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Smartsheet Inc. Announces Fourth Quarter and Full Fiscal Year 2020 Results

March 17, 2020
  • Fourth quarter total revenue grew 51% year over year to $78.5 million
  • Fourth quarter calculated billings grew 58% year over year to $101.5 million
  • Fourth quarter net operating cash flow was negative $42 thousand, net free cash flow was negative $3.6 million
  • Dollar-based net retention rate was 135%

贝尔维尤,洗。——(业务线)——内容公司。(NYSE: SMAR), the platform for enterprise achievement, today announced financial results for its fourth fiscal quarter ended January 31, 2020.

"We concluded FY20 with a strong fourth quarter," said Mark Mader, President and CEO of Smartsheet. "Enterprises increasingly recognize the importance and benefits of empowering a dynamic workforce; a workforce that is now viewed as a composite of employees, partners, suppliers, and customers. The Smartsheet platform enables business users to work more effectively through rapid configuration and deployment of solutions with a category leading combination of capabilities and enterprise strength."

Fourth Quarter Fiscal 2020 Financial Highlights

  • Revenue:Total revenue was $78.5 million, an increase of 51% year over year. Subscription revenue was $71.1 million, an increase of 53% year over year. Professional services revenue was $7.5 million, an increase of 31% year over year.
  • Operating Loss:GAAP operating loss was $30.1 million, or 38% of total revenue, compared to GAAP operating loss of $12.7 million, or 24% of total revenue, in the fourth quarter of fiscal 2019. Non-GAAP operating loss was $17.3 million, or 22% of total revenue, compared to non-GAAP operating loss of $8.5 million, or 16% of total revenue, in the fourth quarter of fiscal 2019.
  • Net Loss:GAAP net loss was $28.2 million, compared to GAAP net loss of $11.7 million in the fourth quarter of fiscal 2019. GAAP net loss per share was $0.24, compared to GAAP net loss per share of $0.11 in the fourth quarter of fiscal 2019. Non-GAAP net loss was $15.3 million, compared to non-GAAP net loss of $7.5 million in the fourth quarter of fiscal 2019. Non-GAAP net loss per share was $0.13, compared to non-GAAP net loss per share of $0.07 in the fourth quarter of fiscal 2019.
  • Cash Flow:Netoperating cash flow was negative $42 thousand, compared to net operating cash flow of positive $4.0 million in the fourth quarter of fiscal 2019. Net free cash flow was negative $3.6 million, compared to positive $1.0 million in the fourth quarter of fiscal 2019.

Fiscal Year 2020 Financial Highlights

  • Revenue:Total revenue was $270.9 million, an increase of 52% year over year. Subscription revenue was $244.1 million, an increase of 55% year over year. Professional services revenue was $26.8 million, an increase of 33% year over year.
  • Operating Loss:GAAP operating loss was $103.8 million, or 38% of total revenue, compared to GAAP operating loss of $55.1 million, or 31% of total revenue, in fiscal 2019. Non-GAAP operating loss was $62.8 million, or 23% of total revenue, compared to non-GAAP operating loss of $38.5 million, or 22% of total revenue, in fiscal 2019.
  • Net Loss:GAAP net loss attributable to common shareholders was $95.9 million, compared to $53.9 million in fiscal 2019. GAAP net loss per share was $0.85, compared to GAAP net loss per share of $0.65 in fiscal 2019. Non-GAAP net loss was $55.0 million, compared to non-GAAP net loss of $36.0 million in fiscal 2019. Non-GAAP net loss per share was $0.49, compared to non-GAAP net loss per share of $0.36 in fiscal 2019.
  • Cash Flow:净营运现金流量为负1090万美元, compared to net operating cash flow of negative $2.9 million in fiscal 2019. Net free cash flow was negative $26.9 million, compared to negative $14.9 million in fiscal 2019.

Fiscal 2020 Business Highlights

  • Ended the quarter with approximately 84,000 domain-based customers
  • The number of all customers with annualized contract values ("ACV") of $5,000 or more grew to 9,079, an increase of 47% year over year
  • The number of all customers with ACV of $50,000 or more grew to 961, an increase of 116% year over year
  • The number of all customers with ACV of $100,000 or more grew to 350, an increase of 138% year over year
  • Average ACV per domain-based customer increased to $3,643, an increase of 48% year over year
  • Dollar-based net retention rate was 135%

The dollar-based net retention rate is calculated by dividing the aggregate ACV as of the end of the quarter (net of expansions, reductions and cancellations) by the same customer cohort’s net aggregate ACV as of the end of the comparable year-ago quarter. This calculation excludes customers acquired within the previous 12 months. The ACV for customers which Smartsheet acquired through the purchase of 10,000ft on May 1, 2019 will not impact the dollar-based net retention rate metric until one year from the date of acquisition.

