Smartsheet beats Q3 expectations, income up 17% YoY

BELLEVUE, Wash. – Smartsheet Inc . (NYSE: NYSE:SMAR) reported better-than-expected third quarter outcomes, with income rising 17% year-over-year to $286.9 million, surpassing analyst estimates of $283.81 million.

The corporate posted adjusted earnings per share of $0.43, beating the consensus forecast of $0.30 by $0.13. Shares had been buying and selling flat following the report.

The enterprise work administration platform supplier noticed its subscription income improve 18% year-over-year to $273.7 million in Q3. Nevertheless, skilled providers income declined 2% to $13.2 million in comparison with the identical interval final 12 months.

Smartsheet’s annualized recurring income (ARR) grew 15% year-over-year to $1.133 billion. The corporate reported 2,137 prospects with ARR of $100,000 or extra, up 20% from the prior 12 months.

The corporate generated free money move of $61.8 million in Q3, representing 22% of whole income. This marks a big enchancment from $11.4 million or 5% of income in the identical quarter final 12 months.

Smartsheet additionally introduced it has entered right into a definitive settlement to be acquired by Blackstone (NYSE:BX) and Vista Fairness Companions in an all-cash transaction valued at roughly $8.4 billion, or $56.50 per share.

The corporate ended the quarter with $760.9 million in money, money equivalents, and short-term investments.

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