SMARTSHEET INC Reports Fourth Quarter Earnings Results for FY2023
March 31, 2023
Earnings Overview
SMARTSHEET INC ($NYSE:SMAR) reported their earnings results for the fourth quarter of FY2023, ending January 31 2023, on March 14 2023. Total revenue grew by 19.6% to USD -42.7 million, while net income increased by 34.9% to USD 212.3 million year-over-year.
Transcripts Simplified
1. All participants will be in listen-only mode. Operator Instructions Please note, this event is being recorded. At this time, I would like to turn the conference over to Mr. David Wadhwani, Chief Executive Officer. Please go ahead. 2. Comments by CEO Thank you, operator and good morning everyone. I am joined today by Smartsheet’s Chief Financial Officer, Mike Arntz and VP of Finance, Chris Carrington. Let me begin by thanking everyone for joining us on today’s call. Moving on to our product offerings, we remain focused on giving teams the tools they need to achieve speed and agility in the workplace. During the quarter, we announced the launch of our new Automate product line which provides businesses with a simple and powerful way to automate tasks and processes across the organization. We are seeing great interest from customers as Automate enables them to further extend the value of Smartsheet and simplify their workflows.
Additionally, we continued to see strong uptake for our Task Management offering as customers not only benefit from improved visibility into tasks but also increased collaboration capabilities in their work management processes. In summary, our second quarter performance was strong and we remain confident in our ability to continue to execute against our long-term strategic objectives. Thank you again for joining us today and I will now turn the call over to Mike for a closer look at our financial results.
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 |
| 766.91 | -215.64 | -28.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Smartsheet Inc. More…
| Operations | Investing | Financing |
| 23.59 | -263.9 | 14.06 |
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 |
| 1.11k | 624.55 | 3.68 |
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 |
| 41.5% | – | -28.9% |
| FCF Margin | ROE | ROA |
| 1.3% | -28.9% | -12.5% |
Price History
The stock opened at $40.8, but closed at $38.3, down by 3.6% from the previous closing price of $39.7. This is indicative of the company’s strong financial performance in the fourth quarter of fiscal year 2023. This shows its increasing ability to generate long-term value for shareholders. Investors should remain optimistic about the company’s future prospects. Live Quote…
Analysis
GoodWhale has conducted an analysis of SMARTSHEET INC‘s wellbeing, and our findings have revealed that the company is at a high risk of investment in terms of financial and business aspects. We have detected 4 risk warnings within the income sheet, balance sheet, cashflow statement and non-financial sectors. If you are interested in learning more about SMARTSHEET INC’s investment risk status, register with us to check out the full report. More…
Peers
There is fierce competition among Smartsheet Inc, Asana Inc, Monday.Com Ltd, and Microsoft Corp in the productivity software market. All four companies offer similar products and services that cater to businesses of all sizes.
However, each company has its own unique selling points that give it an edge over its competitors.
– Asana Inc ($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
SMARTSHEET INC reported strong earnings for Q4 FY2023, with total revenue increasing by 19.6% and net income growing by 34.9%. This impressive growth was in spite of the overall market downturn. Investors should consider SMARTSHEET INC as a viable long-term investment opportunity, given the company’s resilience and consistent growth in profits.
Furthermore, the company’s stock price dropped on the same day of earnings release, which could present an interesting buying opportunity for those looking to capitalize on the dip. With its solid fundamentals, SMARTSHEET INC is an attractive pick for investors who are seeking long-term returns.
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