- Third quarter calculated billings grew 36% year over year to
$219.6 million
- Third quarter total revenue grew 38% year over year to $199.6
million
- Third quarter non-GAAP operating loss was $4.3 million, or
negative 2% of total revenue
- Third quarter free cash flow was negative $4.6 million
Smartsheet Inc. (NYSE: SMAR), the enterprise platform for modern
work management, today announced financial results for its third
fiscal quarter ended October 31, 2022.
“Our global team delivered another strong quarter, exceeding
expectations on both the top and bottom lines and releasing a host
of platform innovations at our annual ENGAGE conference,” said Mark
Mader, President and CEO of Smartsheet. “In the current challenging
macro environment, customers are turning to Smartsheet to help
execute more strategically and efficiently, and are realizing a
rapid return on investment. Looking ahead, I am confident in our
ability to continue to unlock significant value for our customers,
and generate durable, long-term growth with improving
profitability.”
Third Quarter Fiscal 2023 Financial Highlights
- Revenue: Total revenue was $199.6 million, an increase
of 38% year over year. Subscription revenue was $186.1 million, an
increase of 40% year over year. Professional services revenue was
$13.5 million, an increase of 12% year over year.
- Operating Loss: GAAP operating loss was $42.6 million,
or negative 21% of total revenue, compared to GAAP operating loss
of $36.0 million, or negative 25% of total revenue, in the third
quarter of fiscal 2022. Non-GAAP operating loss was $4.3 million,
or negative 2% of total revenue, compared to non-GAAP operating
loss of $2.7 million, or negative 2% of total revenue, in the third
quarter of fiscal 2022.
- Net Loss: GAAP net loss was $40.1 million, compared to
GAAP net loss of $36.7 million in the third quarter of fiscal 2022.
GAAP net loss per share was $0.31, compared to GAAP net loss per
share of $0.29 in the third quarter of fiscal 2022. Non-GAAP net
loss was $1.9 million, compared to non-GAAP net loss of $3.4
million in the third quarter of fiscal 2022. Non-GAAP net loss per
share was $0.01, compared to non-GAAP net loss per share of $0.03
in the third quarter of fiscal 2022.
- Cash Flow: Net operating cash flow was negative $1.8
million, compared to net operating cash flow of negative $2.2
million in the third quarter of fiscal 2022. Free cash flow was
negative $4.6 million, compared to free cash flow of negative $6.3
million in the third quarter of fiscal 2022.
Third Quarter Fiscal 2023 Business Highlights
- Calculated billings were $219.6 million, representing
year-over-year growth of 36%
- Dollar-based net retention rate was 129%
- The number of all customers with annualized contract values
("ACV") of $100,000 or more grew to 1,346, an increase of 55% year
over year
- The number of all customers with ACV of $50,000 or more grew to
2,962, an increase of 43% year over year
- The number of all customers with ACV of $5,000 or more grew to
17,446, an increase of 23% year over year
- Average ACV per domain-based customer increased to $7,951, an
increase of 25% year over year
- Completed Smartsheet's acquisition of Outfit, a brand
management, templating and creative automation platform, and
integrated Outfit's capabilities into Brandfolder, enhancing its
digital asset management platform with powerful automation
- Released Portfolio WorkApps, which combines the power of
Control Center with the simplicity of WorkApps to streamline
project and portfolio management
- Introduced Capacity View, a new interactive resource planning
view in Resource Management by Smartsheet, that enables customers
to visualize the real-time capacity of their teams so they can
better plan, prioritize and staff future work
- Hosted Smartsheet’s annual customer conference, ENGAGE, which
brought together thousands of attendees in Seattle to preview the
latest Smartsheet features, connect with other Smartsheet
customers, and attend trainings that will help them unlock the full
value of the platform
- Brandfolder by Smartsheet was named the number one digital
asset management platform in G2’s 2022 Fall Grid Report and has
been a leader in the report for 19 consecutive quarters
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 fourth quarter of fiscal year 2023, the Company
currently expects:
- Total revenue of $205 million to $207 million, representing
year-over-year growth of 30% to 32%
- Non-GAAP operating loss of $2 million to $0
- Non-GAAP net loss per share of $0.02 to $0.00, assuming basic
and diluted weighted average shares outstanding of approximately
131.5 million
For the full fiscal year 2023, the Company currently
expects:
- Total revenue of $760 million to $762 million, representing
year-over-year growth of 38%
- Calculated billings of $878 million to $885 million,
representing year-over-year growth of 33% to 34%
- Non-GAAP operating loss of $45 million to $43 million
- Non-GAAP net loss per share of $0.31 to $0.30, assuming basic
and diluted weighted average shares outstanding of approximately
130 million
- Free cash flow of $5 million
We have not reconciled 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
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 free cash flow.
