EX-99.1 2 q22020smarearnings.htm Q2 2020 SMAR EARNINGS Exhibit
Smartsheet Inc. Announces Second Quarter Fiscal Year 2020 Results

Second quarter total revenue grew 53% year over year to $64.6 million
Second quarter net operating cash flow was negative $2.7 million, net free cash flow was negative $7.3 million

BELLEVUE, Wash. - September 4, 2019 - Smartsheet Inc. (NYSE: SMAR), a leading cloud-based platform for work execution, today announced financial results for its second fiscal quarter ended July 31, 2019.

"We delivered another strong quarter by executing our strategy of providing high-value solutions for enterprises, expanding Smartsheet’s presence in new and existing customers, and driving international growth,” said Mark Mader, President and CEO of Smartsheet. “Our platform, designed to accelerate individual and enterprise achievement, enabled more teams and businesses of all sizes to move faster, address significant challenges, and drive innovation."

Second Quarter Fiscal 2020 Financial Highlights

Revenue: Total revenue was $64.6 million, an increase of 53% year over year. Subscription revenue was $58.3 million, an increase of 56% year over year. Professional services revenue was $6.3 million, an increase of 29% year over year.

Operating Loss: GAAP operating loss was $20.9 million, or 32% of total revenue, compared to GAAP operating loss of $13.0 million, or 31% of total revenue, in the second quarter of fiscal 2019. Non-GAAP operating loss was $10.8 million, or 17% of total revenue, compared to non-GAAP operating loss of $8.7 million, or 21% of total revenue, in the second quarter of fiscal 2019.

Net Loss: GAAP net loss was $19.1 million, compared to GAAP net loss of $12.3 million in the second quarter of fiscal 2019. GAAP net loss per share was $0.17, compared to GAAP net loss per share of $0.12 in the second quarter of fiscal 2019. Non-GAAP net loss was $9.0 million, compared to non-GAAP net loss of $8.1 million in the second quarter of fiscal 2019. Non-GAAP net loss per share was $0.08, equal to non-GAAP net loss per share recorded in the second quarter of fiscal 2019.

Cash Flow: Net operating cash flow was negative $2.7 million, compared to net operating cash flow of negative $1.1 million in the second quarter of fiscal 2019. Net free cash flow was negative $7.3 million, compared to negative $4.2 million in the second quarter of fiscal 2019.

Second Quarter Fiscal 2020 Business Highlights

Ended the quarter with 82,186 domain-based customers
The number of all customers with annualized contract values ("ACV") of $5,000 or more grew to 7,673, an increase of 55% year over year
The number of all customers with ACV of $50,000 or more grew to 635, an increase of 113% year over year
The number of all customers with ACV of $100,000 or more grew to 226, an increase of 128% year over year



Average ACV per domain-based customer increased to $2,972, an increase of 48% year over year
Dollar-based net retention rate was 134%

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 third quarter of fiscal 2020, the Company currently expects:
Total revenue of $69.0 million to $70.0 million, representing year-over-year growth of 47% to 49%
Non-GAAP operating loss of $23.0 million to $22.0 million
Non-GAAP net loss per share of $0.19 to $0.18, assuming basic and diluted weighted average shares outstanding of approximately 116.5 million
Net free cash flow burn of up to $4.0 million

For the full fiscal year 2020, the Company currently expects:
Total revenue of $265.0 million to $268.0 million, representing year-over-year growth of 49% to 51%
Billings of $320.0 million to $324.0 million, representing year-over-year growth of 48% to 50%
Non-GAAP operating loss of $70.0 million to $66.0 million
Non-GAAP net loss per share of $0.58 to $0.54, assuming basic and diluted weighted average shares outstanding of approximately 112.5 million
Net free cash flow burn of up to $25.0 million

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 September 4, 2019. 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 5554686. A replay of the call via webcast will be available at https://investors.smartsheet.com or 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 September 11, 2019. 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 third fiscal quarter ending October 31, 2019 and the full fiscal year ending January 31, 2020, 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 Quarterly Report on Form 10-Q for the quarter ended July 31, 2019 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.
We define non-GAAP operating loss as GAAP loss from 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

We calculate dollar-based net retention rate as of 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 is a leading cloud-based platform for work execution, enabling teams and organizations to plan, capture, manage, automate, and report on work at scale, resulting in more efficient processes and better business outcomes. Today, over 95,000 customers, including more than 80,000 domain-based customers, rely on Smartsheet to implement, manage, and automate processes across a broad array of departments and use cases.


