Smartsheet Inc. Announces First Quarter Fiscal Year 2020 Results

First quarter total revenue grew 55% year over year to $56.2 million
First quarter net operating cash flow was negative $9.2 million, net free cash flow was negative $13.1 million

BELLEVUE, Wash. - June 5, 2019 - Smartsheet Inc. (NYSE: SMAR), a leading cloud-based platform for work execution, today announced financial results for its first fiscal quarter ended April 30, 2019.

"The momentum with which we ended fiscal year ‘19 continued in the first quarter," said Mark Mader, President and CEO of Smartsheet. "We are well positioned to help organizations meet their digital transformation objectives by delivering the type of increased agility, collaboration, and visibility that empowers teams and unlocks organizational achievement."

First Quarter Fiscal 2020 Financial Highlights

Revenue: Total revenue was $56.2 million, an increase of 55% year over year. Subscription revenue was $50.3 million, an increase of 57% year over year. Professional services revenue was $5.9 million, an increase of 38% year over year.

Operating Loss: GAAP operating loss was $20.9 million, or 37% of total revenue, compared to GAAP operating loss of $13.0 million, or 36% of total revenue, in the first quarter of fiscal 2019. Non-GAAP operating loss was $14.1 million, or 25% of total revenue, compared to non-GAAP operating loss of $11.0 million, or 30% of total revenue, in the first quarter of fiscal 2019.

Net Loss: GAAP net loss was $19.8 million, compared to GAAP net loss of $14.3 million in the first quarter of fiscal 2019. GAAP net loss per share was $0.19, compared to GAAP net loss per share of $0.68 in the first quarter of fiscal 2019. Non-GAAP net loss was $13.0 million, compared to non-GAAP net loss of $11.0 million in the first quarter of fiscal 2019. Non-GAAP net loss per share was $0.12, equal to non-GAAP net loss per share recorded in the first quarter of fiscal 2019.

Cash Flow: Net operating cash flow was negative $9.2 million, compared to net operating cash flow of negative $8.2 million in the first quarter of fiscal 2019. Net free cash flow was negative $13.1 million, compared to negative $9.7 million in the first quarter of fiscal 2019.

First Quarter Fiscal 2020 Business Highlights

Ended the quarter with 80,280 domain-based customers
The number of all customers with annualized contract values ("ACV") of $5,000 or more grew to 6,779, an increase of 56% year over year
The number of all customers with ACV of $50,000 or more grew to 518, an increase of 117% year over year
The number of all customers with ACV of $100,000 or more grew to 189, an increase of 139% year over year
Average ACV per domain-based customer increased to $2,675, an increase of 48% year over year
Dollar-based net retention rate was 134%



The following information was filed by Smartsheet Inc (SMAR) on Wednesday, June 5, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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