- Second quarter total revenue grew 26% year over year to $235.6
million
- Second quarter operating cash flow of $48.5 million and free
cash flow of $45.5 million
- Ended the quarter with cash, cash equivalents, and short-term
investments of $549.0 million
Smartsheet Inc. (NYSE: SMAR), the enterprise platform for modern
work management, today announced financial results for its second
fiscal quarter ended July 31, 2023.
“Smartsheet outperformed across all aspects of our guidance in
Q2,” said Mark Mader, CEO of Smartsheet. “Our platform’s
scalability continues to drive strong demand from enterprises
looking for solutions to manage their mission-critical work
securely and consistently. We remain focused on delivering
innovation around generative AI and other areas to help our
customers achieve more and to extend our leadership position in the
enterprise work management market.”
Second Quarter Fiscal 2024 Financial Highlights
- Revenue: Total revenue was $235.6 million, an increase
of 26% year over year. Subscription revenue was $221.5 million, an
increase of 28% year over year. Professional services revenue was
$14.1 million, an increase of 7% year over year.
- Operating Income (Loss): GAAP operating loss was $(36.1)
million, or (15)% of total revenue, compared to $(64.9) million, or
(35)% of total revenue, in the second quarter of fiscal 2023.
Non-GAAP operating income was $19.2 million, or 8% of total
revenue, compared to non-GAAP operating loss of $(16.1) million, or
(9)% of total revenue, in the second quarter of fiscal 2023.
- Net Income (Loss): GAAP net loss was $(33.4) million,
compared to GAAP net loss of $(62.3) million in the second quarter
of fiscal 2023. GAAP net loss per share was $(0.25), compared to
GAAP net loss per share of $(0.48) in the second quarter of fiscal
2023. Non-GAAP net income was $22.0 million, compared to non-GAAP
net loss of $(13.5) million in the second quarter of fiscal 2023.
Non-GAAP basic and diluted net income per share was $0.16, compared
to non-GAAP basic and diluted net loss per share of $(0.10) in the
second quarter of fiscal 2023.
- Cash Flow: Net operating cash flow was $48.5 million,
compared to $10.2 million in the second quarter of fiscal 2023.
Free cash flow was $45.5 million, or 19% of total revenue, compared
to $7.1 million, or 4% of total revenue, in the second quarter of
fiscal 2023.
Second Quarter Fiscal 2024 Operational Highlights
- Calculated billings were $243.1 million, representing
year-over-year growth of 18%
- Dollar-based net retention rate was 121%
- Number of all customers with annualized contract values ("ACV")
of $100,000 or more grew to 1,665, an increase of 36% year over
year
- Number of all customers with ACV of $50,000 or more grew to
3,552, an increase of 30% year over year
- Number of all customers with ACV of $5,000 or more grew to
19,031, an increase of 14% year over year
- Average ACV per domain-based customer increased to $8,863, an
increase of 17% year over year
Second Quarter Fiscal 2024 Business Highlights
- Released new generative AI capabilities to select customers in
private beta that give them powerful insights and help them quickly
build sophisticated solutions
- Strengthened Smartsheet's enterprise platform scale and
performance systems with computational feature enhancements and
increasing cross-sheet cell linking capacity from 30,000 to 500,000
per sheet, enabling customers to build larger-scale solutions and
manage more interconnected projects and portfolios
- Recognized as a 2023 Gartner Peer Insights™ Customers’ Choice
for the Collaborative Work Management market1
- Recognized as a vendor who shaped the collaboration
applications market in 2022 in IDC’s Worldwide Collaborative
Applications Market Shares, 2022: The Rise of the Multiplayer
Enterprise report2
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 year 2024, the Company currently
expects:
- Total revenue of $240 million to $242 million, representing
year-over-year growth of 20% to 21%
- Non-GAAP operating income of $8 million to $10 million
- Non-GAAP net income per share of $0.08 to $0.09, assuming
diluted weighted-average shares outstanding of approximately 139.0
million
For the full fiscal year 2024, the Company currently
expects:
- Total revenue of $950 million to $953 million, representing
year-over-year growth of 24%
- Non-GAAP operating income of $62 million to $67 million
- Non-GAAP net income per share of $0.53 to $0.57, assuming
diluted weighted-average shares outstanding of approximately 139.0
million
- Calculated billings year-over-year growth of 20%
- Free cash flow of $120 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.
_____________________
1 Gartner, Voice of the Customer for
Collaborative Work Management, June 2023. Gartner and Peer
Insights™ are trademarks of Gartner, Inc. and/or its affiliates.
