Software company Sprinklr (NYSE: CXM) announced better than expected second quarter earnings and raised full-year forecasts Friday. Revenue of $150.6M rose +26.9% Y/Y with subscription revenue up 29% Y/Y to $133.1M. $CXM shares rose 6% on the release.
Sprinklr Q2 2022 Earnings Highlights
- Non-GAAP operating loss $4.9M, compared to non-GAAP operating loss of $10.5M a year ago.
- Non-GAAP EPS of -$0.03 beat consensus by $0.03.
- Non-GAAP operating margin was (3%)
- Revenue of $150.6M (+26.9% Y/Y) beats by $3.15M
- Subscription revenue up 29% Y/Y to $133.1M
- 98 $1 million customers, up 32% year-over-year
- RPO and cRPO, which includes deferred revenue to be recognized in future periods, up 33% and 29% year-over-year, respectively
- The company ended the quarter with $540.9M in cash, cash equivalents and marketable securities.
“We are very pleased with Sprinklr’s performance in the second quarter, as we beat expectations across all key metrics…..Our focus on operational excellence and increasing efficiency is having a great impact on our business. As a result, we are significantly improving our business outlook for fiscal 2023,” said Ragy Thomas, Sprinklr Founder and CEO.
Sprinklr (CXM) also announced that Luca Lazzaron, Chief Revenue Officer, has stepped down from his position, effective October 1, 2022. He will be succeeded by Paul Ohls, who is currently EVP Worldwide Sales and Success, and has been with Sprinklr for four years.
Outlook
- Q3 2023 Guidance: Subscription revenue between $137M and $139M.
- Total revenue between $155M and $157M vs. consensus of $156.26M
- Non-GAAP operating (loss) income between $(1M) and $1M
- Non-GAAP net loss per share between $0.01 and $0.02 vs. consensus of -$0.05
- FY 2023 Guidance: Subscription revenue between $543M and $547M, up from prior guidance of $540.5M – $546.5M.
- Total revenue between $616M and $620M, up from prior guidance of $612-$618M, vs. consensus of $614.10M.
- Non-GAAP operating loss between $8M and $12M, reflecting big improvement from prior Non-GAAP operating loss guidance of $37-41M.
- Non-GAAP net loss per share between $0.06 and $0.08, vs. prior guidance of -$0.18 to -$0.20 vs. consensus of -$0.19
About Sprinklr
Sprinklr is a leading enterprise software company for all customer-facing functions. With advanced AI, Sprinklr’s unified customer experience management (Unified-CXM) platform helps companies deliver human experiences to every customer, every time, across any modern channel. Headquartered in New York City with employees around the world, Sprinklr works with more than 1,000 of the world’s most valuable enterprises — global brands like Microsoft, P&G, Samsung and more than 50% of the Fortune 100.
Source: Sprinklr
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