- Third quarter total revenue grew 23% year over year to $245.9
million
- Third quarter operating cash flow of $15.1 million and free
cash flow of $11.4 million
- Ended the quarter with cash, cash equivalents, and short-term
investments of $568.7 million
Smartsheet Inc. (NYSE: SMAR), the enterprise platform for modern
work management, today announced financial results for its third
fiscal quarter ended October 31, 2023.
“We exceeded expectations on the top and bottom lines this
quarter,” said Mark Mader, CEO of Smartsheet. “Our enterprise
customers are operating more durable, more mission-critical
solutions on the Smartsheet platform than ever before. We remain
focused on bringing our latest innovations to the market so new and
existing customers can fully capitalize on our enterprise leading
platform.”
Third Quarter Fiscal 2024 Financial Highlights
- Revenue: Total revenue was $245.9 million, an increase
of 23% year over year. Subscription revenue was $232.5 million, an
increase of 25% year over year. Professional services revenue was
$13.4 million, relatively flat compared to the third quarter of
fiscal 2023.
- Operating Income (Loss): GAAP operating loss was $(35.5)
million, or (14)% of total revenue, compared to $(42.6) million, or
(21)% of total revenue, in the third quarter of fiscal 2023.
Non-GAAP operating income was $19.4 million, or 8% of total
revenue, compared to non-GAAP operating loss of $(4.3) million, or
(2)% of total revenue, in the third quarter of fiscal 2023.
- Net Income (Loss): GAAP net loss was $(32.4) million,
compared to GAAP net loss of $(40.1) million in the third quarter
of fiscal 2023. GAAP net loss per share was $(0.24), compared to
GAAP net loss per share of $(0.31) in the third quarter of fiscal
2023. Non-GAAP net income was $22.6 million, compared to non-GAAP
net loss of $(1.9) million in the third quarter of fiscal 2023.
Non-GAAP basic and diluted net income per share was $0.17 and
$0.16, respectively, compared to non-GAAP basic and diluted net
loss per share of $(0.01) in the third quarter of fiscal 2023.
- Cash Flow: Net operating cash flow was $15.1 million,
compared to $(1.8) million in the third quarter of fiscal 2023.
Free cash flow was $11.4 million, or 5% of total revenue, compared
to $(4.6) million, or (2)% of total revenue, in the third quarter
of fiscal 2023.
Third Quarter Fiscal 2024 Operational Highlights
- Calculated billings were $268.5 million, representing
year-over-year growth of 22%
- Dollar-based net retention rate was 118%
- Number of all customers with annualized contract values ("ACV")
of $100,000 or more grew to 1,779, an increase of 32% year over
year
- Number of all customers with ACV of $50,000 or more grew to
3,719, an increase of 26% year over year
- Number of all customers with ACV of $5,000 or more grew to
19,389, an increase of 11% year over year
- Average ACV per domain-based customer increased to $9,225, an
increase of 16% year over year
Third Quarter Fiscal 2024 Business Highlights
- Announced new platform features at the annual Smartsheet ENGAGE
customer conference, including unparalleled scale, AI-driven data
insights and solution building, democratized resource management,
and modern simplified views
- Announced Australia-based data hosting to better serve our
growing list of customers in the region
- Brandfolder by Smartsheet was recognized as a top ten vendor in
The Q3 2023 Constellation ShortList™: Digital Asset Management
(DAM) for High-Volume Commerce report
- Named as a top brand in the enterprise category on Fast
Company’s annual list of Brands That Matter
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 2024, the Company
currently expects:
- Total revenue of $254 million to $256 million, representing
year-over-year growth of 20% to 21%
- Non-GAAP operating income of $21 million to $23 million
- Non-GAAP net income per share of $0.17 to $0.19, assuming
diluted weighted-average shares outstanding of approximately 140.0
million
For the full fiscal year 2024, the Company currently
expects:
- Total revenue of $955 million to $957 million, representing
year-over-year growth of 25%
- Non-GAAP operating income of $82 million to $84 million
- Non-GAAP net income per share of $0.68 to $0.69, assuming
diluted weighted-average shares outstanding of approximately 138.0
million
- Calculated billings year-over-year growth of 20%
- Free cash flow of $130 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 1:30 p.m. Pacific Time on December 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 U.S.). The conference ID is 7672979. A replay of the call
will be available by dialing (800) 770-2030 or +1 (647) 362-9199
(outside of the U.S.). The dial-in replay will be available until
the end of day on December 14, 2023.