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 at
https://investors.smartsheet.com.



SMARTSHEET INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
2019
 
2018
 
2019
 
2018
Revenue
 
 
 
 
 
 
 
Subscription
$
58,315

 
$
37,470

 
$
108,636

 
$
69,528

Professional services
6,329

 
4,914

 
12,202

 
9,175

Total revenue
64,644

 
42,384

 
120,838

 
78,703

Cost of revenue
 
 
 
 
 
 
 
Subscription
7,982

 
4,588

 
14,183

 
8,824

Professional services
4,683

 
3,567

 
8,967

 
6,654

Total cost of revenue
12,665

 
8,155

 
23,150

 
15,478

Gross profit
51,979

 
34,229

 
97,688

 
63,225

Operating expenses
 
 
 
 
 
 
 
Research and development
22,210

 
14,412

 
42,448

 
27,257

Sales and marketing
39,260

 
24,255

 
74,673

 
46,639

General and administrative
11,457

 
8,524

 
22,397

 
15,322

Total operating expenses
72,927

 
47,191

 
139,518

 
89,218

Loss from operations
(20,948
)
 
(12,962
)
 
(41,830
)
 
(25,993
)
Interest income
2,114

 
908

 
3,263

 
1,076

Other income (expense), net
(319
)
 
(159
)
 
(431
)
 
(1,626
)
Net loss before income tax provision (benefit)
(19,153
)
 
(12,213
)
 
(38,998
)
 
(26,543
)
Income tax provision (benefit)
(39
)
 
88

 
(74
)
 
88

Net loss
$
(19,114
)
 
$
(12,301
)
 
$
(38,924
)
 
$
(26,631
)
Net loss per share attributable to common shareholders, basic and diluted
$
(0.17
)
 
$
(0.12
)
 
$
(0.36
)
 
$
(0.43
)
Weighted-average shares outstanding used to compute net loss per share attributable to common shareholders, basic and diluted
111,557

 
102,569

 
108,626

 
62,464


Share-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands, unaudited):
 
Three Months Ended July 31,
 
Six Months Ended July 31,
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Cost of subscription revenue
$
356

 
$
84

 
$
591

 
$
118

Cost of professional services revenue
298

 
150

 
515

 
197

Research and development
3,317

 
1,378

 
5,589

 
2,043

Sales and marketing
3,276

 
1,370

 
5,385

 
1,884

General and administrative
1,839

 
1,116

 
3,303

 
1,698

Total share-based compensation expense
$
9,086

 
$
4,098

 
$
15,383

 
$
5,940




SMARTSHEET INC.

Condensed Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
 
July 31, 2019
 
January 31, 2019
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
511,214

 
$
213,085

Short-term investments
50,000

 

Accounts receivable, net of allowances of $1,571 and $1,234, respectively
40,178

 
30,173

Prepaid expenses and other current assets
9,914

 
3,922

Total current assets
611,306

 
247,180

Long-term assets
 
 
 
Restricted cash
886

 
2,620

Deferred commissions
35,615

 
29,014

Property and equipment, net
25,906

 
22,540

Operating lease right-of-use assets
49,719

 

Intangible assets, net
16,857

 
1,827

Goodwill
16,677

 
5,496

Other long-term assets
265

 
67

Total assets
$
757,231

 
$
308,744

Liabilities, preferred stock, and shareholders’ equity
 
 
 
Current liabilities
 
 
 
Accounts payable
$
2,546

 
$
4,658

Accrued compensation and related benefits
25,416

 
25,557

Other accrued liabilities
10,395

 
6,544

Operating lease liabilities, current
9,530

 

Finance lease liabilities, current
3,277

 
3,768

Deferred revenue
123,529

 
95,766

Total current liabilities
174,693

 
136,293

Operating lease liabilities, non-current
42,964

 

Finance lease liabilities, non-current
2,295

 
2,164

Deferred revenue, non-current
338

 
367

Other long-term liabilities

 
2,928

Total liabilities
220,290

 
141,752

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

 

