– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
First quarter total revenue grew 44% year over year to $168.3 million
First quarter net operating cash flow was negative $5.1 million, net free cash flow was negative $9.1 million
BELLEVUE, Wash.--(BUSINESS WIRE)--Smartsheet Inc. (NYSE: SMAR), the enterprise platform for dynamic work, today announced financial results for its first fiscal quarter ended April 30, 2022.
“Our global team delivered a solid start to the year,” said Mark Mader, President and CEO of Smartsheet. “New customers selected Smartsheet at an accelerating rate, as evidenced by record net new plans added and bookings achieved in the first quarter. We continue to see significant expansion, especially in the enterprise tier, as customers experience the powerful impact our platform has across their organizations. We remain focused on investing thoughtfully and strategically to capitalize on the significant market opportunity in front of us and deliver innovation that helps our customers transform how they work.”
First Quarter Fiscal 2023 Financial Highlights
First Quarter Fiscal 2023 Business Highlights
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 second quarter of fiscal year 2023, the Company currently expects:
For the full fiscal year 2023, the Company currently expects:
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 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 June 7, 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) 700-2030 or +1 (647) 362-9199 (outside of the US). The dial-in replay will be available until the end of day on June 14, 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 second 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 April 30, 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, 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 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). 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.
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 dynamic work. 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 April 30, |
||||||
|
2022 |
|
2021 |
||||
Revenue |
|
|
|
||||
Subscription |
$ |
155,276 |
|
|
$ |
108,013 |
|
Professional services |
|
13,034 |
|
|
|
9,069 |
|
Total revenue |
|
168,310 |
|
|
|
117,082 |
|
Cost of revenue |
|
|
|
||||
Subscription |
|
25,138 |
|
|
|
18,563 |
|
Professional services |
|
12,020 |
|
|
|
8,009 |
|
Total cost of revenue |
|
37,158 |
|
|
|
26,572 |
|
Gross profit |
|
131,152 |
|
|
|
90,510 |
|
Operating expenses |
|
|
|
||||
Research and development |
|
52,519 |
|
|
|
36,474 |
|
Sales and marketing |
|
115,391 |
|
|
|
71,379 |
|
General and administrative |
|
33,044 |
|
|
|
21,018 |
|
Total operating expenses |
|
200,954 |
|
|
|
128,871 |
|
Loss from operations |
|
(69,802 |
) |
|
|
(38,361 |
) |
Interest income |
|
388 |
|
|
|
11 |
|
Other income (expense), net |
|
(828 |
) |
|
|
1,327 |
|
Loss before income tax provision |
|
(70,242 |
) |
|
|
(37,023 |
) |
Income tax provision |
|
215 |
|
|
|
49 |
|
Net loss |
$ |
(70,457 |
) |
|
$ |
(37,072 |
) |
Net loss per share, basic and diluted |
$ |
(0.55 |
) |
|
$ |
(0.30 |
) |
Weighted-average shares outstanding used to compute net loss per share, basic and diluted |
|
128,519 |
|
|
|
124,110 |
|
Share-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands, unaudited): |
|||||||
Three Months Ended April 30, |
|||||||
2022 |
2021 |
||||||
Cost of subscription revenue |
$ |
2,611 |
$ |
1,495 |
|||
Cost of professional services revenue |
1,477 |
673 |
|||||
Research and development |
15,615 |
8,307 |
|||||
Sales and marketing |
14,745 |
8,656 |
|||||
General and administrative |
9,452 |
4,728 |
|||||
Total share-based compensation expense |
$ |
43,900 |
$ |
23,859 |
|||
| SMARTSHEET INC.
Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) |
|||||||
|
April 30, 2022 |
|
January 31, 2022 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
239,683 |
|
|
$ |
449,074 |
|
Short-term investments |
|
206,981 |
|
|
|
— |
|
Accounts receivable, net of allowances of $5,534 and $7,561, respectively |
|
119,473 |
|
|
|
151,138 |
|
Prepaid expenses and other current assets |
|
46,008 |
|
|
|
34,390 |
|
Total current assets |
|
612,145 |
|
|
|
634,602 |
|
Restricted cash |
|
16 |
|
|
|
17 |
|
Deferred commissions |
|
94,130 |
|
|
|
91,312 |
|
Property and equipment, net |
|
37,787 |
|
|
|
36,835 |
|
Operating lease right-of-use assets |
|
67,735 |
|
|
|
67,171 |
|
Intangible assets, net |
|
41,610 |
|
|
|
44,096 |
|
Goodwill |
|
125,605 |
|
|
|
125,605 |
|
Other long-term assets |
|
2,930 |
|
|
|
3,194 |
|
Total assets |
$ |
981,958 |
|
|
$ |
1,002,832 |
|
Liabilities and shareholders’ equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
7,366 |
|
|
$ |
1,506 |
|
Accrued compensation and related benefits |
|
46,337 |
|
|
|
66,744 |
|
Other accrued liabilities |
|
24,378 |
|
|
|
18,901 |
|
Operating lease liabilities, current |
|
19,330 |
|
|
|
18,003 |
|
Deferred revenue |
|
344,657 |
|
|
|
332,285 |
|
Total current liabilities |
|
442,068 |
|
|
|
437,439 |
|
Operating lease liabilities, non-current |
|
57,148 |
|
|
|
58,237 |
|
Deferred revenue, non-current |
|
1,766 |
|
|
|
2,377 |
|
Other long-term liabilities |
|
— |
|
|
|
— |
|
Total liabilities |
|
500,982 |
|
|
|
498,053 |
|
Shareholders’ equity |
|
|
|
||||
Preferred stock, no par value; 10,000,000 shares authorized, no shares issued or outstanding as of April 30, 2022 and January 31, 2022 |
|
— |
|
|
|
— |
|
Class A common stock, no par value; 500,000,000 shares authorized, 128,867,149 shares issued and outstanding as of April 30, 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 April 30, 2022; 500,000,000 shares authorized, no shares issued and outstanding as of January 31, 2022 |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
1,094,309 |
|
|
|
1,047,313 |
|
Accumulated other comprehensive loss |
|
(342 |
) |
|
|
— |
|
Accumulated deficit |
|
(612,991 |
) |
|
|
(542,534 |
) |
Total shareholders’ equity |
|
480,976 |
|
|
|
504,779 |
|
Total liabilities and shareholders’ equity |
$ |
981,958 |
|
|
$ |
1,002,832 |
|
SMARTSHEET INC. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||
|
Three Months Ended April 30, |
||||||
|
2022 |
|
2021 |
||||
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(70,457 |
) |
|
$ |
(37,072 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Share-based compensation expense |
|
43,900 |
|
|
|
23,717 |
|
Depreciation and amortization |
|
6,078 |
|
|
|
4,792 |
|
Amortization of deferred commission costs |
|
13,077 |
|
|
|
9,201 |
|
Net amortization of premium or discount on investments |
|
(49 |
) |
|
|
— |
|
Unrealized foreign currency (gain) loss |
|
589 |
|
|
|
(319 |
) |
Non-cash operating lease costs |
|
3,899 |
|
|
|
3,491 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
31,489 |
|
|
|
13,357 |
|
Prepaid expenses and other current assets |
|
(13,103 |
) |
|
|
(3,634 |
) |
Other long-term assets |
|
32 |
|
|
|
199 |
|
Accounts payable |
|
5,688 |
|
|
|
(1,072 |
) |
Other accrued liabilities |
|
5,595 |
|
|
|
(5,480 |
) |
Accrued compensation and related benefits |
|
(23,790 |
) |
|
|
(7,465 |
) |
Deferred commissions |
|
(15,895 |
) |
|
|
(15,341 |
) |
Deferred revenue |
|
11,761 |
|
|
|
15,670 |
|
Operating lease liabilities |
|
(3,867 |
) |
|
|
(3,005 |
) |
Net cash used in operating activities |
|
(5,053 |
) |
|
|
(2,961 |
) |
Cash flows from investing activities |
|
|
|
||||
Purchases of short-term investments |
|
(207,274 |
) |
|
|
— |
|
Purchases of property and equipment |
|
(1,691 |
) |
|
|
(3,220 |
) |
Proceeds from liquidation of an investment |
|
622 |
|
|
|
— |
|
Proceeds from sale of property and equipment |
