Smartsheet Inc (NYSE:SMAR) stock rose 6.23% (As on Mar 16, 12:10:46 AM UTC-4, Source: Google Finance) after the company posted better than expected result for the fourth quarter of FY 22. Subscription revenue was $145.7 million, an increase of 44% year over year. Professional services revenue was $11.7 million, an increase of 34% year over year. Non-GAAP operating loss was $14.5 million, or 9% of total revenue, compared to non-GAAP operating loss of $5.3 million, or 5% of total revenue, in the fourth quarter of fiscal 2021. Further, the company ended the year with a dollar-based net retention rate of 134%, an increase from 123% at the end of fiscal year 2021.The number of all customers with annualized contract values (“ACV”) of $100,000 or more grew to 1,026, an increase of 74% year over year. The number of all customers with ACV of $50,000 or more grew to 2,354, an increase of 55% year over year. Average ACV per domain-based customer increased to $6,977, an increase of 37% year over year. The company has ended the year with 2,539 employees, up 624 from the end of fiscal year 2021
SMAR in the fourth quarter of FY 22 has reported the adjusted loss per share of 12 cents, beating the analysts’ estimates for the adjusted loss per share of 15 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 43 percent to $157.39 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue by 3.83%. Net operating cash flow was negative $0.2 million, compared to net operating cash flow of positive $15.2 million in the fourth quarter of fiscal 2021. Net free cash flow was negative $2.7 million, compared to positive $9.9 million in the fourth quarter of fiscal 2021.
For the first quarter of fiscal year 2023, the Company expects the total revenue of $162 million to $163 million, representing year-over-year growth of 38% to 39%, Non-GAAP operating loss of $25 million to $23 million and Non-GAAP net loss per share of $0.20 to $0.18.
For the full fiscal year 2023, the Company currently expects Total revenue of $750 million to $755 million, representing year-over-year growth of 36% to 37%, Calculated billings of $905 million to $925 million, representing year-over-year growth of 37% to 40%, Non-GAAP operating loss of $90 million to $80 million and Non-GAAP net loss per share of $0.70 to $0.62