Accordingly, a reconciliation of net cash from operating activities
to free cash flow guidance 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 4:30 p.m. ET (1:30 p.m. PT) on December
1, 2022. 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 (888) 440-6385, or +1 (646) 960-0180
(outside of the US). The conference ID is 7672979. A replay of the
call via webcast will be available at
https://investors.smartsheet.com or by dialing (800) 770-2030 or +1
(647) 362-9199 (outside of the US). The dial-in replay will be
available until the end of day on December 8, 2022. 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 fourth fiscal quarter and the full
fiscal year ending January 31, 2023, 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; our international expansion strategies; and
the impact of the COVID-19 pandemic. 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
October 31, 2022 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 condensed 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 operating loss
excluding share-based compensation expense, amortization of
acquisition-related intangible assets, one-time costs associated
with mergers and acquisitions, lease restructuring costs, and
litigation expenses and settlements related to matters that are
outside the ordinary course of our business. We define non-GAAP net
loss as GAAP net loss excluding non-recurring income tax
adjustments associated with mergers and acquisitions and the same
exclusions that are used to derive non-GAAP operating loss. 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 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). We believe 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. 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 free cash flow as compared to net
cash from operating activities, including that free cash flow
includes capital expenditures, the benefits of which are realized
in periods subsequent to those when expenditures are made.
We define calculated billings as total revenue plus the change
in deferred revenue in the period. Because we recognize
subscription revenue ratably over the subscription term, calculated
billings can be used to measure our subscription sales activity for
a particular period, to compare subscription sales activity across
particular periods, and as an indicator of future subscription
revenue.
Definitions of Business Metrics
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. We define domain-based customers as organizations
with a unique email domain name.
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. Any ACV obtained through merger and acquisition transactions
does not affect the dollar-based net retention rate until one year
from the date on which the transaction closed.
About Smartsheet
Smartsheet (NYSE: SMAR) is the enterprise platform for modern
work management. By aligning people and technology so organizations
can move faster and drive innovation, Smartsheet enables its
millions of users to achieve more. Visit www.smartsheet.com to
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 at
https://investors.smartsheet.com.
SMARTSHEET INC.
Condensed Consolidated
Statements of Operations
(in thousands, except per
share data)
(unaudited)
Three Months Ended October
31,
Nine Months Ended October
31,
2022
2021
2022
2021
Revenue
Subscription
$
186,070
$
132,597
$
514,879
$
361,720
Professional services
13,507
12,031
39,699
31,726
Total revenue
199,577
144,628
554,578
393,446
Cost of revenue
Subscription
29,294
18,253
82,154
55,155
Professional services
13,569
11,162
38,418
28,298
Total cost of revenue
42,863
29,415
120,572
83,453
Gross profit
156,714
115,213
434,006
309,993
Operating expenses
Research and development
50,526
41,151
156,829
116,704
Sales and marketing
120,116
83,114
359,522
231,613
General and administrative
28,629
26,928
94,873
79,567
Total operating expenses
199,271
151,193
611,224
427,884
Loss from operations
(42,557
)
(35,980
)
(177,218
)
(117,891
)
Interest income
2,344
12
4,013
35
Other income (expense), net
593
(651
)
1,389
112
Loss before income tax provision
(39,620
)
(36,619
)
(171,816
)
(117,744
)
Income tax provision
517
99
1,091
214
Net loss
$
(40,137
)
$
(36,718
)
$
(172,907
)
$
(117,958
)
Net loss per share, basic and diluted
$
(0.31
)
$
(0.29
)
$
(1.33
)
$
(0.94
)
Weighted-average shares outstanding used
to compute net loss per share, basic and diluted
130,634
126,118
129,611
125,157
Share-based compensation expense included
in the condensed consolidated statements of operations was as
follows (in thousands, unaudited):
Three Months Ended October
31,
Nine Months Ended October
31,
2022
2021
2022
2021
Cost of subscription revenue
$
2,517
$
1,629
$
7,977
$
4,726
Cost of professional services revenue
1,436
1,034
4,669
2,648
Research and development
13,317
10,095
44,906
28,426
Sales and marketing
14,068
9,595
45,520
28,566
General and administrative
6,732
5,707
24,386
16,186
Total share-based compensation expense
$
38,070
$
28,060
$
127,458
$
80,552
SMARTSHEET INC.
