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Sprinklr, the unified customer experience management (Unified-CXM) platform for modern enterprises, reported financial results for its fourth quarter and fiscal year ended January 31, 2024.
“We are pleased with Sprinklr’s fourth quarter performance and overall success in FY 24. Our vision is clear: to unify customer-facing teams on an AI-powered platform. We’re strengthening our foundation and recruiting top-tier leaders to fuel our next phase of growth. With strong conviction, we believe we are the natural third or fourth front office platform for global brands at the forefront of exceptional customer experience,” said Ragy Thomas, Founder and CEO at Sprinklr.
Fourth Quarter Fiscal 2024 Financial Highlights
- Revenue: Total revenue for the fourth quarter was $194.2 million, up from $165.3 million one year ago, an increase of 17% year-over-year. Subscription revenue for the fourth quarter was $177.0 million, up from $148.3 million one year ago, an increase of 19% year-over-year.
- Operating Income (Loss) and Margin*: Fourth quarter GAAP operating income was $18.5 million, compared to an operating loss of $1.8 million one year ago. Non-GAAP operating income for the fourth quarter was $32.4 million, compared to non-GAAP operating income of $14.3 million one year ago. For the fourth quarter, GAAP operating margin was 10% and non-GAAP operating margin was 17%.
- Net Income (Loss) Per Share*: Fourth quarter net income per share, basic was $0.08, compared to net loss per share, basic of $0.00 in the fourth quarter of fiscal year 2023. Non-GAAP net income per share, basic for the fourth quarter was $0.13, compared to non-GAAP net income per share, basic of $0.06 in the fourth quarter of fiscal year 2023
- Cash, Cash Equivalents and Marketable Securities: Total cash, cash equivalents and marketable securities as of January 31, 2024 was $662.6 million.
Full Year Fiscal 2024 Financial Highlights
- Revenue: Total revenue for fiscal year 2024 was $732.4 million, up from $618.2 million one year ago, an increase of 18% year-over-year. Subscription revenue for fiscal year 2024 was $668.5 million, up from $548.6 million one year ago, an increase of 22% year-over-year.
- Operating Income (Loss) and Margin*: Fiscal year 2024 operating income was $33.9 million, compared to an operating loss of $51.2 million one year ago. Non-GAAP operating income for fiscal year 2024 was $92.0 million, compared to non-GAAP operating income of $6.0 million one year ago. For fiscal year 2024, GAAP operating margin was 5% and non-GAAP operating margin was 13%.
- Net Income (Loss) Per Share*: Fiscal year 2024 net income per share, basic was $0.19, compared to net loss per share, basic of $0.21 in fiscal year 2023. Non-GAAP net income per share, basic for fiscal year 2024 was $0.41, compared to non-GAAP net income per share, basic of $0.01 in fiscal year 2023.
* Free cash flow, non-GAAP operating income, non-GAAP operating margin and non-GAAP net income 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 net 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 first fiscal quarter ending April 30, 2024:
- Subscription revenue between $177.5 million and $178.5 million.
- Total revenue between $194 million and $195 million.
- Non-GAAP operating income between $19.5 million and $20.5 million.
- Non-GAAP net income per share of approximately $0.07, assuming 289 million diluted weighted-average shares outstanding.
Sprinklr is providing the following guidance for the full fiscal year ending January 31, 2025:
- Subscription revenue between $740.5 million and $741.5 million.
- Total revenue between $804.5 million and $805.5 million.
- Non-GAAP operating income between $104 million and $105 million.
- Non-GAAP net income per share between $0.38 and $0.39, assuming 291 million diluted weighted-average shares outstanding.