All rights reserved. Gartner Peer Insights content consists of the
opinions of individual end users based on their own experiences,
and should not be construed as statements of fact, nor do they
represent the views of Gartner or its affiliates. Gartner does not
endorse any vendor, product or service depicted in this content nor
makes any warranties, expressed or implied, with respect to this
content, about its accuracy or completeness, including any
warranties of merchantability or fitness for a particular
purpose.
2 Doc #: US51018123, publish date: July
2023
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 7,
2023. 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 September 14, 2023. 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, 2023, and the full fiscal year ending January 31, 2024, 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, 2023 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 income (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, as applicable. We
define non-GAAP net income (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 income (loss). We define basic non-GAAP net
income (loss) per share as non-GAAP net income (loss) divided by
weighted-average shares outstanding ("WASO"). We define diluted
non-GAAP net income per share as non-GAAP net income divided by
diluted WASO. Diluted WASO includes the impact of potentially
dilutive securities, which include stock options, restricted share
units, performance share units, and shares subject to our 2018
employee stock purchase plan. If there is a non-GAAP net loss,
basic and diluted loss per share are the same number as all
potentially dilutive securities would have an antidilutive impact.
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 work management
platform. The foundation for managing projects, programs, and
processes for millions of global customers, Smartsheet empowers
everyone to work better, at scale. 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 July
31,
Six Months Ended July
31,
2023
2022
2023
2022
Revenue
Subscription
$
221,522
$
173,533
$
427,523
$
328,809
Professional services
14,063
13,158
27,948
26,192
Total revenue
235,585
186,691
455,471
355,001
Cost of revenue
Subscription
33,584
27,722
66,751
52,860
Professional services
13,454
12,829
26,168
24,849
Total cost of revenue
47,038
40,551
92,919
77,709
Gross profit
188,547
146,140
362,552
277,292
Operating expenses
Research and development
58,358
53,784
114,548
106,303
Sales and marketing
129,813
124,015
244,765
239,406
General and administrative
36,523
33,200
71,501
66,244
Total operating expenses
224,694
210,999
430,814
411,953
Loss from operations
(36,147
)
(64,859
)
(68,262
)
(134,661
)
Interest income
5,847
1,281
11,064
1,669
Other income (expense), net
(55
)
1,624
(591
)
796
Loss before income tax provision
(30,355
)
(61,954
)
(57,789
)
(132,196
)
Income tax provision
3,002
359
5,438
574
Net loss
$
(33,357
)
$
(62,313
)
$
(63,227
)
$
(132,770
)
Net loss per share, basic and diluted
$
(0.25
)
$
(0.48
)
$
(0.47
)
$
(1.03
)
Weighted-average shares outstanding used
to compute net loss per share, basic and diluted
133,829
129,645
133,196
129,091
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,
2023
2022
2023
2022
Cost of subscription revenue
$
3,357
$
2,849
$
6,816
$
5,460
Cost of professional services revenue
1,915
1,756
3,825
3,233
Research and development
17,611
15,974
35,043
31,589
Sales and marketing
18,989
16,707
38,043
31,452
General and administrative
10,151
8,202
20,075
17,654
Total share-based compensation expense
$
52,023
$
45,488
$
103,802
$
89,388
SMARTSHEET INC.