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, 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 October 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) and principal
payments on capital lease obligations. 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 October
31,
Nine Months Ended October
31,
2023
2022
2023
2022
Revenue
Subscription
$
232,470
$
186,070
$
659,993
$
514,879
Professional services
13,448
13,507
41,396
39,699
Total revenue
245,918
199,577
701,389
554,578
Cost of revenue
Subscription
34,258
29,294
101,009
82,154
Professional services
12,780
13,569
38,948
38,418
Total cost of revenue
47,038
42,863
139,957
120,572
Gross profit
198,880
156,714
561,432
434,006
Operating expenses
Research and development
58,257
50,526
172,805
156,829
Sales and marketing
137,920
120,116
382,685
359,522
General and administrative
38,153
28,629
109,654
94,873
Total operating expenses
234,330
199,271
665,144
611,224
Loss from operations
(35,450
)
(42,557
)
(103,712
)
(177,218
)
Interest income
6,976
2,344
18,040
4,013
Other income (expense), net
(790
)
593
(1,381
)
1,389
Loss before income tax provision
(29,264
)
(39,620
)
(87,053
)
(171,816
)
Income tax provision
3,164
517
8,602
1,091
Net loss
$
(32,428
)
$
(40,137
)
$
(95,655
)
$
(172,907
)
Net loss per share, basic and diluted
$
(0.24
)
$
(0.31
)
$
(0.71
)
$
(1.33
)
Weighted-average shares outstanding used
to compute net loss per share, basic and diluted
135,189
130,634
133,868
129,611
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,
2023
2022
2023
2022
Cost of subscription revenue
$
3,164
$
2,517
$
9,980
$
7,977
Cost of professional services revenue
1,777
1,436
5,602
4,669
Research and development
17,220
13,317
52,263
44,906
Sales and marketing
17,462
14,068
55,505
45,520
General and administrative
10,024
6,732
30,099
24,386
Total share-based compensation expense
$
49,647
$
38,070
$
153,449
$
127,458
SMARTSHEET INC.
Condensed Consolidated Balance
Sheets
(in thousands, except share
data)
(unaudited)
October 31, 2023
January 31, 2023
Assets
Current assets
Cash and cash equivalents
$
233,247
$
223,156
Short-term investments
335,492
233,225
Accounts receivable, net of allowances of
$6,121 and $6,285, respectively
179,475
198,643
Prepaid expenses and other current
assets
53,625
55,063
Total current assets
801,839
710,087
Restricted cash
184
197
Deferred commissions
142,051
121,785
Property and equipment, net
41,701
39,395
Operating lease right-of-use assets
42,060
54,278
Intangible assets, net
30,531
39,069
Goodwill
140,928
142,415
Other long-term assets
3,939
2,983
Total assets
$
1,203,233
$
1,110,209
Liabilities and shareholders’
equity
Current liabilities
Accounts payable
$
1,005
$
2,125
Accrued compensation and related
benefits
75,155
68,347
Other accrued liabilities
31,258
27,437
Operating lease liabilities, current
16,263
19,220
Finance lease liabilities, current
194
—
Deferred revenue
482,898
457,534
Total current liabilities
606,773
574,663
Operating lease liabilities,
non-current
36,174
47,564
Finance lease liabilities, non-current
505
—
Deferred revenue, non-current
2,572
2,195
Other long-term liabilities
404
129
Total liabilities
646,428
624,551
Shareholders’ equity
Preferred stock, no par value; 10,000,000
shares authorized, no shares issued or outstanding as of October
31, 2023 and January 31, 2023
—
—
Class A common stock, no par value;
500,000,000 shares authorized, 135,538,368 shares issued and
outstanding as of October 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 October 31, 2023; 500,000,000 shares authorized, no shares
