Why Are Smartsheet (SMAR) Shares Trading Higher Today - Smartsheet (NYSE:SMAR)

Smartsheet Inc SMAR reported third-quarter revenue growth of 38% year-on-year to $199.6 million, beating the consensus of $194.3 million.
Subscription revenue was $186.1 million, up 40% Y/Y. Professional services revenue was $13.5 million, up 12% Y/Y.
Calculated billings grew 36% Y/Y to $219.6 million.
The number of all customers with annualized contract values (ACV) of $100,000 or more grew to 1,346, an increase of 55% Y/Y.
Non-GAAP operating margin loss was (2)%, flat Y/Y.
Non-GAAP EPS loss of $(0.01) beat the consensus loss of $(0.15).
Smartsheet used $(4.6) million in free cash flow.
Smartsheet sees Q4 revenue of $205 million - $207 million (vs. consensus $204.4 million), non-GAAP EPS loss of $(0.02) - $(0.00) (vs. consensus loss $(0.09)).
Smartsheet raised FY23 revenue to $760 million - $762 million, up from the prior $750 million - $755 million (vs. consensus $753.3 million), boosted non-GAAP EPS loss outlook to $(0.31) - $(0.30) from prior $(0.56) - (0.49) (vs. consensus loss (0.53).
Price Action: SMAR shares traded higher by 11.97% at $36.40 in the premarket on the last check Friday.

Smartsheet Shares Surge As Q3 Performance Tops Street View