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Smartsheet shares surge on strong quarterly earnings
Shares in work management platform provider Smartsheet Inc. surged in late trading after the company strongly beat quarterly earnings forecasts.
For the quarter ended Oct. 31, Smartsheet reported a loss before costs such as stock compensation of $3.4 million, or three cents per share, down from $15.1 million, or 12 cents per share, a year ago. Revenue in the quarter rose 46% from a year ago, to $144.6 million.
Analysts had been predicting an adjusted loss per share of 11 cents on revenue of $139.93 million.
Subscription revenue in the quarter also rose 46%, to $132.6 million, while professional services revenue grew 50% to $12 million. Calculated billings rose 44%, to $161.1 million.
Highlights in the quarter included customers with annualized contract values of $5,000 or more growing 27% year-over-year, those with an ACV of $50,000 growing 56% and those with an ACV of $100,000 or more up 72%. The average ACV per domain-based customer increased 37%, to $6,368.
On its earnings call, Smartsheet noted that more than 9.5 million people globally now use its platform to enable hybrid work across their organizations. Partners including Cisco Systems Inc., Meta Platforms Inc., Adobe Inc. and Amazon Web Services Inc. are integrating Smartsheet into their platforms to meet customer demand.
“This was a record quarter for Smartsheet on multiple financial and operational levels, including closing the highest number of large deals in a quarter and seeing the best bookings performance in our company’s history,” Mark Mader, president and chief executive officer of Smartsheet, said in a statement. “Our platform can scale from a simple project management tool used by a five-person firm to an enterprise SaaS platform that enables work across critical business systems at the largest companies in the world.”
Smartsheet said it expects an adjusted loss per share of 14 to 16 cents in its fiscal 2022 fourth quarter on revenue $151 million to $152 million. For the full fiscal year 2022, the adjusted loss per share is expected to come in at 30 to 32 cents on revenue of $544 million to $545 million.
Investors liked the numbers. Shares surged 16% after the bell.
Image: Smartsheet
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