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Jul 31, 2023
Smartsheet Q2 2024 Earnings Report
Smartsheet's Q2 2024 earnings outperformed guidance, with revenue increasing by 26% year-over-year and strong free cash flow generation.
Key Takeaways
Smartsheet reported a strong second quarter for fiscal year 2024, exceeding expectations across all guidance metrics. Total revenue grew 26% year-over-year to $235.6 million, driven by subscription revenue growth. The company also demonstrated strong cash flow generation, with operating cash flow of $48.5 million and free cash flow of $45.5 million.
Total revenue increased 26% year-over-year to $235.6 million.
Subscription revenue grew 28% year-over-year to $221.5 million.
Operating cash flow was $48.5 million and free cash flow was $45.5 million.
Dollar-based net retention rate was 121%.
Smartsheet
Smartsheet
Smartsheet Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
For the third quarter of fiscal year 2024, Smartsheet expects total revenue of $240 million to $242 million, representing year-over-year growth of 20% to 21%. Non-GAAP operating income is projected to be $8 million to $10 million, with non-GAAP net income per share of $0.08 to $0.09. For the full fiscal year 2024, the company anticipates total revenue of $950 million to $953 million, representing year-over-year growth of 24%. Non-GAAP operating income is expected to be $62 million to $67 million, with non-GAAP net income per share of $0.53 to $0.57. Calculated billings year-over-year growth is projected at 20%, and free cash flow is expected to be $120 million.
Positive Outlook
- Total revenue growth of 20% to 21% for Q3 2024.
- Non-GAAP operating income of $8 million to $10 million for Q3 2024.
- Non-GAAP net income per share of $0.08 to $0.09 for Q3 2024.
- Total revenue growth of 24% for full fiscal year 2024.
- Free cash flow of $120 million for full fiscal year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income