Fri, Sep 6, 8:13 PM (106 days ago)
Smartsheet Inc. reported a significant improvement in its quarterly performance for the period ending July 31, 2024, compared to the same period last year. Total revenue rose by 17% to $276.4 million, driven primarily by a 19% increase in subscription revenue, reaching $263.5 million. Gross profit also improved, leading to a gross margin of 82%. Operating expenses increased modestly, resulting in a reduced loss from operations of $8.5 million, compared to $36.1 million in the prior year. The company achieved a net income of $7.9 million, a notable turnaround from a net loss of $33.4 million a year earlier. Cash flow from operations increased to $109.2 million, reflecting strong customer payments and a robust deferred revenue balance of $549.9 million. However, uncertainties remain, including macroeconomic factors like inflation and interest rate fluctuations, which could impact future performance. The company continues to focus on expanding its customer base and enhancing its platform to maintain growth momentum amid competitive pressures.