Smartsheet Inc. (SMAR) saw an increase of 16.09% in the aftermarket following the announcement of third-quarter results. However, the last trading session concluded at $61.16 with an incline of 2.81%.
Third Quarter Results by SMAR– How’s the quarter been?
SMAR announced the third-quarter fiscal year 2022 results on 2nd December 2021. The revenue increased to $144.6 million and the revenue from subscriptions increased by 46% year over year to $132.6 million. Moreover, the revenue from professional services grew by 50% year over year to $12.0 million.
Not only this but the GAAP operating loss was $36.0 million as compared to $35.9 million in the previous quarter. Furthermore, GAAP net loss was $36.7 million, as compared to $32.0 million in the third quarter of fiscal 2021. Last but not least, the net operating cash flow was negative $2.2 million in the third quarter of fiscal 2021, compared to a negative $5.2 million in the previous quarter.
What’s Next?
On a financial and operational level, this was a record quarter for Smartsheet, with the biggest number of significant agreements closed in a quarter and the best bookings performance in the SMAR’s history.
Moreover, the platform may grow from a simple project management tool for a five-person company to an enterprise SaaS platform. It facilitates collaboration across crucial business processes at the world’s top corporations. Lastly, the business strategy and teams are ready to capture the great potential that lies ahead of them by assisting worldwide clients of all sizes in transforming their working practices.
Partnership of SMAR with Special Olympics Inc – What’s the update?
On 15th November 2021, SMAR announced a collaboration with Special Olympics Inc. (SOI) to help its staff and athletes manage projects, automate procedures, and interact more effectively. Moreover, the new agreement builds on their current connection by providing SOI with more Smartsheet features and support. This allows them to fully experience the benefits of seamless collaboration throughout their whole business.
Furthermore, 5.7 million individuals with intellectual impairments in 200 countries participate in year-round sports, health, education, and community development via Special Olympics. Prior to utilizing Smartsheet, SOI teams utilized a combination of spreadsheets and email to organize their work, which resulted in silos and inefficiencies. To communicate more successfully across departments and time zones, they wanted to unify their project management strategy.
What’s new about SMAR?
SMAR’s aim at Smartsheet is to empower anybody to make a difference and collaborating with Special Olympics has been a fantastic way to do just that. Moreover, SMAR is ecstatic to assist SOI and help them develop new methods of working. This will enable them to move quicker and accomplish more for their worldwide communities of athletes. This will eventually advance their objective to make the world a better, more inclusive place.
