(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Item 8.01 | Other Events. |
Exhibit No. | Description of Exhibits | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: June 5, 2024 | Sprinklr, Inc. | |||||||||||||||||||
By: | /s/ Manish Sarin | |||||||||||||||||||
Manish Sarin | ||||||||||||||||||||
Chief Financial Officer |
Sprinklr, Inc. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(in thousands, except per share data) | |||||||||||
(unaudited) | |||||||||||
April 30, 2024 | January 31, 2024 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 126,815 | $ | 164,024 | |||||||
Marketable securities | 483,264 | 498,531 | |||||||||
Accounts receivable, net of allowance of $6.2 million and $5.3 million, respectively | 187,772 | 267,731 | |||||||||
Prepaid expenses and other current assets | 85,969 | 70,690 | |||||||||
Total current assets | 883,820 | 1,000,976 | |||||||||
Property and equipment, net | 32,758 | 32,176 | |||||||||
Goodwill and other intangible assets | 50,086 | 50,145 | |||||||||
Operating lease right-of-use assets | 48,604 | 31,058 | |||||||||
Other non-current assets | 108,840 | 108,755 | |||||||||
Total assets | $ | 1,124,108 | $ | 1,223,110 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 19,163 | $ | 34,691 | |||||||
Accrued expenses and other current liabilities | 64,271 | 93,187 | |||||||||
Operating lease liabilities, current | 6,661 | 5,730 | |||||||||
Deferred revenue | 370,229 | 374,552 | |||||||||
Total current liabilities | 460,324 | 508,160 | |||||||||
Deferred revenue, non-current | 710 | 506 | |||||||||
Deferred tax liability, non-current | 1,474 | 1,474 | |||||||||
Operating lease liabilities, non-current | 44,932 | 27,562 | |||||||||
Other liabilities, non-current | 5,737 | 5,704 | |||||||||
Total liabilities | 513,177 | 543,406 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity | |||||||||||
Class A common stock | 4 | 4 | |||||||||
Class B common stock | 4 | 4 | |||||||||
Treasury stock | (23,831) | (23,831) | |||||||||
Additional paid-in capital | 1,205,948 | 1,182,150 | |||||||||
Accumulated other comprehensive loss | (5,224) | (3,836) | |||||||||
Accumulated deficit | (565,970) | (474,787) | |||||||||
Total stockholders’ equity | 610,931 | 679,704 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,124,108 | $ | 1,223,110 |
Sprinklr, Inc. | |||||||||||
Condensed Consolidated Statements of Operations | |||||||||||
(in thousands, except per share data) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Revenue: | |||||||||||
Subscription | $ | 177,363 | $ | 157,665 | |||||||
Professional services | 18,595 | 15,698 | |||||||||
Total revenue | 195,958 | 173,363 | |||||||||
Costs of revenue: | |||||||||||
Costs of subscription (1) | 32,570 | 27,476 | |||||||||
Costs of professional services (1) | 18,555 | 14,461 | |||||||||
Total costs of revenue | 51,125 | 41,937 | |||||||||
Gross profit | 144,833 | 131,426 | |||||||||
Operating expense: | |||||||||||
Research and development (1) | 22,539 | 20,761 | |||||||||
Sales and marketing (1) | 87,484 | 89,202 | |||||||||
General and administrative (1) | 29,101 | 24,656 | |||||||||
Total operating expense | 139,124 | 134,619 | |||||||||
Operating income (loss) | 5,709 | (3,193) | |||||||||
Other income, net | 7,500 | 4,759 | |||||||||
Income before provision (benefit) for income taxes | 13,209 | 1,566 | |||||||||
Provision (benefit) for income taxes | 2,575 | (1,242) | |||||||||
Net income | $ | 10,634 | $ | 2,808 | |||||||
Net income per share, basic | $ | 0.04 | $ | 0.01 | |||||||
Weighted average shares used in computing net income per share, basic | 271,664 | 265,584 | |||||||||
Net income per share, diluted | $ | 0.04 | $ | 0.01 | |||||||
Weighted average shares used in computing net income per share, diluted | 284,032 | 281,344 |
Three Months Ended April 30, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Costs of subscription | $ | 283 | $ | 300 | |||||||
Costs of professional services | 317 | 403 | |||||||||
Research and development | 2,574 | 3,067 | |||||||||
Sales and marketing | 5,604 | 5,955 | |||||||||
General and administrative | 5,077 | 3,585 | |||||||||
Stock-based compensation expense, net of amounts capitalized | $ | 13,855 | $ | 13,310 |
Sprinklr, Inc. | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(in thousands) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Cash flow from operating activities: | |||||||||||
Net income | $ | 10,634 | $ | 2,808 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | 4,508 | 3,519 | |||||||||
Bad debt expense | 1,038 | 159 | |||||||||
Stock-based compensation, net of amounts capitalized | 13,855 | 13,310 | |||||||||
Non-cash lease expense | 1,949 | 907 | |||||||||
Deferred income taxes | (339) | (3,323) | |||||||||
