Smartsheet Inc. reported significant financial improvements for the three and six months ended July 31, 2024, compared to the same periods in 2023. Total revenue for the quarter reached $276.4 million, a 17% increase from $235.6 million in the prior year. For the six months, revenue rose to $539.4 million, up 18% from $455.5 million. Subscription revenue was a key driver, totaling $263.5 million for the quarter, reflecting a 19% increase from $221.5 million in 2023, and $512.6 million for the six months, a 20% rise from $427.5 million.
Gross profit for the three months ended July 31, 2024, was $226.6 million, representing a 20% increase from $188.5 million in the same quarter of 2023, maintaining a gross margin of 82%. The company reported a loss from operations of $(8.5 million) for the quarter, an improvement from a loss of $(36.1 million) in the same period last year. Net income for the quarter was $7.9 million, a significant recovery from a net loss of $(33.4 million) in 2023. For the six months, Smartsheet reported a net loss of $(1.0 million), a substantial improvement from $(63.2 million) in the prior year.
As of July 31, 2024, Smartsheet's total assets increased to $1.36 billion, up from $1.34 billion at the end of January 2024. Cash and cash equivalents rose to $393.5 million, compared to $282.1 million at the beginning of the year. The company also reported a decrease in total current liabilities to $662.6 million from $695.9 million.
Strategically, Smartsheet has been active in share repurchases, having repurchased 0.9 million shares at an average price of $43.95, totaling $40.3 million during the reported periods. The Board of Directors authorized a share repurchase program of up to $150 million in April 2024.
Research and development expenses increased by 9% to $63.6 million for the three months ended July 31, 2024, reflecting the company's commitment to innovation. Sales and marketing expenses also rose slightly, while general and administrative expenses increased due to a $3.2 million impairment charge related to subleased asset groups.
Overall, Smartsheet's performance in the latest fiscal period indicates a positive trajectory in revenue growth and profitability, alongside strategic financial management through share repurchases and continued investment in product development.
About SMARTSHEET INC
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