|
94 |
|
|
|
— |
|
Capitalized internal-use software development costs |
|
(2,323 |
) |
|
|
(2,017 |
) |
Net cash used in investing activities |
|
(210,572 |
) |
|
|
(5,237 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from exercise of stock options |
|
1,370 |
|
|
|
3,403 |
|
Taxes paid related to net share settlement of equity awards |
|
(1,366 |
) |
|
|
(2,763 |
) |
Proceeds from Employee Stock Purchase Plan |
|
6,804 |
|
|
|
4,687 |
|
Net cash provided by financing activities |
|
6,808 |
|
|
|
5,327 |
|
Effects of changes in foreign currency exchange rates on cash, cash equivalents, and restricted cash |
|
(821 |
) |
|
|
447 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(209,638 |
) |
|
|
(2,424 |
) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
449,680 |
|
|
|
442,348 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
240,042 |
|
|
$ |
439,924 |
|
Supplemental disclosures |
|||||||
Cash paid for income taxes |
$ |
68 |
$ |
27 |
|||
Right-of-use assets obtained in exchange for operating lease liabilities |
4,464 |
|
— |
||||
Accrued purchases of property and equipment (including internal-use software) |
789 |
|
1,505 |
||||
Share-based compensation expense capitalized in internal-use software development costs |
748 |
|
384 |
||||
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 April 30, |
||||||
|
2022 |
|
2021 |
||||
|
(dollars in thousands) |
||||||
Loss from operations |
$ |
(69,802 |
) |
|
$ |
(38,361 |
) |
Add: |
|
|
|
||||
Share-based compensation expense(1) |
|
44,228 |
|
|
|
23,859 |
|
Amortization of acquisition-related intangible assets(2) |
|
2,483 |
|
|
|
2,517 |
|
One-time acquisition costs |
|
— |
|
|
|
17 |
|
Non-GAAP operating loss |
$ |
(23,091 |
) |
|
$ |
(11,968 |
) |
|
|
|
|
||||
Operating margin |
|
(41 |
) % |
|
|
(33 |
) % |
Non-GAAP operating margin |
|
(14 |
) % |
|
|
(10 |
) % |
(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. |
Reconciliation from GAAP to non-GAAP net loss |
|||||||
|
Three Months Ended April 30, |
||||||
|
2022 |
|
2021 |
||||
|
(in thousands) |
||||||
Net loss |
$ |
(70,457 |
) |
|
$ |
(37,072 |
) |
Add: |
|
|
|
||||
Share-based compensation expense(1) |
|
44,228 |
|
|
|
23,859 |
|
Amortization of acquisition-related intangible assets(2) |
|
2,483 |
|
|
|
2,517 |
|
One-time acquisition costs |
|
— |
|
|
|
17 |
|
Non-GAAP net loss |
$ |
(23,746 |
) |
|
$ |
(10,679 |
) |
(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. |
Anti-dilutive shares (in thousands) |
|||
|
April 30, |
||
2022 |
|
2021 |
|
Shares subject to outstanding common stock awards |
11,569 |
|
12,050 |
Shares issuable pursuant to the 2018 Employee Stock Purchase Plan |
216 |
|
54 |
Total potentially dilutive shares |
11,785 |
|
12,104 |
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 April 30, |
||||||
|
2022 |
|
2021 |
||||
|
|
|
|
||||
|
(in thousands) |
||||||
Net cash used in operating activities |
$ |
(5,053 |
) |
|
$ |
(2,961 |
) |
Less: |
|
|
|
||||
Purchases of property and equipment |
|
(1,691 |
) |
|
|
(3,220 |
) |
Capitalized internal-use software development costs |
|
(2,323 |
) |
|
|
(2,017 |
) |
Free cash flow |
$ |
(9,067 |
) |
|
$ |
(8,198 |
) |
Reconciliation from revenue to calculated billings |
|||||
|
Three Months Ended April 30, |
||||
|
2022 |
|
2021 |
||
|
|
|
|
||
|
(in thousands) |
||||
Total revenue |
$ |
168,310 |
|
$ |
117,082 |
Add: |
|
|
|
||
Deferred revenue (end of period) |
|
346,423 |
|
|
239,667 |
Less: |
|
|
|
||
Deferred revenue (beginning of period) |
|
334,662 |
|
|
223,997 |
Calculated billings |
$ |
180,071 |
|
$ |
132,752 |
Reconciliation from GAAP to non-GAAP operating loss guidance |
|||||||||||||||
|
Q2 FY 2023 |
|
FY 2023 |
||||||||||||
|
Low |
|
High |
|
Low |
|
High |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions) |
||||||||||||||
Loss from operations |
$ |
(78.5 |
) |
|
$ |
(76.5 |