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.

Financial Outlook

For the first quarter of fiscal 2021, the Company currently expects:

  • Total revenue of $82 million to $83 million, representing year-over-year growth of 46% to 48%
  • Calculated billings of $97 million to $98 million, representing year-over-year growth of 40% to 42%
  • Non-GAAP operating loss of $26 million to $24 million
  • Non-GAAP net loss per share of $0.21 to $0.19, assuming basic and diluted weighted average shares outstanding of approximately 118.5 million
  • Net free cash flow of negative $30 million to negative $27 million

For the full fiscal year 2021, the Company currently expects:

  • Total revenue of $373 million to $378 million, representing year-over-year growth of 38% to 40%
  • Calculated billings of $450 million to $455 million, representing year-over-year growth of 35% to 36%
  • Non-GAAP operating loss of $75 million to $67 million
  • Non-GAAP net loss per share of $0.62 to $0.55, assuming basic and diluted weighted average shares outstanding of approximately 119 million
  • Net free cash flow of negative $11 million to $0

These statements are forward-looking and actual results may materially differ. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause our actual results to materially differ from these forward-looking statements.

We have not reconciled net free cash flow guidance to net cash from operating activities because we do not provide guidance on the reconciling items between net cash from operating activities and net free cash flow, due to the uncertainty regarding, and the potential variability of, these items. The actual amount of such reconciling items will have a significant impact on our net free cash flow. Accordingly, a reconciliation of net cash from operating activities to net free cash flow is not available without unreasonable effort. We do not provide reconciliation of calculated billings guidance as its components are solely revenue and deferred revenue, and guidance for revenue is already provided.

Conference Call Information

Smartsheet will host a conference call and live webcast for analysts and investors at 1:30 p.m. Pacific Time on March 17, 2020. A live webcast and accompanying presentation can be accessed on the Investor Relations section of the Company's website at:https://investors.smartsheet.com. The conference call can also be accessed by dialing (877) 274-9243, or +1 (647) 689-5417 (outside of the US). The conference ID is 3774598. A replay of the call via webcast will be available athttps://investors.smartsheet.comor by dialing (800) 585-8367 or +1 (416) 621-4642 (outside of the US). The dial-in replay will be available until the end of day on March 24, 2020. The webcast replay will be available for one year.

Forward-Looking Statements

This press release contains “forward-looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, statements about Smartsheet’s outlook for the first fiscal quarter ending April 30, 2020 and the full fiscal year ending January 31, 2021, and Smartsheet’s expectations regarding possible or assumed business strategies, potential growth and innovation opportunities, new products, and potential market opportunities.

Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “believe,” “continue,” “could,” “potential,” “remain,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: our ability to achieve future growth and sustain our growth rate, our ability to attract and retain customers and increase sales to our customers, our ability to develop and release new products and services and to scale our platform, our ability to increase adoption of our platform through our self-service model, our ability to maintain and grow our relationships with strategic partners, the highly competitive and rapidly evolving market in which we participate, our ability to identify targets for, execute on, or realize the benefits of, potential acquisitions, and our international expansion strategies. Further information on risks that could cause actual results to differ materially from forecasted results is included in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended January 31, 2020 to be filed with the SEC. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Use of Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found in the accompanying financial statements included with this press release.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP financial metrics to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

我们定义非公认会计原则营运亏损GAAP损失摇来摇去m operations excluding share-based compensation expense, amortization of acquisition-related intangible assets, and one-time costs associated with mergers and acquisitions. Non-GAAP net loss, which is used in calculating non-GAAP net loss per share, also excludes expense associated with revaluation of convertible preferred stock warrant liability. There are a number of limitations related to the use of these non-GAAP measures as compared to GAAP operating loss and net loss, including that the non-GAAP measures exclude share-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy.

We use the non-GAAP financial measure of net free cash flow, which is defined as GAAP net cash flows from operating activities, reduced by cash used for purchases of property and equipment (inclusive of spend on internal-use software) and principal payments on capital lease obligations. We believe net free cash flow is an important liquidity measure of the cash that is available, after capital expenditures and operational expenses, for investment in our business and to make acquisitions. Net free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. There are a number of limitations related to the use of net free cash flow as compared to net cash from operating activities, including that net free cash flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made.

Definitions of Business Metrics

Number of domain-based customers

We define domain-based customers as organizations with a unique email domain name such as @cisco. All other customers, which we designate as ISP customers, are typically small teams or individuals who register for our services with an email address hosted on a widely used domain such as @gmail, @outlook, or @yahoo.

