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Samsara's (IOT) Q4 Earnings Beat Estimates, Revenues Up Y/Y
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Samsara (IOT - Free Report) reported non-GAAP earnings of 4 cents per share in fourth-quarter fiscal 2024, beating the Zacks Consensus Estimate of 3 cents. The company reported a loss of 2 cents per share in the previous year.
Revenues came in at $276.3 million, up 48% year over year. The figure beat the Zacks Consensus Estimate by 6.85%.
Samsara’s shares have gained 18.7% compared with the Zacks Computer and Technology sector’s rise of 10.6% in the year-to-date period.
Top-Line Details
In the fiscal fourth quarter, Samsara concluded with Annual Recurring Revenues (ARR) of $1.102 billion, rallying 39% year over year.
The number of customers with annual recurring revenue (ARR) surpassing $100,000 reached 1,848, registering a quarterly record increase of 611 and increasing 49% year over year.
In the fiscal fourth quarter, Samsara also experienced significant growth, adding 185 new customers with ARR surpassing $100,000 and incorporating 11 customers with ARR exceeding $1 million.
Samsara introduced Connected Forms, a workflow solution for frontline workers, into general availability during the quarter. This new application streamlines operations, including inspections and incident reports through digital forms.
The company also continued to invest in its cloud infrastructure, processing over 9 trillion data points and 75 billion API calls, digitizing more than 230 million workflows and recording over 60 billion miles driven over the last fiscal year.
Operating Details
In fourth-quarter fiscal 2024, non-GAAP gross profit rose 53% year over year to $210.7 million. Gross margin expanded 300 basis points to 76%.
Total operating expenses increased 69.3% year over year to $330.2 million, mainly due to higher research and development (up 34.4% year over year), sales and marketing (up 37.4% year over year) and general and administrative costs (rising 26.2% year over year).
Operating income was $13.5 million against an operating loss of $14.7 million reported in the year-ago quarter.
Balance Sheet & Cash Flow
As of Feb 3, 2024, cash and cash equivalents were $136 million compared with $208 million as of Oct 28, 2023.
In the fiscal fourth quarter, cash used in operating activities declined to $41.8 million, down from $11.9 million reported in the prior quarter.
Free cash flow was $16 million compared with $8.5 million reported in the previous quarter.
Guidance
For the first quarter of fiscal 2025, Samsara expects revenues between $271 million and $273 million.
The non-GAAP operating margin is anticipated to decline 3%.
Non-GAAP earnings for the fiscal first quarter are expected to be between 0 and 1 cent per share.
Zacks Rank & Stocks to Consider
Currently, Samsara has a Zacks Rank #3 (Hold).
Kanzhun (BZ - Free Report) , Blink Charging (BLNK - Free Report) and Adobe (ADBE - Free Report) are some top-ranked stocks that investors can consider in the broader sector.
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Samsara's (IOT) Q4 Earnings Beat Estimates, Revenues Up Y/Y
Samsara (IOT - Free Report) reported non-GAAP earnings of 4 cents per share in fourth-quarter fiscal 2024, beating the Zacks Consensus Estimate of 3 cents. The company reported a loss of 2 cents per share in the previous year.
Revenues came in at $276.3 million, up 48% year over year. The figure beat the Zacks Consensus Estimate by 6.85%.
Samsara’s shares have gained 18.7% compared with the Zacks Computer and Technology sector’s rise of 10.6% in the year-to-date period.
Top-Line Details
In the fiscal fourth quarter, Samsara concluded with Annual Recurring Revenues (ARR) of $1.102 billion, rallying 39% year over year.
Samsara Inc. Price, Consensus and EPS Surprise
Samsara Inc. price-consensus-eps-surprise-chart | Samsara Inc. Quote
The number of customers with annual recurring revenue (ARR) surpassing $100,000 reached 1,848, registering a quarterly record increase of 611 and increasing 49% year over year.
In the fiscal fourth quarter, Samsara also experienced significant growth, adding 185 new customers with ARR surpassing $100,000 and incorporating 11 customers with ARR exceeding $1 million.
Samsara introduced Connected Forms, a workflow solution for frontline workers, into general availability during the quarter. This new application streamlines operations, including inspections and incident reports through digital forms.
The company also continued to invest in its cloud infrastructure, processing over 9 trillion data points and 75 billion API calls, digitizing more than 230 million workflows and recording over 60 billion miles driven over the last fiscal year.
Operating Details
In fourth-quarter fiscal 2024, non-GAAP gross profit rose 53% year over year to $210.7 million. Gross margin expanded 300 basis points to 76%.
Total operating expenses increased 69.3% year over year to $330.2 million, mainly due to higher research and development (up 34.4% year over year), sales and marketing (up 37.4% year over year) and general and administrative costs (rising 26.2% year over year).
Operating income was $13.5 million against an operating loss of $14.7 million reported in the year-ago quarter.
Balance Sheet & Cash Flow
As of Feb 3, 2024, cash and cash equivalents were $136 million compared with $208 million as of Oct 28, 2023.
In the fiscal fourth quarter, cash used in operating activities declined to $41.8 million, down from $11.9 million reported in the prior quarter.
Free cash flow was $16 million compared with $8.5 million reported in the previous quarter.
Guidance
For the first quarter of fiscal 2025, Samsara expects revenues between $271 million and $273 million.
The non-GAAP operating margin is anticipated to decline 3%.
Non-GAAP earnings for the fiscal first quarter are expected to be between 0 and 1 cent per share.
Zacks Rank & Stocks to Consider
Currently, Samsara has a Zacks Rank #3 (Hold).
Kanzhun (BZ - Free Report) , Blink Charging (BLNK - Free Report) and Adobe (ADBE - Free Report) are some top-ranked stocks that investors can consider in the broader sector.
BZ currently sports Zacks Rank #1(Strong Buy), while BLNK and ADBE carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Kanzhun’s shares have returned 2.3% year to date. BZ is scheduled to release fourth-quarter 2023 results on Mar 12.
Blink Charging’s shares have declined 7.7% year to date. BLNK is set to report its fourth-quarter 2023 results on Mar 14.
Adobe’s shares have dropped 6.6% year to date. ADBE is set to release its fourth-quarter fiscal 2024 results on Mar 14.