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Smartsheet (SMAR) investor relations material
Smartsheet Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Dec, 2024
Executive summary
Revenue for Q3 FY2025 was $286.9M, up 17% year-over-year, driven by 18% growth in subscription revenue; net income reached $1.3M, a turnaround from a $32.4M net loss in Q3 FY2024.
Entered into a definitive agreement to be acquired by Blackstone, Vista, and ADIA affiliates in an all-cash transaction valued at $8.4B, or $56.50 per share; the merger is expected to close in Q4 FY2025.
Annualized recurring revenue (ARR) grew to $1.133B, up from $981M a year ago; average ARR per domain-based customer increased to $10,708.
Non-GAAP net income reached $61.0M, up from $22.6M year over year.
No earnings call or financial guidance provided due to the pending acquisition.
Financial highlights
Subscription revenue for Q3 FY2025 was $273.7M, up 18% year-over-year; professional services revenue was $13.2M, down 2%.
Gross profit for Q3 FY2025 was $233.1M, with a gross margin of 81%; subscription gross margin remained strong at 85%.
Operating loss narrowed to $3.4M from $35.5M year-over-year; net income for the nine months ended October 31, 2024, was $0.3M, compared to a $95.7M net loss in the prior year period.
Cash and cash equivalents totaled $454.3M, and short-term investments were $306.6M as of October 31, 2024; total liquidity was $760.9M.
Net cash provided by operating activities for the nine months ended October 31, 2024, was $172.8M, up from $98.2M year-over-year; free cash flow margin was 22%, up from 5% in the prior year quarter.
Outlook and guidance
The merger is expected to close in Q4 FY2025, after which Smartsheet will become a wholly owned subsidiary and its stock will be delisted.
Management expects continued investment in product development, sales, and marketing, with operating expenses to increase in absolute dollars but decrease as a percentage of revenue over the long term.
Macroeconomic factors such as inflation, interest rates, and geopolitical conflicts may impact future results.
No forward-looking guidance provided due to the announced transaction.
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Frequently asked questions
Smartsheet Inc. is a leading cloud-based platform for work execution, empowers organizations to plan, capture, manage, automate, and report on work at scale, resulting in more efficient processes and better business outcomes. It offers cloud-based software for planning, tracking and managing projects; a mobile application; and services to manage or accelerate business processes.
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