Smartsheet (SMAR) Tops Q2 EPS by 10c, Revenues Beat; Offers 3Q & FY21 Revenue Guidance Above Consensus, Provides 3Q & FY21 EPS Outlook

September 2, 2020 4:21 PM EDT

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Smartsheet (NYSE: SMAR) reported Q2 EPS of ($0.06), $0.10 better than the analyst estimate of ($0.16). Revenue for the quarter came in at $91.2 million versus the consensus estimate of $86.57 million.

Second Quarter Fiscal 2021 Financial Highlights

  • Revenue: Total revenue was $91.2 million, an increase of 41% year over year. Subscription revenue was $83.6 million, an increase of 43% year over year. Professional services revenue was $7.6 million, an increase of 20% year over year.
  • Operating Loss: GAAP operating loss was $26.7 million, or 29% of total revenue, compared to GAAP operating loss of $20.9 million, or 32% of total revenue, in the second quarter of fiscal 2020. Non-GAAP operating loss was $7.4 million, or 8% of total revenue, compared to non-GAAP operating loss of $10.8 million, or 17% of total revenue, in the second quarter of fiscal 2020.
  • Net Loss: GAAP net loss was $26.6 million, compared to GAAP net loss of $19.1 million in the second quarter of fiscal 2020. GAAP net loss per share was $0.22, compared to GAAP net loss per share of $0.17 in the second quarter of fiscal 2020. Non-GAAP net loss was $7.2 million, compared to non-GAAP net loss of $9.0 million in the second quarter of fiscal 2020. Non-GAAP net loss per share was $0.06, compared to non-GAAP net loss per share of $0.08 in the second quarter of fiscal 2020.
  • Cash Flow: Net operating cash flow was negative $1.3 million, compared to net operating cash flow of negative $2.7 million in the second quarter of fiscal 2020. Net free cash flow was negative $4.4 million, compared to negative $7.3 million in the second quarter of fiscal 2020.

"These results are a reflection of the stabilization we are seeing in the marketplace," said Mark Mader, President and CEO of Smartsheet. "We’re confident in the value of our offerings, the investments we’re making in our future, and our growing opportunity to help enterprises adapt to a reality that demands rapid transformation."

GUIDANCE:

Smartsheet sees Q3 2021 EPS of ($0.23)-($0.22), versus the consensus of ($0.14). Smartsheet sees Q3 2021 revenue of $94-95 million, versus the consensus of $92.76 million.

Smartsheet sees FY2021 EPS of ($0.54)-($0.49), versus the consensus of ($0.50). Smartsheet sees FY2021 revenue of $367-373 million, versus the consensus of $364.64 million.

For the third quarter of fiscal 2021, the Company currently expects:

  • Total revenue of $94.0 million to $95.0 million, representing year-over-year growth of 31% to 33%
  • Calculated billings of $104.0 million to $106.0 million, representing year-over-year growth of 25% to 27%
  • Non-GAAP operating loss of $28.0 million to $26.0 million
  • Non-GAAP net loss per share of $0.23 to $0.22, assuming basic and diluted weighted average shares outstanding of approximately 120.5 million
  • Net free cash flow of negative $10 million to negative $8 million

For the full fiscal year 2021, the Company currently expects:

  • Total revenue of $367.0 million to $373.0 million, representing year-over-year growth of 35% to 38%
  • Non-GAAP operating loss of $66.0 million to $60.0 million
  • Non-GAAP net loss per share of $0.54 to $0.49, assuming basic and diluted weighted average shares outstanding of approximately 120.0 million
  • Net free cash flow of at least negative $30 million

For earnings history and earnings-related data on Smartsheet (SMAR) click here.



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