) |
|
$ |
(294.0 |
) |
|
$ |
(284.0 |
) |
Add: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expense(1) |
|
49.0 |
|
|
|
49.0 |
|
|
|
198.0 |
|
|
|
198.0 |
|
Amortization of acquisition-related intangible assets(2) |
|
2.5 |
|
|
|
2.5 |
|
|
|
10.0 |
|
|
|
10.0 |
|
Non-GAAP operating loss |
$ |
(27.0 |
) |
|
$ |
(25.0 |
) |
|
$ |
(86.0 |
) |
|
$ |
(76.0 |
) |
(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. |
SMARTSHEET INC. Reconciliation from GAAP to Non-GAAP Financial Measures (unaudited) |
|||||||||||||||
Reconciliation from GAAP to non-GAAP net loss guidance |
|||||||||||||||
|
Q2 FY 2023 |
|
FY 2023 |
||||||||||||
|
Low |
|
High |
|
Low |
|
High |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions) |
||||||||||||||
Net loss |
$ |
(78.5 |
) |
|
$ |
(76.5 |
) |
|
$ |
(294.0 |
) |
|
$ |
(284.0 |
) |
Add: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expense(1) |
|
49.0 |
|
|
|
49.0 |
|
|
|
198.0 |
|
|
|
198.0 |
|
Amortization of acquisition-related intangible assets(2) |
|
2.5 |
|
|
|
2.5 |
|
|
|
10.0 |
|
|
|
10.0 |
|
Non-GAAP net loss |
$ |
(27.0 |
) |
|
$ |
(25.0 |
) |
|
$ |
(86.0 |
) |
|
$ |
(76.0 |
) |
(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. |
Source: Smartsheet Inc.
Общая выручка за первый квартал выросла на 44% в годовом исчислении до 168,3 млн долларов
Чистый операционный денежный поток в первом квартале составил отрицательный 5,1 млн долларов, чистый свободный денежный поток - отрицательный 9,1 млн долларов
БЕЛЬВЬЮ, Вашингтон.--(BUSINESS WIRE)--Smartsheet Inc. (NYSE: SMAR), корпоративная платформа для динамичной работы, сегодня объявила финансовые результаты за первый финансовый квартал, закончившийся 30 апреля 2022 года.
“Наша глобальная команда успешно начала год”, - сказал Марк Мадер, президент и главный исполнительный директор Smartsheet. “Новые клиенты все чаще выбирали Smartsheet, о чем свидетельствуют рекордные чистые добавленные новые планы и количество бронирований в первом квартале. Мы продолжаем наблюдать значительное расширение, особенно на корпоративном уровне, поскольку клиенты ощущают мощное влияние нашей платформы на их организации. Мы по-прежнему сосредоточены на продуманном и стратегическом инвестировании, чтобы извлечь выгоду из открывающихся перед нами значительных рыночных возможностей и внедрить инновации, которые помогут нашим клиентам изменить то, как они работают”.
Основные финансовые показатели Первого квартала 2023 финансового года
Основные бизнес-события Первого квартала 2023 финансового года
Раздел, озаглавленный "Использование финансовых показателей, не относящихся к GAAP", ниже содержит описание финансовых показателей, не относящихся к GAAP, с сопоставлением информации по GAAP и информации, не относящейся к GAAP. Раздел, озаглавленный "Определения бизнес-показателей", содержит определения некоторых нефинансовых показателей, представленных в этом отчете о прибылях и убытках.
Финансовые перспективы
Во втором квартале 2023 финансового года Компания в настоящее время ожидает:
В течение всего 2023 финансового года Компания в настоящее время ожидает:
Мы не сверяли руководство по чистому свободному денежному потоку с чистыми денежными средствами от операционной деятельности, поскольку мы не предоставляем руководства по сверке статей между чистыми денежными средствами от операционной деятельности и чистым свободным денежным потоком из-за неопределенности и потенциальной изменчивости этих статей. Фактическая сумма таких выверенных статей окажет существенное влияние на наш чистый свободный денежный поток. Соответственно, сверка чистых денежных средств от операционной деятельности с руководством по чистому свободному денежному потоку невозможна без неоправданных усилий. Мы не предоставляем руководство по сверке расчетных счетов, поскольку его компонентами являются исключительно доходы и доходы будущих периодов, а руководство по доходам уже предоставлено.