Class A common stock, no par value; 500,000,000 shares authorized, 90,311,498 shares issued and outstanding as of July 31, 2019; 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, 26,036,134 shares issued and outstanding as of July 31, 2019; 500,000,000 shares authorized, 56,967,742 shares issued and outstanding as of January 31, 2019

 

Additional paid-in capital
736,383

 
327,510

Accumulated deficit
(199,442
)
 
(160,518
)
Total shareholders’ equity
536,941

 
166,992

Total liabilities, preferred stock, and shareholders’ equity
$
757,231

 
$
308,744




SMARTSHEET INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
Six Months Ended July 31,
 
2019
 
2018
Cash flows from operating activities
 
 
 
Net loss
$
(38,924
)
 
$
(26,631
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
Share-based compensation expense
15,383

 
5,940

Remeasurement of convertible preferred stock warrant liability

 
1,326

Depreciation of property and equipment
5,022

 
3,173

Amortization of deferred commission costs
8,423

 
4,452

Unrealized foreign currency loss
286

 
66

Amortization of intangible assets
1,060

 
255

Amortization of operating lease right-of-use assets
3,668

 

Changes in operating assets and liabilities:
 
 
 
Accounts receivable
(9,310
)
 
(8,747
)
Prepaid expenses and other current assets
(6,324
)
 
(1,767
)
Other long-term assets
(198
)
 
50

Accounts payable
(2,099
)
 
597

Other accrued liabilities
3,970

 
1,825

Accrued compensation and related benefits
(701
)
 
1,070

Deferred commissions
(15,024
)
 
(9,882
)
Other long-term liabilities
(1,003
)
 
124

Deferred revenue
26,704

 
18,876

Operating lease liabilities
(2,810
)
 

Net cash used in operating activities
(11,877
)
 
(9,273
)
Cash flows from investing activities
 
 
 
Purchases of short-term investments
(50,000
)
 

Purchases of property and equipment
(3,085
)
 
(2,214
)
Capitalized internal-use software development costs
(3,397
)
 
(849
)
Payments for business acquisition, net of cash acquired
(26,839
)
 

Net cash used in investing activities
(83,321
)
 
(3,063
)
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 of principal on finance leases
(2,042
)
 
(1,584
)
Payments of deferred offerings costs
(706
)
 
(2,263
)
Proceeds from exercise of stock options
9,738

 
2,614

Proceeds from Employee Stock Purchase Plan
4,991

 
2,118

Net cash provided by financing activities
391,809

 
164,729

Effects of changes in foreign currency exchange rates on cash, cash equivalents, and restricted cash
(216
)
 
(44
)
Net increase in cash, cash equivalents, and restricted cash
296,395

 
152,349

Cash, cash equivalents, and restricted cash
 
 
 
Beginning of period
215,705

 
61,059

End of period
$
512,100

 
$
213,408





Supplemental disclosures


 


Cash paid for interest
$
118

 
$
161

Purchases of fixed assets under finance leases
1,682

 
2,639

Accrued purchases of property and equipment (including internal-use software)
906

 
362

Deferred offering costs, accrued but not yet paid
164

 
340

Share-based compensation expense capitalized in internal-use software development costs
421

 





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 July 31,
 
Six Months Ended July 31,
 
2019
 
2018
 
2019
 
2018
 
(dollars in thousands)
Loss from operations
$
(20,948
)
 
$
(12,962
)
 
$
(41,830
)
 
$
(25,993
)
Add:
 
 
 
 
 
 
 
Share-based compensation expense
9,086

 
4,098

 
15,383

 
5,940

Amortization of acquisition-related intangible assets
845

 
120

 
1,045

 
240

One-time acquisition costs
197

 
10

 
527

 
57

Non-GAAP operating loss
$
(10,820
)
 
$
(8,734
)
 
$
(24,875
)
 
$
(19,756
)
 
 
 
 
 
 
 
 
Operating margin
(32
)%
 
(31
)%
 
(35
)%
 
(33
)%
Non-GAAP operating margin
(17
)%
 
(21
)%
 
(21
)%
 
(25
)%


Reconciliation from GAAP to non-GAAP net loss
 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Net loss
$
(19,114
)
 