issued and outstanding as of January 31, 2023
—
—
Additional paid-in capital
1,411,594
1,243,730
Accumulated other comprehensive income
(loss)
(961
)
101
Accumulated deficit
(853,828
)
(758,173
)
Total shareholders’ equity
556,805
485,658
Total liabilities and shareholders’
equity
$
1,203,233
$
1,110,209
SMARTSHEET INC.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended October
31,
2023
2022
Cash flows from operating
activities
Net loss
$
(95,655
)
$
(172,907
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Share-based compensation expense
153,449
127,458
Depreciation and amortization
20,008
18,476
Net amortization of premiums (discounts)
on investments
(8,746
)
(1,198
)
Amortization of deferred commission
costs
38,439
36,712
Unrealized foreign currency (gain)
loss
684
(760
)
Non-cash operating lease costs
9,450
11,631
Impairment of long-lived assets
1,448
1,544
Other, net
3,089
(1,636
)
Changes in operating assets and
liabilities:
Accounts receivable
16,541
2,739
Prepaid expenses and other current
assets
1,060
(894
)
Other long-term assets
(1,401
)
(336
)
Accounts payable
(997
)
1,356
Other accrued liabilities
4,100
8,494
Accrued compensation and related
benefits
2,021
(10,975
)
Deferred commissions
(58,705
)
(55,438
)
Deferred revenue
25,439
49,673
Other long-term liabilities
278
37
Operating lease liabilities
(12,326
)
(10,581
)
Net cash provided by operating
activities
98,176
3,395
Cash flows from investing
activities
Purchases of short-term investments
(375,387
)
(384,363
)
Maturities of short-term investments
281,900
144,548
Proceeds from liquidation of a long-term
investment
—
622
Purchases of property and equipment
(2,097
)
(4,175
)
Proceeds from sale of property and
equipment
28
94
Capitalized internal-use software
development costs
(7,850
)
(5,826
)
Payments for business acquisition, net of
cash and restricted cash acquired
—
(20,342
)
Net cash used in investing activities
(103,406
)
(269,442
)
Cash flows from financing
activities
Proceeds from exercise of stock
options
1,330
4,499
Taxes paid related to net share settlement
of restricted stock units
(1,644
)
(3,082
)
Proceeds from contributions to Employee
Stock Purchase Plan
15,664
9,959
Net cash provided by financing
activities
15,350
11,376
Effects of changes in foreign currency
exchange rates on cash, cash equivalents, and restricted
cash
(248
)
(131
)
Net increase (decrease) in cash, cash
equivalents, and restricted cash
9,872
(254,802
)
Cash, cash equivalents, and restricted
cash at beginning of period
223,757
449,680
Cash, cash equivalents, and restricted
cash at end of period
$
233,629
$
194,878
Supplemental disclosures
Cash paid for income tax
$
9,471
$
224
Accrued purchases of property and
equipment, including internal-use software
1,264
1,727
Share-based compensation expense
capitalized in internal-use software development costs
3,283
2,452
Right-of-use assets obtained in exchange
for new operating lease liabilities
1,684
7,230
Right-of-use asset reductions related to
operating leases
4,451
1,535
Purchases of fixed assets under finance
leases
693
—
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 October
31,
Nine Months Ended October
31,
2023
2022
2023
2022
(dollars in thousands)
Loss from operations
$
(35,450
)
$
(42,557
)
$
(103,712
)
$
(177,218
)
Add:
Share-based compensation expense(1)
50,170
38,429
154,919
128,493
Amortization of acquisition-related
intangible assets(2)
2,701
2,627
8,117
7,594
One-time acquisition costs
—
151
—
612
Litigation expenses and settlements(3)
—
(4,500
)
—
(4,500
)
Lease restructuring costs(4)
1,934
1,544
2,051
1,544
Non-GAAP operating income (loss)
