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Oct 31, 2021
Smartsheet Q3 2022 Earnings Report
Reported third quarter fiscal year 2022 results, with revenue increasing 46% year-over-year.
Key Takeaways
Smartsheet Inc. reported a record quarter with significant financial and operational achievements. Total revenue reached $144.6 million, a 46% increase year-over-year. The company closed the highest number of large deals in a quarter and experienced the best bookings performance in its history.
Total revenue grew 46% year-over-year to $144.6 million.
Subscription revenue increased 46% year-over-year to $132.6 million.
GAAP operating loss was $36.0 million, or 25% of total revenue.
Net operating cash flow was negative $2.2 million, and net free cash flow was negative $6.3 million.
Smartsheet
Smartsheet
Forward Guidance
For the fourth quarter of fiscal year 2022, Smartsheet expects total revenue between $151 million and $152 million, representing year-over-year growth of 37% to 38%. They anticipate calculated billings of $204 million to $205 million, a year-over-year increase of 35% to 36%. The company projects a non-GAAP operating loss between $20 million and $18 million, and a non-GAAP net loss per share of $0.16 to $0.14.
Positive Outlook
- Total revenue of $151 million to $152 million, representing 37% to 38% year-over-year growth.
- Calculated billings of $204 million to $205 million, representing 35% to 36% year-over-year growth.
- Non-GAAP operating loss of $20 million to $18 million.
- Non-GAAP net loss per share of $0.16 to $0.14.
- Net free cash flow of negative $6 million to negative $4 million.
Challenges Ahead
- Non-GAAP operating loss between $20 million and $18 million.
- Non-GAAP net loss per share of $0.16 to $0.14.
- Net free cash flow of negative $6 million to negative $4 million.
- Calculated billings growth is expected to be slower in Q4 compared to Q3.
- Operating at a loss.