$
(12,301
)
 
$
(38,924
)
 
$
(26,631
)
Add:
 
 
 
 
 
 
 
Share-based compensation expense
9,086

 
4,098

 
15,383

 
5,940

Amortization of acquisition-related intangible assets
845

 
120

 
1,045

 
240

One-time acquisition costs
197

 
10

 
527

 
57

Remeasurement of convertible preferred stock warrant liability

 

 

 
1,326

Non-GAAP net loss
$
(8,986
)
 
$
(8,073
)
 
$
(21,969
)
 
$
(19,068
)




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 July 31,
 
Six Months Ended July 31,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
GAAP weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic and diluted
111,557

 
102,569

 
108,626

 
62,464

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

 

 

 
33,673

Non-GAAP weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic and diluted
111,557

 
102,569

 
108,626

 
96,137



Anti-dilutive shares (in thousands)
 
July 31,
2019
 
2018
Shares subject to outstanding common stock awards
13,348

 
15,466

Shares issuable pursuant to the 2018 Employee Stock Purchase Plan
116

 
166

Total potentially dilutive shares
13,464

 
15,632





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 July 31,
 
Six Months Ended July 31,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Net cash used in operating activities
$
(2,691
)
 
$
(1,119
)
 
$
(11,877
)
 
$
(9,273
)
Less:
 
 
 
 
 
 
 
Purchases of property and equipment
(1,747
)
 
(1,717
)
 
(3,085
)
 
(2,214
)
Capitalized internal-use software development costs
(1,844
)
 
(536
)
 
(3,397
)
 
(849
)
Payments of principal on finance leases
(1,028
)
 
(825
)
 
(2,042
)
 
(1,584
)
Free cash flow
$
(7,310
)
 
$
(4,197
)
 
$
(20,401
)
 
$
(13,920
)


Reconciliation from revenue to calculated billings
 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Total revenue
$
64,644

 
$
42,384

 
$
120,838

 
$
78,703

Add:
 
 
 
 
 
 
 
Deferred revenue (end of period)
123,867

 
76,157

 
123,867

 
76,157

Less:
 
 
 
 
 
 
 
Deferred revenue (beginning of period)
109,061

 
66,341

 
96,133

 
57,281

Calculated billings
$
79,450

 
$
52,200

 
$
148,572

 
$
97,579





SMARTSHEET INC.
Reconciliation from GAAP to Non-GAAP Financial Measures
(unaudited)

Reconciliation from GAAP to non-GAAP operating loss guidance
 
Q3 FY 2020
 
FY 2020
 
Low
 
High
 
Low
 
High
 
(in millions)
Loss from operations
$
(36.9
)
 
$
(35.9
)
 
$
(115.4
)
 
$
(111.4
)
Add:
 
 
 
 
 
 
 
Share-based compensation expense
13.0

 
13.0

 
42.0

 
42.0

Amortization of acquisition-related intangible assets
0.8

 
0.8

 
2.7

 
2.7

One-time costs of acquisition
0.1

 
0.1

 
0.7

 
0.7

Non-GAAP operating loss
$
(23.0
)
 
$
(22.0
)
 
$
(70.0
)
 
$
(66.0
)


Reconciliation from GAAP to non-GAAP net loss guidance
 
Q3 FY 2020
 
FY 2020
 
Low
 
High
 
Low
 
High
 
(in millions)
Net loss
$
(35.4
)
 
$
(34.4
)
 
$
(110.4
)
 
$
(106.4
)
Add:
 
 
 
 
 
 
 
Share-based compensation expense
13.0

 
13.0

 
42.0

 
42.0

Amortization of acquisition-related intangible assets
0.8

 
0.8

 
2.7

 
2.7

One-time costs of acquisition
0.1

 
0.1

 
0.7

 
0.7

Non-GAAP net loss
$
(21.5
)
 
$
(20.5
)
 
$
(65.0
)
 
$
(61.0
)

Source: Smartsheet Inc.

Smartsheet Inc.
Investor Relations Contact
Aaron Turner
investorrelations@smartsheet.com

Media Contact
Dan Benelisha
pr@smartsheet.com