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Oct 31, 2020
Smartsheet Q3 2021 Earnings Report
Reported strong growth in revenue and customer base, with strategic investments impacting profitability.
Key Takeaways
Smartsheet Inc. reported a 38% year-over-year increase in total revenue, reaching $98.9 million for the third quarter of fiscal year 2021. The company's customer base with significant annualized contract values also grew substantially. However, the transition to the public cloud and acquisition-related costs led to a GAAP operating loss of $35.9 million and negative free cash flow of $8.8 million.
Total revenue increased by 38% year-over-year to $98.9 million.
Subscription revenue grew by 41% year-over-year to $90.9 million.
GAAP operating loss was $35.9 million, or 36% of total revenue.
Net free cash flow was negative $8.8 million.
Forward Guidance
For the fourth quarter of fiscal 2021, Smartsheet expects total revenue between $102 million and $103 million, representing year-over-year growth of 30% to 31%. They anticipate a non-GAAP operating loss between $18 million and $16 million, and a non-GAAP net loss per share between $0.15 and $0.13. Net free cash flow is projected to be between $6 million and $8 million.
Positive Outlook
- Total revenue growth of 30% to 31% year-over-year.
- Calculated billings growth of 29% to 32% year-over-year.
- Net free cash flow of $6 million to $8 million.
Challenges Ahead
- Non-GAAP operating loss of $18 million to $16 million.
- Non-GAAP net loss per share of $0.15 to $0.13.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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