Net amortization/accretion on marketable securities | (4,452) | (3,592) | |||||||||
Other non-cash items, net | 79 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 78,646 | 28,138 | |||||||||
Prepaid expenses and other current assets | (15,824) | 8,379 | |||||||||
Other non-current assets | 1,011 | (171) | |||||||||
Accounts payable | (15,103) | (8,199) | |||||||||
Operating lease liabilities | (1,557) | (884) | |||||||||
Accrued expenses and other current liabilities | (29,125) | (20,149) | |||||||||
Deferred revenue | (3,665) | (2,729) | |||||||||
Other liabilities | 57 | 387 | |||||||||
Net cash provided by operating activities | 41,712 | 18,560 | |||||||||
Cash flow from Investing activities: | |||||||||||
Purchases of marketable securities | (134,172) | (102,468) | |||||||||
Proceeds from sales and maturities of marketable securities | 153,097 | 78,199 | |||||||||
Purchases of property and equipment | (2,545) | (1,625) | |||||||||
Capitalized internal-use software | (2,977) | (2,683) | |||||||||
Net cash provided by (used in) investing activities | 13,403 | (28,577) | |||||||||
Cash flow from financing activities: | |||||||||||
Proceeds from issuance of common stock upon exercise of stock options | 9,642 | 12,692 | |||||||||
Payments for repurchase of Class A common shares | (99,984) | — | |||||||||
Net cash (used in) provided by financing activities | (90,342) | 12,692 | |||||||||
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | (1,231) | (196) | |||||||||
Net change in cash, cash equivalents and restricted cash | (36,458) | 2,479 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 172,429 | 188,387 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 135,971 | $ | 190,866 |
Sprinklr, Inc. | |||||||||||
Reconciliation of Non-GAAP Measures | |||||||||||
(in thousands) | |||||||||||
(unaudited) | |||||||||||
Three Months Ended April 30, | |||||||||||
2024 | 2023 | ||||||||||
Non-GAAP gross profit and non-GAAP gross margin: | |||||||||||
U.S. GAAP gross profit | $ | 144,833 | $ | 131,426 | |||||||
Stock-based compensation expense and related charges (1) | 607 | 712 | |||||||||
Non-GAAP gross profit | $ | 145,440 | $ | 132,138 | |||||||
Gross margin | 74 | % | 76 | % | |||||||
Non-GAAP gross margin | 74 | % | 76 | % | |||||||
Non-GAAP operating income: | |||||||||||
U.S. GAAP operating income (loss) | $ | 5,709 | $ | (3,193) | |||||||
Stock-based compensation expense and related charges (2) | 14,624 | 14,115 | |||||||||
Amortization of acquired intangible assets | 50 | 50 | |||||||||
Non-GAAP operating income | $ | 20,383 | $ | 10,972 | |||||||
Operating margin | 3 | % | (2) | % | |||||||
Non-GAAP operating margin | 10 | % | 6 | % | |||||||
Free cash flow: | |||||||||||
Net cash provided by operating activities | $ | 41,712 | $ | 18,560 | |||||||
Purchase of property and equipment | (2,545) | (1,625) | |||||||||
Capitalized internal-use software | (2,977) | (2,683) | |||||||||
Free cash flow | $ | 36,190 | $ | 14,252 |
Three Months Ended April 30, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
(in thousands) | Per Share-Basic | Per Share-Diluted | (in thousands) | Per Share-Basic | Per Share-Diluted | ||||||||||||||||||||||||||||||
Non-GAAP net income reconciliation to net income | |||||||||||||||||||||||||||||||||||
Net income | $ | 10,634 | $ | 0.04 | $ | 0.04 | $ | 2,808 | $ | 0.01 | $ | 0.01 | |||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense and related charges | 14,624 | 0.05 | 0.05 | 14,115 | 0.05 | 0.05 | |||||||||||||||||||||||||||||
Amortization of acquired intangible assets | 50 | 0.00 | 0.00 | 50 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
Total additions, net | 14,674 | 0.05 | 0.05 | 14,165 | 0.05 | 0.05 | |||||||||||||||||||||||||||||
Non-GAAP net income | $ | 25,308 | $ | 0.09 | $ | 0.09 | $ | 16,973 | $ | 0.06 | $ | 0.06 | |||||||||||||||||||||||
Weighted-average shares outstanding used in computing net income per share, basic | 271,664 | 265,584 | |||||||||||||||||||||||||||||||||
Weighted average shares outstanding used in computing net income per share, diluted | 284,032 | 281,344 | |||||||||||||||||||||||||||||||||
Cover |
Jun. 03, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jun. 03, 2024 |
Entity Registrant Name | Sprinklr, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40528 |
Entity Tax Identification Number | 45-4771485 |
Entity Address, Address Line One | 441 9th Avenue |
Entity Address, Address Line Two | 12th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10001 |
City Area Code | 917 |
Local Phone Number | 933-7800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common stock, par value $0.00003 per share |
Trading Symbol | CXM |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001569345 |
Amendment Flag | false |
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