0 million, or 15% of total revenue, in the third quarter of fiscal 2021. Non-GAAP net loss was $3.4 million, compared to non-GAAP net loss of $15.1 million in the third quarter of fiscal 2021. Net operating cash flow was negative $2.2 million, compared to net operating cash flow of negative $5.2 million in the third quarter of fiscal 2021. Net free cash flow was negative $6.3 million, compared to net free cash flow of negative $8.8 million in the third quarter of fiscal 2021. Third quarter calculated billings were $161.6 million, representing year-over-year growth of 44%, or 50% year-over-year growth after adjusting for the $4.7 million of deferred revenue obtained from the Brandfolder acquisition in the third quarter of fiscal year 2021. The number of all customers with annualized contract values (“ACV”) of $5,000 or more grew to 14,228, an increase of 27% year over year. The number of all customers with ACV of $100,000 or more grew to 868, an increase of 72% year over year. Average ACV per domain-based customer increased to $6,368, an increase of 37% year over year.

SMAR in the third quarter of FY 22 has reported the adjusted loss per share of 3 cents, beating the analysts’ estimates for the adjusted loss per share of 11 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 46 percent to $144.6 million in the third quarter of FY 22.

For the fourth quarter ending in January, Smartsheet expects its results to range from a loss of 16 cents per share to a loss of 14 cents per share. The company expects revenue to be in the range of $151 million to $152 million for the fiscal fourth quarter. Calculated billings are expected to be in the range of $204 million to $205 million, representing year-over-year growth of 35% to 36%.

Smartsheet expects full-year results to range from a loss of 32 cents per share to a loss of 30 cents per share, with revenue ranging from $544 million to $545 million.

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