Smartsheet Inc. Announces First Quarter Fiscal Year 2019 Results

First quarter total revenue grew 63% year-over-year to $36.3 million
First quarter GAAP operating loss was $13.0 million, non-GAAP operating loss was $11.0 million
Net operating cash flow was negative $8.2 million, net free cash flow was negative $9.7 million

BELLEVUE, Wash. - June 4, 2018 - Smartsheet Inc. (NYSE: SMAR), a leading cloud-based platform for work execution, today announced financial results for its first fiscal quarter ended April 30, 2018.

“We had a strong start to the year with revenue in the first quarter growing 63 percent year-over-year,” said Mark Mader, CEO of Smartsheet. “Our software empowers business users to deliver work at scale faster and with better visibility, and these capabilities continue to resonate with customers and prospects around the world."

“Our revenue growth was driven by healthy expansion rates from our existing customers, the addition of over 1,500 net new domain-based customers, and demand for consulting and training services,” said Jennifer Ceran, CFO of Smartsheet.

First Quarter Fiscal 2019 Financial Highlights

Revenue: Total revenue was $36.3 million, an increase of 63% year-over-year. Subscription revenue was $32.1 million, an increase of 57% year-over-year. Professional services revenue was $4.3 million, an increase of 129% year-over-year.

Operating Loss: GAAP operating loss was $13.0 million, or 36% of total revenue, compared to GAAP operating loss of $7.2 million, or 32% of total revenue, in the first quarter of fiscal 2018. Non-GAAP operating loss was $11.0 million, or 30% of total revenue, compared to non-GAAP operating loss of $6.7 million, or 30% of total revenue, in the first quarter of fiscal 2018. Our operating loss was impacted by incremental investments in the business and higher costs associated with operating as a public company.

Net Loss: GAAP net loss was $14.3 million, compared to GAAP net loss of $7.2 million in the first quarter of fiscal 2018. GAAP net loss per share was $0.68, compared to GAAP net loss per share of $0.44 in the first quarter of fiscal 2018. Non-GAAP net loss was $11.0 million, compared to non-GAAP net loss of $6.6 million in the first quarter of fiscal 2018. Non-GAAP net loss per share was $0.12, compared to non-GAAP net loss per share of $0.08 in the first quarter of fiscal 2018.

Cash Flow: Net operating cash flow was negative $8.2 million, compared to net operating cash flow of negative $5.3 million in the first quarter of fiscal 2018. Net free cash flow was negative $9.7 million, compared to negative $7.8 million in the first quarter of fiscal 2018. Operating and free cash flows were impacted by approximately $4.2 million and $2.6 million related to our annual bonus payouts in the first quarter of fiscal 2019 and 2018, respectively.




The following information was filed by Smartsheet Inc (SMAR) on Monday, June 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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