Smartsheet Inc (NYSE:SMAR) shares are trading higher in Wednesday’s after-hours session on the heels of the company’s first-quarter financial results. Here’s a rundown of the report.
- Q1 Revenue: $263 million, versus estimates of $258.28 million
- Q1 EPS: 32 cents, versus estimates of 27 cents
Total revenue was up 20% year-over-year in the first quarter. Annualized recurring revenue grew 19% year-over-year to $1.056 billion. Operating cash flow came in at $50.1 million. Smartsheet said it generated free cash flow of $45.7 million in the quarter.
Smartsheet ended the quarter with $669.5 million in cash, cash equivalents and short-term investments. The company also announced that its board authorized the repurchase of up to $150 million of its common stock.
“This will be a pivotal year for Smartsheet. We believe the combination of new product innovations, the upcoming launch of our modern pricing and packaging model, and a reinvigorated go-to-market strategy positions us for long-term, durable growth,” said Mark Mader, CEO of Smartsheet.
Outlook: Smartsheet sees second-quarter revenue in the range of $273 million to $275 million versus estimates of $274.42 million. The company expects second-quarter adjusted earnings of 28 cents to 29 cents per share versus estimates of 25 cents per share.
Smartsheet expects full-year revenue to be between $1.116 billion and $1.121 billion versus estimates of $1.116 billion. The company sees full-year adjusted earnings in the range of $1.22 to $1.29 per share versus estimates of $1.11 per share.
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SMAR Price Action: Smartsheet shares were up 13.1% after hours at $42.61 at the time of publication, per Benzinga Pro.
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