Not sure why there is no rockets AH, it even went down 1% AH.
From Yahoo:
Q2 Total Revenue of $178.5 million, up 18% year-over-year
Q2 Subscription Revenue of $163.5 million, up 23% year-over-year
Continued growth and operational improvements generate net cash provided by operating activities of $14.6 million and free cash flow* of $8.7 million in Q2
RPO and cRPO up 35% and 22% year-over-year, respectively
120 $1 million customers, up 22% year-over-year
Revenue: Total revenue for the second quarter was $178.5 million, up from $150.6 million one year ago, an increase of 18% year-over-year. Subscription revenue for the second quarter was $163.5 million, up from $133.1 million one year ago, an increase of 23% year-over-year.
Operating Income (Loss) and Margin*: Second quarter operating income was $5.5 million, compared to an operating loss of $21.7 million one year ago. Non-GAAP operating income was $21.3 million, compared to a non-GAAP operating loss of $4.9 million one year ago. For the second quarter, GAAP operating margin was 3% and non-GAAP operating margin was 12%.
Net Income (Loss) Per Share*: Second quarter net income per share, basic was $0.04, compared to net loss per share, basic of $0.09 in the second quarter of fiscal year 2023. Non-GAAP net income per share, basic for the second quarter was $0.10, compared to non-GAAP net loss per share, basic of $0.03 in the second quarter of fiscal year 2023.
Cash, Cash Equivalents and Marketable Securities: Total cash, cash equivalents and marketable securities as of July 31, 2023 was $628.4 million.
* Free cash flow, Non-GAAP operating income (loss), non-GAAP operating margin and non-GAAP net income (loss) per share are non-GAAP financial measures defined under “Non-GAAP Financial Measures,” and are reconciled to Net cash provided by operating activities, operating income (loss), net income (loss) or income (loss) per share, as applicable, the closest comparable GAAP measure, at the end of this release.
Financial Outlook
Sprinklr is providing the following guidance for the third fiscal quarter ending October 31, 2023:
Subscription revenue between $164 million and $166 million.
Total revenue between $179 million and $181 million.
Non-GAAP operating income between $15 million and $17 million.
Non-GAAP net income per share between $0.06 and $0.07, assuming 274 million basic weighted-average shares outstanding.
Sprinklr is providing the following guidance for the full fiscal year ending January 31, 2024:
Subscription revenue between $658 million and $660 million.
Total revenue between $719 million and $721 million.
Non-GAAP operating income between $65 million and $67 million.
Non-GAAP net income per share between $0.30 and $0.31, assuming 273 million basic weighted-average shares outstanding.
Non-GAAP Financial Measures
This press release and the accompanying tables contain the following non-GAAP financial measures associated with our condensed consolidated statements of operations:
Non-GAAP gross profit and non-GAAP gross margin
Non-GAAP operating income (loss) and non-GAAP operating margin
Non-GAAP net income (loss) and non-GAAP net income (loss) per share
We define these non-GAAP financial measures as the respective U.S. GAAP measures, excluding, as applicable, stock-based compensation expense-related charges and amortization of acquired intangible assets. We believe that it is useful to exclude stock-based compensation expense-related charges and amortization of acquired intangible assets in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies over multiple periods. In periods of net loss, we calculate non-GAAP net income (loss) per share by using non-GAAP net income (loss) divided by basic weighted average shares for the period regardless of whether we are in a non-GAAP net income or (loss) position and assuming that all potentially dilutive securities are anti-dilutive.
In addition, the press release and the accompanying tables contain free cash flow which is defined as net cash provided by operating activities less cash used for purchases of property and equipment and capitalized internal-use software. We believe that free cash flow is a useful indicator of liquidity as it measures our ability to generate cash, or our need to access additional sources of cash, to fund operations and investments. We expect our free cash flow to fluctuate in future periods with changes in our operating expenses and as we continue to invest in our growth. We typically experience higher billings in the fourth quarter compared to other quarters and experience higher collections of accounts receivable in the first half of the year, which results in a decrease in accounts receivable in the first half of the year.
However, non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. As a result, our non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for our consolidated financial statements presented in accordance with GAAP.
Sprinklr has not reconciled its financial outlook expectations as to non-GAAP operating income, or as to non-GAAP net income per share, to their most directly comparable U.S. GAAP measures as a result of the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to Sprinklr’s results computed in accordance with U.S. GAAP.
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