Smartsheet (SMAR) Tops Q4 EPS by 3c, Revenues Beat; Offers Q1 EPS/Revenue Guidance Above Consensus, FY20 EPS Views Above Consensus

March 17, 2020 4:26 PM EDT

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Smartsheet (NYSE: SMAR) reported Q4 EPS of ($0.13), $0.03 better than the analyst estimate of ($0.16). Revenue for the quarter came in at $78.5 million versus the consensus estimate of $77.67 million.

Fourth Quarter Fiscal 2020 Financial Highlights

  • Revenue: Total revenue was $78.5 million, an increase of 51% year over year. Subscription revenue was $71.1 million, an increase of 53% year over year. Professional services revenue was $7.5 million, an increase of 31% year over year.
  • Operating Loss: GAAP operating loss was $30.1 million, or 38% of total revenue, compared to GAAP operating loss of $12.7 million, or 24% of total revenue, in the fourth quarter of fiscal 2019. Non-GAAP operating loss was $17.3 million, or 22% of total revenue, compared to non-GAAP operating loss of $8.5 million, or 16% of total revenue, in the fourth quarter of fiscal 2019.
  • Net Loss: GAAP net loss was $28.2 million, compared to GAAP net loss of $11.7 million in the fourth quarter of fiscal 2019. GAAP net loss per share was $0.24, compared to GAAP net loss per share of $0.11 in the fourth quarter of fiscal 2019. Non-GAAP net loss was $15.3 million, compared to non-GAAP net loss of $7.5 million in the fourth quarter of fiscal 2019. Non-GAAP net loss per share was $0.13, compared to non-GAAP net loss per share of $0.07 in the fourth quarter of fiscal 2019.
  • Cash Flow: Net operating cash flow was negative $42 thousand, compared to net operating cash flow of positive $4.0 million in the fourth quarter of fiscal 2019. Net free cash flow was negative $3.6 million, compared to positive $1.0 million in the fourth quarter of fiscal 2019.

"We concluded FY20 with a strong fourth quarter," said Mark Mader, President and CEO of Smartsheet. "Enterprises increasingly recognize the importance and benefits of empowering a dynamic workforce; a workforce that is now viewed as a composite of employees, partners, suppliers, and customers. The Smartsheet platform enables business users to work more effectively through rapid configuration and deployment of solutions with a category leading combination of capabilities and enterprise strength."

GUIDANCE:

Smartsheet sees Q1 2021 EPS of ($0.21)-($0.19), versus the consensus of ($0.14). Smartsheet sees Q1 2021 revenue of $82-83 million, versus the consensus of $81.59 million.

Smartsheet sees FY2021 EPS of ($0.62)-($0.55), versus the consensus of ($0.52). Smartsheet sees FY2021 revenue of $373-378 million, versus the consensus of $374.26 million.

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

  • Total revenue of $82 million to $83 million, representing year-over-year growth of 46% to 48%
  • Calculated billings of $97 million to $98 million, representing year-over-year growth of 40% to 42%
  • Non-GAAP operating loss of $26 million to $24 million
  • Non-GAAP net loss per share of $0.21 to $0.19, assuming basic and diluted weighted average shares outstanding of approximately 118.5 million
  • Net free cash flow of negative $30 million to negative $27 million

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

  • Total revenue of $373 million to $378 million, representing year-over-year growth of 38% to 40%
  • Calculated billings of $450 million to $455 million, representing year-over-year growth of 35% to 36%
  • Non-GAAP operating loss of $75 million to $67 million
  • Non-GAAP net loss per share of $0.62 to $0.55, assuming basic and diluted weighted average shares outstanding of approximately 119 million
  • Net free cash flow of negative $11 million to $0

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



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