Smartsheet Inc. Announces Second Quarter Fiscal Year 2019 Results

Second quarter total revenue grew 59% year-over-year to $42.4 million
Second quarter GAAP operating loss was $13.0 million, non-GAAP operating loss was $8.7 million
Net operating cash flow was negative $1.1 million, net free cash flow was negative $4.2 million

BELLEVUE, Wash. - September 4, 2018 - Smartsheet Inc. (NYSE: SMAR), a leading cloud-based platform for work execution, today announced financial results for its second fiscal quarter ended July 31, 2018.

"Q2 was a strong quarter with revenue growing 59% year-over-year and net dollar retention rate reaching a record 131%," said Mark Mader, CEO of Smartsheet. "We continue to drive better business outcomes for our customers by empowering everyone to improve the way they work, connect, innovate, and execute."

Second Quarter Fiscal 2019 Financial Highlights

Revenue: Total revenue was $42.4 million, an increase of 59% year-over-year. Subscription revenue was $37.5 million, an increase of 57% year-over-year. Professional services revenue was $4.9 million, an increase of 71% year-over-year.

Operating Loss: GAAP operating loss was $13.0 million, or 31% of total revenue, compared to GAAP operating loss of $22.7 million, or 85% of total revenue, in the second quarter of fiscal 2018. Non-GAAP operating loss was $8.7 million, or 21% of total revenue, compared to non-GAAP operating loss of $6.7 million, or 25% of total revenue, in the second quarter of fiscal 2018.(1)

Net Loss: GAAP net loss attributable to common shareholders was $12.3 million, compared to $27.4 million in the second quarter of fiscal 2018. GAAP net loss per share was $0.12, compared to GAAP net loss per share of $1.52 in the second quarter of fiscal 2018. Non-GAAP net loss was $8.1 million, compared to non-GAAP net loss of $6.6 million in the second quarter of fiscal 2018. Non-GAAP net loss per share was $0.08, compared to non-GAAP net loss per share of $0.08 in the second quarter of fiscal 2018.(1) 

Cash Flow: Net operating cash flow was negative $1.1 million, compared to net operating cash flow of positive $0.7 million in the second quarter of fiscal 2018. Net free cash flow was negative $4.2 million, compared to negative $2.4 million in the second quarter of fiscal 2018.


The section titled “Use of non-GAAP Financial Measures” below contains a description of the non-GAAP financial measures with a reconciliation between GAAP and non-GAAP information. The section titled "Definitions of Business Metrics" contains definitions of certain non-financial metrics provided within this earnings release.


(1)
Our GAAP operating loss and GAAP net loss attributable to common shareholders in the second quarter of fiscal 2018 were impacted by the 2017 Tender Offer as defined in the prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, on April 27, 2018.



The following information was filed by Smartsheet Inc (SMAR) on Tuesday, September 4, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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