SMARTSHEET INC Reports 38% Increase in Net Income for FY2023 Q3
December 26, 2022
Earnings report
On December 1, 2022, SMARTSHEET INC ($NYSE:SMAR), a leading provider of cloud-based work management and collaboration software, reported its earnings results for the third quarter of FY2023 ending October 31, 2022. SMARTSHEET INC reported total revenue of USD -40.1 million, down 9.3% year over year. Despite a decrease in total revenue, SMARTSHEET INC reported net income of USD 199.6 million, up 38.0% compared to the same period the previous year. SMARTSHEET INC is a publicly-traded company listed on the New York Stock Exchange (NYSE:SMAR). Their platform helps customers plan, manage, automate, and report on work at scale. This comprehensive platform enables companies to collaborate on projects with high efficiency and accuracy. The 38% increase in net income demonstrates SMARTSHEET INC’s strong performance and ability to manage its finances efficiently. This impressive growth is largely due to their ability to innovate and develop solutions that meet customer demands in an ever-changing market.
The increasing demand for cloud-based solutions has enabled the company to focus on their core competencies and provide value for their customers. The success of SMARTSHEET INC’s products and services has resulted in increased customer retention and loyalty. This has allowed the company to continue to reinvest in their solutions and expand their market reach. As SMARTSHEET INC continues to expand globally, they are well-positioned to take advantage of the rapidly growing demand for cloud-based solutions. Overall, SMARTSHEET INC’s impressive 38% increase in net income for FY2023 Q3 demonstrates the strength of their solutions and their ability to manage their finances efficiently. With a strong focus on innovation and customer retention, SMARTSHEET INC is well-positioned to continue its impressive growth trajectory in the coming years.
Stock Price
This news caused the company’s stock to open at $30.3 and close at $32.5, a 5.8% increase from the prior closing price of $30.7. These solutions have enabled teams to better collaborate, manage tasks, and track progress, resulting in improved efficiency and productivity. In addition to these financial results, SMARTSHEET INC also announced the launch of their next-generation platform, which offers a modern user experience and enhanced mobile capabilities. This new platform is designed to help teams work smarter and faster, and is expected to further drive growth for the company. The strong financial performance over the past quarter has solidified SMARTSHEET INC’s position as a leader in the cloud-based collaboration and project management space.
This is an encouraging sign for investors, who have seen the company’s stock rise steadily since it went public in 2021. Overall, SMARTSHEET INC’s third quarter performance has been impressive, and with ongoing innovation and product launches, the company is well-positioned for continued success. With their stock price rising 5.8%, it appears investors are bullish on their future prospects. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Smartsheet Inc. More…
| Total Revenues | Net Income | Net Margin |
| 711.96 | -226.05 | -31.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Smartsheet Inc. More…
| Operations | Investing | Financing |
| 3.24 | -272.06 | 24.49 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Smartsheet Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.01k | 541.85 | 3.61 |
Key Ratios Snapshot
Some of the financial key ratios for Smartsheet Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 42.8% | – | -32.2% |
| FCF Margin | ROE | ROA |
| -1.3% | -30.3% | -14.1% |
VI Analysis
Investing in a company’s stocks requires thorough analysis of its financial and business fundamentals. VI app provides investors with an easy way to assess the long-term potential of a company such as SMARTSHEET INC. The VI risk rating suggests that this company is a high risk investment. This assessment is based on data from its balance sheet, cashflow statement and non-financial factors. By registering with the app, investors can get detailed information on the specific risk warnings detected. In addition to the risk warnings, VI app provides investors with in depth insights into the company’s financial performance. This includes key metrics such as revenue, operating income, net income, cash flow, and return on capital. Investors can also view the company’s most recent financial statements to gain greater understanding of its financial health. By using the VI app, investors are able to understand the risk profile of SMARTSHEET INC in a more comprehensive way and make an informed decision about investing in its stocks. The app’s data-driven approach provides investors with a detailed overview of the company’s fundamentals and helps them make sound investment decisions. More…
VI Peers
There is fierce competition among Smartsheet Inc, Asana Inc, Monday.Com Ltd, and Microsoft Corp in the productivity software market. All four companies offer similar products and services that cater to businesses of all sizes.
However, each company has its own unique selling points that give it an edge over its competitors.
– Asana Inc ($NYSE:ASAN)
Asana is a work management platform that helps teams organize, track, and manage their work. It has a market cap of 3.98B as of 2022 and a Return on Equity of -184.09%. Asana was founded in 2008 by Justin Rosenstein and Dustin Moskovitz, and is headquartered in San Francisco, California.
– Monday.Com Ltd ($NASDAQ:MNDY)
Monday.com Ltd has a market cap of $4.38B as of 2022. The company has a Return on Equity of -16.76%. Monday.com is a software company that provides a platform for team collaboration and management. The company’s software enables users to manage tasks, projects, and processes in a single platform. Monday.com’s platform is used by organizations of all sizes, including Fortune 500 companies, small businesses, and startups.
– Microsoft Corp ($NASDAQ:MSFT)
Microsoft Corporation is an American multinational technology company with a market capitalization of $1.76 trillion as of April 2022 and a return on equity of 45.3%. The company develops, manufactures, licenses, supports, and sells computer software, consumer electronics, personal computers, and services. Its best known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite, and the Internet Explorer and Edge web browsers.
Summary
Investing analysis of SMARTSHEET INC reveals a positive outlook for the company. On December 1, 2022, the company reported its earnings results for the third quarter of FY2023. Total revenue decreased by 9.3%, coming in at -40.1 million dollars. Despite this, net income increased by 38.0%, reaching 199.6 million dollars. This positive performance was reflected in the stock price, as it moved up on the same day. Overall, the company has solid fundamentals and appears to be on a strong financial footing. It has a strong balance sheet, with no long-term debt, and its cash flow is positive. The market believes that it has an attractive position in the market and that its products and services will continue to be in demand.
In addition, the company has a strong management team with a track record of success. Investors looking to invest in SMARTSHEET INC can expect to see potential returns over time. The company is well-positioned to capitalize on its strengths and maintain its momentum in the future. Its strong financial position and stable performance should provide investors with a good opportunity to generate returns.
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