$
19,355
$
(4,306
)
$
61,375
$
(43,475
)
Operating margin
(14
)%
(21
)%
(15
)%
(32
)%
Non-GAAP operating margin
8
%
(2
)%
9
%
(8
)%
(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) 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 income (loss) and per share data
Three Months Ended October
31,
Nine Months Ended October
31,
2023
2022
2023
2022
(in thousands, except per
share data)
Net loss
$
(32,428
)
$
(40,137
)
$
(95,655
)
$
(172,907
)
Add:
Share-based compensation expense(1)
50,170
38,429
154,919
128,493
Amortization of acquisition-related
intangible assets(2)
2,701
2,627
8,117
7,594
One-time acquisition costs
—
151
—
612
Litigation expenses and settlements(3)
—
(4,500
)
—
(4,500
)
Lease restructuring costs(4)
2,142
1,544
2,258
1,544
Non-GAAP net income (loss)
$
22,585
$
(1,886
)
$
69,639
$
(39,164
)
Non-GAAP net income (loss) per share,
basic
$
0.17
$
(0.01
)
$
0.52
$
(0.30
)
Non-GAAP net income (loss) per share,
diluted
$
0.16
$
(0.01
)
$
0.51
$
(0.30
)
(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) 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)
Non-GAAP reconciliation from basic to
diluted weighted-average shares outstanding
Three Months Ended October
31,
Nine Months Ended October
31,
2023
2022
2023
2022
(in thousands)
Weighted-average shares outstanding;
basic
135,189
130,634
133,868
129,611
Effect of dilutive securities:
Shares subject to outstanding common stock
awards
3,232
—
3,653
—
Non-GAAP weighted-average shares
outstanding; diluted
138,421
130,634
137,521
129,611
Reconciliation from net operating cash
flow to free cash flow
Three Months Ended October
31,
Nine Months Ended October
31,
2023
2022
2023
2022
(in thousands)
Net cash provided by (used in) operating
activities
$
15,146
$
(1,773
)
$
98,176
$
3,395
Less:
Purchases of property and equipment
(702
)
(1,168
)
(2,097
)
(4,175
)
Capitalized internal-use software
development costs
(3,035
)
(1,705
)
(7,850
)
(5,826
)
Free cash flow
$
11,409
$
(4,646
)
$
88,229
$
(6,606
)
Reconciliation from revenue to
calculated billings
Three Months Ended October
31,
Nine Months Ended October
31,
2023
2022
2023
2022
(in thousands)
Total revenue
$
245,918
$
199,577
$
701,389
$
554,578
Add:
Deferred revenue (end of period)
485,469
385,351
485,469
385,351
Less:
Deferred revenue (beginning of period)
462,918
365,346
459,729
334,662
Calculated billings
$
268,469
$
219,582
$
727,129
$
605,267
SMARTSHEET INC.
Reconciliation from GAAP to
Non-GAAP Financial Measures
(unaudited)
Reconciliation from GAAP operating loss
to non-GAAP operating income guidance
Q4 FY 2024
FY 2024
Low
High
Low
High
(in millions)
Loss from operations
$
(38.7
)
$
(36.7
)
$
(142.4
)
$
(140.4
)
Add:
Share-based compensation expense(1)
57.0
57.0
211.9
211.9
Amortization of acquisition-related
intangible assets(2)
2.7
2.7
10.8
10.8
Lease restructuring costs(3)
—
—
2.1
2.1
Non-GAAP operating income
$
21.0
$
23.0
$
82.4
$
84.4
(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
Q4 FY 2024
FY 2024
Low
High
Low
High
(in millions)
Net loss
$
(35.5
)
$
(33.5
)
$
(131.0
)
$
(129.0
)
Add:
Share-based compensation expense(1)
57.0
57.0
211.9
211.9
Amortization of acquisition-related
intangible assets(2)
2.7
2.7
10.8
10.8
Lease restructuring costs(3)
—
—
2.3
2.3
Non-GAAP net income
$
24.2
$
26.2
$
94.0
$
96.0
(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/20231207428664/en/
Smartsheet Inc.
Investor Relations Contact Aaron Turner
investorrelations@smartsheet.com
Media Contact Chrissy Vaughn pr@smartsheet.com
Smartsheet (NYSE:SMAR)
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