Condensed Consolidated Balance
Sheets
(in thousands, except share
data)
(unaudited)
October 31, 2022
January 31, 2022
Assets
Current assets
Cash and cash equivalents
$
194,404
$
449,074
Short-term investments
240,320
—
Accounts receivable, net of allowances of
$5,250 and $7,561, respectively
148,466
151,138
Prepaid expenses and other current
assets
35,190
34,390
Total current assets
618,380
634,602
Restricted cash
181
17
Deferred commissions
110,038
91,312
Property and equipment, net
39,409
36,835
Operating lease right-of-use assets
61,233
67,171
Intangible assets, net
41,360
44,096
Goodwill
141,004
125,605
Other long-term assets
2,800
3,194
Total assets
$
1,014,405
$
1,002,832
Liabilities and shareholders’
equity
Current liabilities
Accounts payable
$
3,874
$
1,506
Accrued compensation and related
benefits
54,670
66,744
Other accrued liabilities
27,387
18,901
Operating lease liabilities, current
19,132
18,003
Deferred revenue
383,170
332,285
Total current liabilities
488,233
437,439
Operating lease liabilities,
non-current
51,361
58,237
Deferred revenue, non-current
2,181
2,377
Other long-term liabilities
73
—
Total liabilities
541,848
498,053
Shareholders’ equity
Preferred stock, no par value; 10,000,000
shares authorized, no shares issued or outstanding as of October
31, 2022 and January 31, 2022
—
—
Class A common stock, no par value;
500,000,000 shares authorized, 130,869,093 shares issued and
outstanding as of October 31, 2022; 500,000,000 shares authorized,
127,809,525 shares issued and outstanding as of January 31,
2022
—
—
Class B common stock, no par value;
500,000,000 shares authorized, no shares issued and outstanding as
of October 31, 2022; 500,000,000 shares authorized, no shares
issued and outstanding as of January 31, 2022
—
—
Additional paid-in capital
1,189,485
1,047,313
Accumulated other comprehensive loss
(1,487
)
—
Accumulated deficit
(715,441
)
(542,534
)
Total shareholders’ equity
472,557
504,779
Total liabilities and shareholders’
equity
$
1,014,405
$
1,002,832
SMARTSHEET INC.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended October
31,
2022
2021
Cash flows from operating
activities
Net loss
$
(172,907
)
$
(117,958
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Share-based compensation expense
127,458
80,067
Depreciation and amortization
18,476
15,226
Net amortization of premiums (discounts)
on investments
(1,198
)
—
Amortization of deferred commission
costs
36,712
31,175
Unrealized foreign currency (gain)
loss
(760
)
136
Non-cash operating lease costs
11,631
11,101
Impairment of long-lived assets
1,544
—
Other
(1,636
)
—
Changes in operating assets and
liabilities:
Accounts receivable
2,739
(3,704
)
Prepaid expenses and other current
assets
(894
)
(13,085
)
Other long-term assets
(336
)
678
Accounts payable
1,356
(1,079
)
Other accrued liabilities
8,494
6,257
Accrued compensation and related
benefits
(10,975
)
4,174
Deferred commissions
(55,438
)
(50,174
)
Deferred revenue
49,673
43,750
Other long-term liabilities
37
—
Operating lease liabilities
(10,581
)
(9,924
)
Net cash provided by (used in) operating
activities
3,395
(3,360
)
Cash flows from investing
activities
Purchases of short-term investments
(384,363
)
—
Maturities of short-term investments
144,548
—
Purchase of long-term investments
—
(1,000
)
Purchases of property and equipment
(4,175
)
(9,169
)
Proceeds from sale of property and
equipment
94
—
Proceeds from liquidation of an
investment
622
—
Capitalized internal-use software
development costs
(5,826
)
(5,509
)
Payments for business acquisition, net of
cash and restricted cash acquired
(20,342
)
—
