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Oct 31, 2022
Smartsheet Q3 2023 Earnings Report
Announced third quarter fiscal year 2023 results, exceeding expectations on both revenue and profitability.
Key Takeaways
Smartsheet's Q3 2023 results showed strong year-over-year growth in revenue and calculated billings, with total revenue reaching $199.6 million, a 38% increase, and calculated billings growing by 36% to $219.6 million. The company exceeded expectations on both the top and bottom lines, while also releasing platform innovations. Smartsheet is helping customers execute more strategically and efficiently, and are realizing a rapid return on investment.
Calculated billings grew 36% year-over-year to $219.6 million.
Total revenue grew 38% year-over-year to $199.6 million.
Non-GAAP operating loss was $4.3 million, representing negative 2% of total revenue.
Free cash flow was negative $4.6 million.
Smartsheet
Smartsheet
Smartsheet Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com Forward Guidance
For the fourth quarter of fiscal year 2023, Smartsheet expects total revenue of $205 million to $207 million, representing year-over-year growth of 30% to 32%, and a non-GAAP operating loss of $2 million to $0. For the full fiscal year 2023, the Company currently expects total revenue of $760 million to $762 million, representing year-over-year growth of 38%, calculated billings of $878 million to $885 million, representing year-over-year growth of 33% to 34%, non-GAAP operating loss of $45 million to $43 million and free cash flow of $5 million.
Positive Outlook
- Total revenue of $205 million to $207 million, representing year-over-year growth of 30% to 32%
- Non-GAAP operating loss of $2 million to $0
- Total revenue of $760 million to $762 million, representing year-over-year growth of 38%
- Calculated billings of $878 million to $885 million, representing year-over-year growth of 33% to 34%
- Free cash flow of $5 million
Challenges Ahead
- Non-GAAP operating loss of $2 million to $0
- Non-GAAP net loss per share of $0.02 to $0.00, assuming basic and diluted weighted average shares outstanding of approximately 131.5 million
- Non-GAAP operating loss of $45 million to $43 million
- Non-GAAP net loss per share of $0.31 to $0.30, assuming basic and diluted weighted average shares outstanding of approximately 130 million
- Free cash flow guidance has not been reconciled to net cash from operating activities because the company does not provide guidance on the reconciling items
Revenue & Expenses
Visualization of income flow from segment revenue to net income