Average ACV per domain-based customer

We define average ACV per domain-based customer as total outstanding ACV for domain-based subscriptions as of the end of the reporting period divided by the number of domain-based customers as of the same date.

Dollar-based net retention rate

我们计算美元净的保留率a period end by starting with the ACV from the cohort of all customers as of the 12 months prior to such period end, or Prior Period ACV. We then calculate the ACV from these same customers as of the current period end, or Current Period ACV. Current Period ACV includes any upsells and is net of contraction or attrition over the trailing 12 months, but excludes subscription revenue from new customers in the current period. We then divide the total Current Period ACV by the total Prior Period ACV to arrive at the dollar-based net retention rate.

About Smartsheet

Smartsheet (NYSE: SMAR) is the platform for enterprise achievement. By aligning people and technology so organizations can move faster and drive innovation, Smartsheet enables its customers and users to achieve more. Visitwww.santa-greenland.comto learn more.

Disclosure of Material Information

Smartsheet announces material information to its investors using SEC filings, press releases, public conference calls, and on its investor relations page of the company’s website athttps://investors.smartsheet.com.

SMARTSHEET INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share data)

(unaudited)

Three Months Ended January 31,

Year Ended January 31,

2020

2019

2020

2019

Revenue

Subscription

$

71,067

$

46,482

$

244,058

$

157,529

Professional services

7,452

5,669

26,824

20,193

Total revenue

78,519

52,151

270,882

177,722

Cost of revenue

Subscription

9,657

5,600

32,707

19,297

Professional services

5,995

4,067

20,193

14,552

Total cost of revenue

15,652

9,667

52,900

33,849

Gross profit

62,867

42,484

217,982

143,873

Operating expenses

Research and development

27,973

15,986

95,469

58,841

Sales and marketing

50,491

29,344

176,060

106,067

General and administrative

14,499

9,839

50,227

34,049

Total operating expenses

92,963

55,169

321,756

198,957

Loss from operations

(30,096

)

(12,685

)

(103,774

)

(55,084

)

Interest income

2,337

1,216

8,410

3,307

Other income (expense), net

(219

)

(33

)

(462

)

(1,815

)

Net loss before income tax provision (benefit)

(27,978

)

(11,502

)

(95,826

)

(53,592

)

Income tax provision (benefit)

182

183

114

293

Net loss and comprehensive loss

$

(28,160

)

$

(11,685

)

$

(95,940

)

$

(53,885

)

Net loss per share attributable to common shareholders, basic and diluted

$

(0.24

)

$

(0.11

)

$

(0.85

)

$

(0.65

)

Weighted-average shares outstanding used to compute net loss per share attributable to common shareholders, basic and diluted

117,709

104,140

112,991

83,141

Share-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands, unaudited):

Three Months Ended January 31,

Year Ended January 31,

2020

2019

2020

2019

Cost of subscription revenue

$

435

$

132

$

1,392

$

346

Cost of professional services revenue

401

120

1,259

466

Research and development

4,737

1,278

14,260

5,873

Sales and marketing

4,036

1,306

12,937

5,163

General and administrative

2,243

1,083

7,716

4,055

Total share-based compensation expense*

$

11,852

$

3,919

$

37,564

$

15,903

*Includes amortization related to share-based compensation that was capitalized in internal-use software in previous periods.

SMARTSHEET INC.

Condensed Consolidated Balance Sheets

(in thousands, except share data)

(unaudited)

January 31,

2020

2019

Assets

Current assets

Cash and cash equivalents

$

515,924

$

213,085

Short-term investments

50,532

Accounts receivable, net of allowances of $2,989 and $1,234, respectively

56,863

30,173

Prepaid expenses and other current assets

7,643

3,922

Total current assets

630,962

247,180

Long-term assets

Restricted cash

865

2,620

Deferred commissions

48,255

29,014

Property and equipment, net

26,981

22,540

Operating lease right-of-use assets

57,590

Intangible assets, net

15,155

1,827

Goodwill

16,497

5,496

Other long-term assets

1,409

67

Total assets

$

797,714

$

308,744

Liabilities and shareholders’ equity

Current liabilities

Accounts payable

$

7,720

$

4,658

Accrued compensation and related benefits

39,635

25,557

Other accrued liabilities

12,428

6,544

Operating lease liabilities, current

13,020

Finance lease liabilities, current

2465年

3,768

Deferred revenue

157,972

95,766

Total current liabilities

233,240

136,293

Operating lease liabilities, non-current

47,913

Finance lease liabilities, non-current

1,664

2,164

Deferred revenue, non-current

837

367

Other long-term liabilities

2,928

Total liabilities

283,654

141,752

Shareholders’ equity:

