Smartsheet Inc. Announces Fourth Quarter and Full Fiscal Year 2019 Results

Fourth quarter total revenue grew 58% year over year to $52.2 million
Fourth quarter net operating cash flow was positive $4.0 million, net free cash flow was positive $1.0 million
Full year total revenue grew 60% year over year to $177.7 million
Full year net operating cash flow was negative $2.9 million, net free cash flow was negative $14.9 million

BELLEVUE, Wash. - March 19, 2019 - Smartsheet Inc. (NYSE: SMAR), a leading cloud-based platform for work execution, today announced financial results for its fourth fiscal quarter and full year ended January 31, 2019.

"Q4 capped a great year for Smartsheet," said Mark Mader, CEO of Smartsheet. "Our work execution platform continues to empower customers across the globe, our leadership in the expanding Collaborative Work Management market continues to strengthen, and we remain intensely focused on helping enterprises achieve a competitive advantage through digital transformation."

"The momentum in our business is supported by strength across our key metrics," said Jennifer Ceran, CFO of Smartsheet. "Our net dollar retention rate reached 134%, aided by domain average ACV growth of 50% and growth in the number of customers with ACVs over $5,000 and over $50,000 increasing 63% and 135%, year over year, respectively."  

Fourth Quarter Fiscal 2019 Financial Highlights

Revenue: Total revenue was $52.2 million, an increase of 58% year over year. Subscription revenue was $46.5 million, an increase of 56% year over year. Professional services revenue was $5.7 million, an increase of 77% year over year.

Operating Loss: GAAP operating loss was $12.7 million, or 24% of total revenue, compared to GAAP operating loss of $8.6 million, or 26% of total revenue, in the fourth quarter of fiscal 2018. Non-GAAP operating loss was $8.5 million, or 16% of total revenue, compared to non-GAAP operating loss of $7.5 million, or 23% of total revenue, in the fourth quarter of fiscal 2018.

Net Loss: GAAP net loss was $11.7 million, compared to GAAP net loss of $8.7 million in the fourth quarter of fiscal 2018. GAAP net loss per share was $0.11, compared to GAAP net loss per share of $0.45 in the fourth quarter of fiscal 2018. Non-GAAP net loss was $7.5 million, compared to non-GAAP net loss of $7.0 million in the fourth quarter of fiscal 2018. Non-GAAP net loss per share was $0.07, compared to non-GAAP net loss per share of $0.08 in the fourth quarter of fiscal 2018.

Cash Flow: Net operating cash flow was positive $4.0 million, compared to net operating cash flow of negative $6.6 million in the fourth quarter of fiscal 2018. Net free cash flow was positive $1.0 million, compared to negative $10.0 million in the fourth quarter of fiscal 2018.



The following information was filed by Smartsheet Inc (SMAR) on Tuesday, March 19, 2019 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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