Condensed Consolidated Balance
Sheets
(in thousands, except share
data)
(unaudited)
July 31, 2023
January 31, 2023
Assets
Current assets
Cash and cash equivalents
$
237,278
$
223,156
Short-term investments
311,707
233,225
Accounts receivable, net of allowances of
$5,248 and $6,285, respectively
156,492
198,643
Prepaid expenses and other current
assets
54,904
55,063
Total current assets
760,381
710,087
Restricted cash
193
197
Deferred commissions
136,248
121,785
Property and equipment, net
40,262
39,395
Operating lease right-of-use assets
46,922
54,278
Intangible assets, net
33,442
39,069
Goodwill
141,723
142,415
Other long-term assets
3,595
2,983
Total assets
$
1,162,766
$
1,110,209
Liabilities and shareholders’
equity
Current liabilities
Accounts payable
$
1,502
$
2,125
Accrued compensation and related
benefits
66,181
68,347
Other accrued liabilities
35,135
27,437
Operating lease liabilities, current
17,597
19,220
Deferred revenue
461,239
457,534
Total current liabilities
581,654
574,663
Operating lease liabilities,
non-current
40,068
47,564
Deferred revenue, non-current
1,679
2,195
Other long-term liabilities
343
129
Total liabilities
623,744
624,551
Shareholders’ equity
Preferred stock, no par value; 10,000,000
shares authorized, no shares issued or outstanding as of July 31,
2023 and January 31, 2023
—
—
Class A common stock, no par value;
500,000,000 shares authorized, 134,499,892 shares issued and
outstanding as of July 31, 2023; 500,000,000 shares authorized,
131,845,028 shares issued and outstanding as of January 31,
2023
—
—
Class B common stock, no par value;
500,000,000 shares authorized, no shares issued and outstanding as
of July 31, 2023; 500,000,000 shares authorized, no shares issued
and outstanding as of January 31, 2023
—
—
Additional paid-in capital
1,360,851
1,243,730
Accumulated other comprehensive income
(loss)
(429
)
101
Accumulated deficit
(821,400
)
(758,173
)
Total shareholders’ equity
539,022
485,658
Total liabilities and shareholders’
equity
$
1,162,766
$
1,110,209
SMARTSHEET INC.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended July
31,
2023
2022
Cash flows from operating
activities
Net loss
$
(63,227
)
$
(132,770
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Share-based compensation expense
103,802
89,388
Depreciation and amortization
13,191
12,239
Net amortization of premiums (discounts)
on investments
(4,845
)
(402
)
Amortization of deferred commission
costs
24,378
27,567
Unrealized foreign currency loss
483
423
Non-cash operating lease costs
6,322
7,905
Other, net
1,674
(1,587
)
Changes in operating assets and
liabilities:
Accounts receivable
40,433
20,357
Prepaid expenses and other current
assets
49
(3,804
)
Other long-term assets
(798
)
(131
)
Accounts payable
(602
)
2,002
Other accrued liabilities
8,000
6,965
Accrued compensation and related
benefits
(2,337
)
(8,773
)
Deferred commissions
(38,840
)
(36,994
)
Deferred revenue
3,183
30,653
Other long-term liabilities
216
—
Operating lease liabilities
(8,052
)
(7,870
)
Net cash provided by operating
activities
83,030
5,168
Cash flows from investing
activities
Purchases of short-term investments
(248,480
)
(297,844
)
Maturities of short-term investments
174,900
69,548
Proceeds from liquidation of a long-term
investment
—
622
Purchases of property and equipment
(1,395
)
(3,007
)
Proceeds from sale of property and
equipment
27
94
Capitalized internal-use software
development costs
(4,815
)
(4,121
)
Net cash used in investing activities
(79,763
)
(234,708
)
Cash flows from financing
activities
Proceeds from exercise of stock
options
1,070
3,649
Taxes paid related to net share settlement
of restricted stock units
(1,150
)
(2,513
)
Proceeds from contributions to Employee
Stock Purchase Plan
10,846
7,836
Net cash provided by financing
activities
10,766
8,972
Effects of changes in foreign currency
exchange rates on cash, cash equivalents, and restricted cash
6
(1,225
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
14,039
(221,793
)
Cash, cash equivalents, and restricted
cash at beginning of period
223,757
449,680
Cash, cash equivalents, and restricted
cash at end of period
$
237,796
$
227,887
Supplemental disclosures
Cash paid for income tax
$
6,186
$
191
Accrued purchases of property and
equipment, including internal-use software
1,255
939
Share-based compensation expense
capitalized in internal-use software development costs
2,065
1,747
Right-of-use assets obtained in exchange
for new operating lease liabilities
—
4,464
Right-of-use asset reductions related to
operating leases
1,033
110
SMARTSHEET INC.
Reconciliation from GAAP to
Non-GAAP Financial Measures
(unaudited)
Reconciliation from GAAP to non-GAAP
operating income (loss) and operating margin
Three Months Ended July
31,
Six Months Ended July
31,
2023
2022
2023
2022
(dollars in thousands)
Loss from operations
$
(36,147
)
$
(64,859
)
$
(68,262
)
$
(134,661
)
Add:
Share-based compensation expense(1)
52,549
45,836
104,749
90,064
Amortization of acquisition-related
intangible assets(2)
2,707
2,484
5,416
4,967
One-time acquisition costs
—
461
—
461
Lease restructuring costs(3)
110
—
116
—
Non-GAAP operating income (loss)
$
19,219
$
(16,078
)
$
42,019
$
(39,169
)
Operating margin
(15
)%
(35
)%
(15
)%
(38
)%
Non-GAAP operating margin
8
%
(9
)%
9
%
(11
)%
(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. The amortization of intangible assets related to
acquisitions will recur in future periods until such intangible
assets have been fully amortized.
(3) Includes charges related to the
reassessment of our real estate lease portfolio.