Preferred stock, no par value; 10,000,000 shares authorized, no shares issued or outstanding as of January 31, 2020 and January 31, 2019

Class A common stock, no par value; 500,000,000 shares authorized, 118,194,159 shares issued and outstanding as of January 31, 2020; 500,000,000 shares authorized, 48,003,701 shares issued and outstanding as of January 31, 2019

Class B common stock, no par value; 500,000,000 shares authorized, no shares issued and outstanding as of January 31, 2020; 500,000,000 shares authorized, 56,967,742 shares issued and outstanding as of January 31, 2019

Additional paid-in capital

770,518

327,510

Accumulated deficit

(256,458

)

(160,518

)

Total shareholders’ equity

514,060

166,992

Total liabilities, convertible preferred stock, and shareholders’ equity

$

797,714

$

308,744

SMARTSHEET INC.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Year Ended January 31,

2020

2019

Cash flows from operating activities

Net loss

$

(95,940

)

$

(53,885

)

Adjustments to reconcile net loss to net cash used in operating activities:

Share-based compensation expense

37,493

15,903

Remeasurement of convertible preferred stock warrant liability

1,326

Depreciation of property and equipment

10,687

7,194

Amortization of deferred commission costs

19,806

10,770

Unrealized foreign currency (gain) loss

82

37

Amortization of intangible assets

2,762

510

Non-cash operating lease costs

7,971

Changes in operating assets and liabilities:

Accounts receivable

(25,965

)

(15,265

)

Prepaid expenses and other current assets

(3,909

)

481

Operating lease right-of-use assets

(12,173

)

Other long-term assets

(339

)

207

Accounts payable

3,593

2,031

Other accrued liabilities

5,840

3,424

Accrued compensation and related benefits

11,994

8,732

Deferred commissions

(39,046

)

(24,493

)

Other long-term liabilities

(1,003

)

1,322

Deferred revenue

61,646

38,851

Operating lease liabilities

5,631

净现金用于经营活动

(10,870

)

(2,855

)

Cash flows from investing activities

Purchases of short-term investments

(100,532

)

Purchases of long-term investments

(1,000

)

Proceeds from maturity of investments

50,000

Purchases of property and equipment

(5,153

)

(5,767

)

Capitalized internal-use software development costs

(6,699

)

(3,017

)

Payments for business acquisition, net of cash acquired

(26,659

)

(5,000

)

Net cash used in investing activities

(90,043

)

(13,784

)

Cash flows from financing activities

Proceeds from initial public offering of common stock, net of underwriters' discounts and commissions

163,844

Proceeds from follow-on offering of common stock, net of underwriters' discounts and commissions

379,828

Payments on principal of finance leases

(4,167

)

(3,253

)

Payments of deferred offering costs

(798

)

(2,603

)

Proceeds from exercise of stock options

15,905

6,649

Taxes paid related to net share settlement of restricted stock units

(380

)

Proceeds from Employee Stock Purchase Plan

11,254

7,064

Net cash provided by financing activities

402,022

171,321

Effects of changes in foreign currency exchange rates on cash, cash equivalents, and restricted cash

(25

)

(36

)

Net increase in cash, cash equivalents, and restricted cash

301,084

154,646

Cash, cash equivalents, and restricted cash at beginning of period

215,705

61,059

Cash, cash equivalents, and restricted cash at end of period

$

516,789

$

215,705

Supplemental disclosures

Cash paid for interest

$

243

$

324

Cash paid for income taxes

106

8

Purchases of fixed assets under finance leases

2,364

2,639

Right-of-use assets obtained in exchange for new operating lease liabilities

12,173

Accrued purchases of property and equipment (including internal-use software)

1,155

992

Deferred offering costs, accrued but not yet paid

60

12

Share-based compensation capitalized in internal-use software development costs

1,014

189

SMARTSHEET INC.

Reconciliation from GAAP to Non-GAAP Financial Measures

(unaudited)

Reconciliation from GAAP to non-GAAP operating loss and operating margin

Three Months Ended January 31,

Year Ended January 31,

2020

2019

2020

2019

(dollars in thousands)

Loss from operations

$

(30,096

)

$

(12,685

)

$

(103,774

)

$

(55,084

)

Add:

Share-based compensation expense*

11,852

3,919

37,564

15,903

Amortization of acquisition-related intangible assets

845

120

2,734

480

One-time acquisition costs

138

139

686

196

Non-GAAP operating loss

$

(17,261

)

$

(8,507

)

$

(62,790

)

$

(38,505

)

Operating margin

(38

)%

(24

)%

(38

)%

(31

)%

Non-GAAP operating margin

(22

)%

(16

)%

(23

)%

(22

)%

*Includes amortization related to share-based compensation that was capitalized in internal-use software in previous periods.