Net cash used in investing activities
(269,442
)
(15,678
)
Cash flows from financing
activities
Proceeds from exercise of stock
options
4,499
9,173
Taxes paid related to net share settlement
of restricted stock units
(3,082
)
(4,914
)
Proceeds from contributions to Employee
Stock Purchase Plan
9,959
12,969
Net cash provided by financing
activities
11,376
17,228
Effects of changes in foreign currency
exchange rates on cash, cash equivalents, and restricted cash
(131
)
(134
)
Change in cash, cash equivalents, and
restricted cash
(254,802
)
(1,944
)
Cash, cash equivalents, and restricted
cash at beginning of period
449,680
442,348
Cash, cash equivalents, and restricted
cash at end of period
$
194,878
$
440,404
Supplemental disclosures
Cash paid for income tax
$
224
$
150
Accrued purchases of property and
equipment, including internal-use software
1,727
726
Share-based compensation expense
capitalized in internal-use software development costs
2,452
1,495
Right-of-use assets obtained in exchange
for new operating lease liabilities
7,230
742
Right-of-use assets reductions related to
operating lease terminations and impairments
1,535
—
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 October
31,
Nine Months Ended October
31,
2022
2021
2022
2021
(dollars in thousands)
Loss from operations
$
(42,557
)
$
(35,980
)
$
(177,218
)
$
(117,891
)
Add:
Share-based compensation expense(1)
38,429
28,060
128,493
80,552
Amortization of acquisition-related
intangible assets(2)
2,627
2,517
7,594
7,551
One-time acquisition costs
151
—
612
17
Litigation expenses and settlements(3)
(4,500
)
2,750
(4,500
)
10,000
Lease restructuring costs(4)
1,544
—
1,544
—
Non-GAAP operating loss
$
(4,306
)
$
(2,653
)
$
(43,475
)
$
(19,771
)
Operating margin
(21
)%
(25
)%
(32
)%
(30
)%
Non-GAAP operating margin
(2
)%
(2
)%
(8
)%
(5
)%
(1) Includes amortization related to
share-based compensation that was capitalized in internal-use
software and other assets in previous periods.
(2) Consists entirely of amortization of
intangible assets that were recorded as part of purchase accounting
and contribute to revenue generation. The amortization of
intangible assets related to acquisitions will recur in future
periods until such intangible assets have been fully amortized.
(3) Relates to matters that are outside
the ordinary course of our business.
(4) Includes charges related to the
reassessment of our real estate lease portfolio.
Reconciliation from GAAP to non-GAAP
net loss
Three Months Ended October
31,
Nine Months Ended October
31,
2022
2021
2022
2021
(in thousands)
Net loss
$
(40,137
)
$
(36,718
)
$
(172,907
)
$
(117,958
)
Add:
Share-based compensation expense(1)
38,429
28,060
128,493
80,552
Amortization of acquisition-related
intangible assets(2)
2,627
2,517
7,594
7,551
One-time acquisition costs
151
—
612
17
Litigation expenses and settlements(3)
(4,500
)
2,750
(4,500
)
10,000
Lease restructuring costs(4)
1,544
—
1,544
—
Non-GAAP net loss
$
(1,886
)
$
(3,391
)
$
(39,164
)
$
(19,838
)
(1) Includes amortization related to
share-based compensation that was capitalized in internal-use
software and other assets in previous periods.
(2) Consists entirely of amortization of
intangible assets that were recorded as part of purchase accounting
and contribute to revenue generation. The amortization of
intangible assets related to acquisitions will recur in future
periods until such intangible assets have been fully amortized.
(3) Relates to matters that are outside
the ordinary course of our business.
(4) Includes charges related to the
reassessment of our real estate lease portfolio.
SMARTSHEET INC.