Reconciliation from GAAP to non-GAAP
net income (loss) and per share data
Three Months Ended July
31,
Six Months Ended July
31,
2023
2022
2023
2022
(in thousands, except per
share data)
Net loss
$
(33,357
)
$
(62,313
)
$
(63,227
)
$
(132,770
)
Add:
Share-based compensation expense(1)
52,549
45,836
104,749
90,064
Amortization of acquisition-related
intangible assets(2)
2,707
2,484
5,416
4,967
One-time acquisition costs
—
461
—
461
Lease restructuring costs(3)
110
—
116
—
Non-GAAP net income (loss)
$
22,009
$
(13,532
)
$
47,054
$
(37,278
)
Non-GAAP net income (loss) per share,
basic
$
0.16
$
(0.10
)
$
0.35
$
(0.29
)
Non-GAAP net income (loss) per share,
diluted
$
0.16
$
(0.10
)
$
0.34
$
(0.29
)
(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. The amortization of intangible assets related to
acquisitions will recur in future periods until such intangible
assets have been fully amortized.
(3) Includes charges related to the
reassessment of our real estate lease portfolio.
SMARTSHEET INC.
Reconciliation from GAAP to
Non-GAAP Financial Measures
(unaudited)
Non-GAAP reconciliation from basic to
diluted weighted-average shares outstanding
Three Months Ended July
31,
Six Months Ended July
31,
2023
2022
2023
2022
(in thousands)
Weighted-average shares outstanding;
basic
133,829
129,645
133,196
129,091
Effect of dilutive securities:
Shares subject to outstanding common stock
awards
3,541
—
3,864
—
Non-GAAP weighted-average shares
outstanding; diluted
137,370
129,645
137,060
129,091
Reconciliation from net operating cash
flow to free cash flow
Three Months Ended July
31,
Six Months Ended July
31,
2023
2022
2023
2022
(in thousands)
Net cash provided by operating
activities
$
48,459
$
10,221
$
83,030
$
5,168
Less:
Purchases of property and equipment
(542
)
(1,316
)
(1,395
)
(3,007
)
Capitalized internal-use software
development costs
(2,418
)
(1,798
)
(4,815
)
(4,121
)
Free cash flow
$
45,499
$
7,107
$
76,820
$
(1,960
)
Reconciliation from revenue to
calculated billings
Three Months Ended July
31,
Six Months Ended July
31,
2023
2022
2023
2022
(in thousands)
Total revenue
$
235,585
$
186,691
$
455,471
$
355,001
Add:
Deferred revenue (end of period)
462,918
365,346
462,918
365,346
Less:
Deferred revenue (beginning of period)
455,362
346,423
459,729
334,662
Calculated billings
$
243,141
$
205,614
$
458,660
$
385,685
SMARTSHEET INC.
Reconciliation from GAAP to
Non-GAAP Financial Measures
(unaudited)
Reconciliation from GAAP operating loss
to non-GAAP operating income guidance
Q3 FY 2024
FY 2024
Low
High
Low
High
(in millions)
Loss from operations
$
(49.2
)
$
(47.2
)
$
(168.0
)
$
(163.0
)
Add:
Share-based compensation expense(1)
52.0
52.0
215.0
215.0
Amortization of acquisition-related
intangible assets(2)
2.7
2.7
10.9
10.9
Lease restructuring costs(3)
2.5
2.5
4.1
4.1
Non-GAAP operating income
$
8.0
$
10.0
$
62.0
$
67.0
(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. The amortization of intangible assets related to
acquisitions will recur in future periods until such intangible
assets have been fully amortized.
(3) Includes charges related to the
reassessment of our real estate lease portfolio.
Reconciliation from GAAP net loss to
non-GAAP net income guidance
Q3 FY 2024
FY 2024
Low
High
Low
High
(in millions)
Net loss
$
(46.2
)
$
(44.2
)
$
(156.0
)
$
(151.0
)
Add:
Share-based compensation expense(1)
52.0
52.0
215.0
215.0
Amortization of acquisition-related
intangible assets(2)
2.7
2.7
10.9
10.9
Lease restructuring costs(3)
2.5
2.5
4.1
4.1
Non-GAAP net income
$
11.0
$
13.0
$
74.0
$
79.0
(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. The amortization of intangible assets related to
acquisitions will recur in future periods until such intangible
assets have been fully amortized.
(3) Includes charges related to the
reassessment of our real estate lease portfolio.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230907647435/en/
Smartsheet Inc. Investor Relations Contact Aaron
Turner investorrelations@smartsheet.com
Media Contact Chrissy Vaughn pr@smartsheet.com
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