Reconciliation from GAAP to non-GAAP net loss

Three Months Ended January 31,

Year Ended January 31,

2020

2019

2020

2019

(in thousands)

Net loss

$

(28,160

)

$

(11,685

)

$

(95,940

)

$

(53,885

)

Add:

Share-based compensation expense*

11,852

3,919

37,564

15,903

Amortization of acquisition-related intangible assets

845

120

2,734

480

One-time acquisition costs

138

139

686

196

Remeasurement of convertible preferred stock warrant liability

1,326

Non-GAAP net loss

$

(15,325

)

$

(7,507

)

$

(54,956

)

$

(35,980

)

*Includes amortization related to share-based compensation that was capitalized in internal-use software in previous periods.

SMARTSHEET INC.

Reconciliation from GAAP to Non-GAAP Financial Measures

(unaudited)

Reconciliation from GAAP to non-GAAP weighted average shares outstanding (basic and diluted)

Three Months Ended
January 31,

Year Ended
January 31,

2020

2019

2020

2019

(in thousands)

GAAP weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic and diluted

117,709

104,140

112,991

83,141

Add: common shares that would have resulted from conversion of convertible preferred stock at the beginning of the period, or when granted (if later), on a weighted average basis

16,698

Non-GAAP weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic and diluted

117,709

104,140

112,991

99,839

Anti-dilutive shares (in thousands)

January 31,

2020

2019

Shares subject to outstanding common stock awards

12,215

13,297

Shares issuable pursuant to the 2018 Employee Stock Purchase Plan

165

134

Total potentially dilutive shares

12,380

13,431

SMARTSHEET INC.

Reconciliation from GAAP to Non-GAAP Financial Measures

(unaudited)

Reconciliation from net operating cash flow to net free cash flow

Three Months Ended January 31,

Year Ended January 31,

2020

2019

2020

2019

(in thousands)

Net cash provided by (used in) operating activities

$

(42

)

$

3,995

$

(10,870

)

$

(2,855

)

Less:

Purchases of property and equipment

(967

)

(1,395

)

(5,153

)

(5,767

)

Capitalized internal-use software development costs

(1,509

)

(861

)

(6,699

)

(3,017

)

Payments on principal of finance leases

(1,053

)

(733

)

(4,167

)

(3,253

)

Free cash flow

$

(3,571

)

$

1,006

$

(26,889

)

$

(14,892

)

Reconciliation from revenue to calculated billings

Three Months Ended January 31,

Year Ended January 31,

2020

2019

2020

2019

(in thousands)

Total revenue

$

78,519

$

52,151

$

270,882

$

177,722

Add:

Deferred revenue (end of period)

158,809

96,133

158,809

96,133

Less:

Deferred revenue (beginning of period)

135,838

84,151

96,133

57,281

Calculated billings

$

101,490

$

64,133

$

333,558

$

216,574

SMARTSHEET INC.

Reconciliation from GAAP to Non-GAAP Financial Measures

(unaudited)

Reconciliation from GAAP to non-GAAP operating loss guidance

Q1 FY 2021

FY 2021

Low

High

Low

High

(in millions)

Loss from operations

$

(45.8

)

$

(43.8

)

$

(163.4

)

$

(155.4

)

Add:

Share-based compensation expense*

19.0

19.0

85.0

85.0

Amortization of acquisition-related intangible assets

0.8

0.8

3.4

3.4

Non-GAAP operating loss

$

(26.0

)

$

(24.0

)

$

(75.0

)

$

(67.0

)

*Includes amortization related to share-based compensation that was capitalized in internal-use software in previous periods.

Reconciliation from GAAP to non-GAAP net loss guidance

Q1 FY 2021

FY 2021

Low

High

Low

High

(in millions)

Net loss

$

(44.3

)

$

(42.3

)

$

(161.9

)

$

(153.9

)

Add:

Share-based compensation expense*

19.0

19.0

85.0

85.0

Amortization of acquisition-related intangible assets

0.8

0.8

3.4

3.4

Non-GAAP net loss

$

(24.5

)

$

(22.5

)

$

(73.5

)

$

(65.5

)

*Includes amortization related to share-based compensation that was capitalized in internal-use software in previous periods.

Smartsheet Inc.
Investor Relations Contact
Aaron Turner
[email protected]

Media Contact
Lindsay Bleier
[email protected]

Source: Smartsheet Inc.

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