Smartsheet Inc (NYSE:SMAR) missed topline estimates in the second quarter

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Smartsheet Inc (NYSE:SMAR) stock fell 10.88% (As on Sep 8, 11:17:05 AM UTC-4, Source: Google Finance) though the company posted mixed results for the second quarter of FY 22. The subscription revenue rose 45% year-over-year, to $121.1 million. Smartsheet’s professional services revenue also grew 40% from the same quarter of last year, to $10.6 million. The company has benefited from what it describes as “hybrid work is the new normal,” a mix of working at home and in the office as the U.S. somewhat recovers from the COVID-19 pandemic. Overall, the company has reported Non-GAAP net loss of $5.8 million, compared to non-GAAP net loss of $7.2 million in the second quarter of fiscal 2021.

Moreover, the number of all customers with annualized contract values (ACV) of $5,000 or more grew to 13,420, an increase of 34% year over year. Average ACV per domain-based customer increased to $5,915, which represents an increase of 42% year over year. In addition, the company has generated positive net operating cash flow of $1.8 million, compared to net operating cash flow of negative $1.3 million in the second quarter of fiscal 2021. Net free cash flow generated was negative $3.5 million, compared to negative $4.4 million in the second quarter of fiscal 2021.

SMAR in the second quarter of FY 22 has reported the adjusted loss per share of 5 cents, beating the analysts’ estimates for the adjusted loss per share of 13 cents. The company had reported the adjusted revenue growth of 44 percent to $117.1 million in the second quarter of FY 22, missing the analysts’ estimates for revenue of $125.5 million. The company delivered Non-GAAP operating loss of $5.2 million, or 4% of total revenue, compared to non-GAAP operating loss of $7.4 million, or 8% of total revenue, in the second quarter of fiscal 2021.

Smartsheet expected revenue to be in the range of $138 million to $139 million in its fiscal third quarter and an adjusted loss expected to be in the range of $12 million to $15 million, or 10 to 12 cents per share.

For the full fiscal year, the company expected revenue to be in the range of $530 million to $533 million and an adjusted loss expected to be in the range of $45 million to $55 million, or 36 to 44 cents per share.

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