Smartsheet (SMAR) Tops Q2 EPS by 5c, Revenues Beat; Offers FY19 EPS/Revenue Outlook Above Consensus

September 4, 2018 4:10 PM EDT

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Smartsheet (NYSE: SMAR) reported Q2 EPS of ($0.08), $0.05 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $42.4 million versus the consensus estimate of $39.23 million.

“Q2 was a strong quarter with revenue growing 59% year-over-year and net dollar retention rate reaching a record 131%,” said Mark Mader, CEO of Smartsheet. “We continue to drive better business outcomes for our customers by empowering everyone to improve the way they work, connect, innovate, and execute.”

Second Quarter Fiscal 2019 Financial Highlights

  • Revenue: Total revenue was $42.4 million, an increase of 59% year-over-year. Subscription revenue was $37.5 million, an increase of 57% year-over-year. Professional services revenue was $4.9 million, an increase of 71% year-over-year.
  • Operating Loss: GAAP operating loss was $13.0 million, or 31% of total revenue, compared to GAAP operating loss of $22.7 million, or 85% of total revenue, in the second quarter of fiscal 2018. Non-GAAP operating loss was $8.7 million, or 21% of total revenue, compared to non-GAAP operating loss of $6.7 million, or 25% of total revenue, in the second quarter of fiscal 2018.(1)
  • Net Loss: GAAP net loss attributable to common shareholders was $12.3 million, compared to $27.4 million in the second quarter of fiscal 2018. GAAP net loss per share was $0.12, compared to GAAP net loss per share of $1.52 in the second quarter of fiscal 2018. Non-GAAP net loss was $8.1 million, compared to non-GAAP net loss of $6.6 million in the second quarter of fiscal 2018. Non-GAAP net loss per share was $0.08, compared to non-GAAP net loss per share of $0.08 in the second quarter of fiscal 2018.(1)
  • Cash Flow: Net operating cash flow was negative $1.1 million, compared to net operating cash flow of positive $0.7 million in the second quarter of fiscal 2018. Net free cash flow was negative $4.2 million, compared to negative $2.4 million in the second quarter of fiscal 2018.

GUIDANCE:

Smartsheet sees FY2019 EPS of ($0.56)-($0.52), versus the consensus of ($0.57). Smartsheet sees FY2019 revenue of $167-169 million, versus the consensus of $161.25 million.

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



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