Sprinklr (NYSE: CXM) made headlines today as the stock experienced a 4.9% increase, reaching a trading price of $11.91 per share. This surge followed the company's announcement of significant developments, including the appointment of Trac Pham as the new interim chief operating officer (COO), the authorization of a $100 million stock buyback program, and the reaffirmation of financial guidance for Q4 and the full year FY 2024.
Ragy Thomas, the founder and CEO of Sprinklr, expressed his enthusiasm about Pham's appointment, stating, "Trac has been an invaluable and active member of our board, providing thoughtful counsel on our direction and alignment. He is a strategic thinker and communicates with clarity about goals and desired outcomes." Thomas added, "We share strong convictions about our long-term unified-CXM vision and believe Sprinklr can become the most-loved enterprise software company. I am excited and humbled to work in partnership with Trac and have him join our executive team."
Pham, who retired as the chief financial officer (CFO) at Synopsys in 2022, also shared his excitement about his new role, stating, "I am excited by that vision and what it has achieved, the customers it serves, and the size of this market opportunity. I look forward to contributing to Sprinklr's growth and scale opportunity with an immediate focus on operational strategy."
In addition to Pham's appointment, Sprinklr's board of directors has authorized the company to repurchase up to $100 million of shares of its class A common stock through open market purchases. This stock repurchase program reflects the strength of Sprinklr's balance sheet and cash flow generation and aims to enhance stockholder value through capital returns.
The company also reaffirmed its financial guidance for the fourth quarter of fiscal 2024 and the full year fiscal 2024, demonstrating confidence in its performance and outlook.
Sprinklr, headquartered in New York City, is a leading enterprise software company for all customer-facing functions. Its unified customer experience management (unified-CXM) platform leverages advanced AI to help companies deliver human experiences to every customer, across any modern channel. The company serves more than 1,400 valuable enterprises, including global brands like Microsoft, P&G, and Samsung, as well as more than 50% of the Fortune 100.
The full 8-K submission from Sprinklr is available here.
| 2022 | 2023 | |
|---|---|---|
| Revenue (k) | $492,394 | $618,190 |
| Revenue Growth | n/a | 25.55% |
| Net Margins | -23% | 1% |
| Net Income (k) | -$111,470 | $3,756 |
| Earnings Per Share | -$0.57 | $259530 |
| Diluted Shares (k) | 260,285 | 283,853 |
| Free Cash Flow (k) | -$39,070 | $20,569 |
| Capital Expenditures | $6,148 | $6,091 |
| Current Ratio | 2.06 | 2.07 |