Reconciliation from GAAP to
Non-GAAP Financial Measures
(unaudited)
Anti-dilutive shares
October 31,
2022
2021
(in thousands)
Shares subject to outstanding common stock
awards
11,380
10,926
Shares issuable pursuant to the 2018
Employee Stock Purchase Plan
126
43
Total potentially dilutive shares
11,506
10,969
Reconciliation from net operating cash
flow to free cash flow
Three Months Ended October
31,
Nine Months Ended October
31,
2022
2021
2022
2021
(in thousands)
Net cash provided by (used in) operating
activities
$
(1,773
)
$
(2,161
)
$
3,395
$
(3,360
)
Less:
Purchases of property and equipment
(1,168
)
(2,194
)
(4,175
)
(9,169
)
Capitalized internal-use software
development costs
(1,705
)
(1,953
)
(5,826
)
(5,509
)
Free cash flow
$
(4,646
)
$
(6,308
)
$
(6,606
)
$
(18,038
)
Reconciliation from revenue to
calculated billings
Three Months Ended October
31,
Nine Months Ended October
31,
2022
2021
2022
2021
(in thousands)
Total revenue
$
199,577
$
144,628
$
554,578
$
393,446
Add:
Deferred revenue (end of period)
385,351
267,748
385,351
267,748
Less:
Deferred revenue (beginning of period)
365,346
250,826
334,662
223,997
Calculated billings
$
219,582
$
161,550
$
605,267
$
437,197
SMARTSHEET INC.
Reconciliation from GAAP to
Non-GAAP Financial Measures
(unaudited)
Reconciliation from GAAP to non-GAAP
operating loss guidance
Q4 FY 2023
FY 2023
Low
High
Low
High
(in millions)
Loss from operations
$
(63.0
)
$
(61.0
)
$
(239.7
)
$
(237.7
)
Add:
Share-based compensation expense(1)
52.0
52.0
180.5
180.5
Amortization of acquisition-related
intangible assets(2)
3.0
3.0
10.6
10.6
One-time costs of acquisition
—
—
0.6
0.6
Litigation expenses and settlements(3)
—
—
(4.5
)
(4.5
)
Lease restructuring costs(4)
6.0
6.0
7.5
7.5
Non-GAAP operating loss
$
(2.0
)
$
—
$
(45.0
)
$
(43.0
)
(1) Includes amortization related to
share-based compensation that was capitalized in internal-use
software and other assets in previous periods.
(2) Consists entirely of amortization of
intangible assets that were recorded as part of purchase accounting
and contribute to revenue generation. The amortization of
intangible assets related to acquisitions will recur in future
periods until such intangible assets have been fully amortized.
(3) Relates to matters that are outside
the ordinary course of our business.
(4) Includes charges related to the
reassessment of our real estate lease portfolio.
Reconciliation from GAAP to non-GAAP
net loss guidance
Q4 FY 2023
FY 2023
Low
High
Low
High
(in millions)
Net loss
$
(63.0
)
$
(61.0
)
$
(235.7
)
$
(233.7
)
Add:
Share-based compensation expense(1)
52.0
52.0
180.5
180.5
Amortization of acquisition-related
intangible assets(2)
3.0
3.0
10.6
10.6
One-time costs of acquisition
—
—
0.6
0.6
Litigation expenses and settlements(3)
—
—
(4.5
)
(4.5
)
Lease restructuring costs(4)
6.0
6.0
7.5
7.5
Non-GAAP net loss
$
(2.0
)
$
—
$
(41.0
)
$
(39.0
)
(1) Includes amortization related to
share-based compensation that was capitalized in internal-use
software and other assets in previous periods.
(2) Consists entirely of amortization of
intangible assets that were recorded as part of purchase accounting
and contribute to revenue generation. The amortization of
intangible assets related to acquisitions will recur in future
periods until such intangible assets have been fully amortized.
(3) Relates to matters that are outside
the ordinary course of our business.
(4) Includes charges related to the
reassessment of our real estate lease portfolio.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221201005830/en/
Smartsheet Inc. Investor Relations Contact Aaron
Turner investorrelations@smartsheet.com
Media Contact Chrissy Vaughn pr@smartsheet.com
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