Информация о конференц-звонке
Smartsheet проведет телефонную конференцию и прямую веб-трансляцию для аналитиков и инвесторов в 4:30 вечера по восточному времени (1:30 вечера по североамериканскому времени) 7 июня 2022 года. Прямая трансляция и сопровождающая презентация доступны в разделе по связям с инвесторами веб-сайта Компании по адресу: https://investors .Smartsheet.com . К конференц-звонку также можно подключиться, набрав (888) 440-6385 или +1 (646) 960-0180 (за пределами США). Идентификатор конференции - 7672979. Повтор разговора через веб-трансляцию будет доступен по адресу https://investors .Smartsheet.com или набрав (800) 700-2030 или +1 (647) 362-9199 (за пределами США). Повтор набора номера будет доступен до конца дня 14 июня 2022 года. Повтор веб-трансляции будет доступен в течение одного года.
Прогнозные заявления
Настоящий пресс-релиз содержит “прогнозные” заявления, основанные на убеждениях и предположениях нашего руководства, а также на информации, имеющейся в настоящее время у руководства. Прогнозные заявления включают, но не ограничиваются ими, заявления о прогнозах Smartsheet на второй финансовый квартал и весь финансовый год, заканчивающийся 31 января 2023 года, и ожиданиях Smartsheet относительно возможных или предполагаемых бизнес-стратегий, потенциальных возможностей роста и инноваций, новых продуктов и потенциальных рыночных возможностей.
Прогнозные заявления, как правило, касаются будущих событий или наших будущих финансовых или операционных показателей. Прогнозные заявления включают все заявления, которые не являются историческими фактами и могут быть идентифицированы такими терминами, как “верю”, “продолжаю”, “мог бы”, “потенциал”, “останусь”, “будет”, “будет” или аналогичные выражения и отрицательные стороны этих терминов. Прогнозные заявления связаны с известными и неизвестными рисками, неопределенностями и другими факторами, которые могут привести к тому, что наши фактические результаты, результаты или достижения будут существенно отличаться от любых будущих результатов, результатов или достижений, выраженных или подразумеваемых в прогнозных заявлениях. Эти риски включают, но не ограничиваются ими, риски и неопределенности, связанные с: нашей способностью достигать будущего роста и поддерживать темпы роста; нашей способностью привлекать и удерживать клиентов и увеличивать продажи нашим клиентам; нашей способностью разрабатывать и выпускать новые продукты и услуги и масштабировать нашу платформу; нашей способностью для расширения использования нашей платформы с помощью нашей модели самообслуживания; наша способность поддерживать и развивать наши отношения со стратегическими партнерами; высококонкурентный и быстро развивающийся рынок, на котором мы участвуем; наша способность определять цели, осуществлять или реализовывать преимущества потенциальных приобретений; наши стратегии международной экспансии; и последствия пандемии COVID-19. Дополнительная информация о рисках, которые могут привести к существенному отличию фактических результатов от прогнозируемых результатов, включена в наши заявки в SEC, включая наш ежеквартальный отчет по форме 10-Q за квартал, закончившийся 30 апреля 2022 года, который будет подан в SEC. Любые прогнозные заявления, содержащиеся в настоящем пресс-релизе, основаны на предположениях, которые мы считаем обоснованными на эту дату. За исключением случаев, предусмотренных законом, мы не берем на себя никаких обязательств по обновлению этих прогнозных заявлений или обновлению причин, если фактические результаты существенно отличаются от ожидаемых в прогнозных заявлениях.
Использование финансовых показателей, не относящихся к ОПБУ
В дополнение к нашей сокращенной консолидированной финансовой отчетности, которая подготовлена и представлена в соответствии с GAAP, мы используем определенные финансовые показатели, не относящиеся к GAAP, как описано ниже, для понимания и оценки наших основных операционных показателей. Эти финансовые показатели, не относящиеся к GAAP, которые могут отличаться от показателей с аналогичным названием, используемых другими компаниями, представлены для улучшения общего понимания инвесторами наших финансовых показателей и не должны рассматриваться как замена или превосходство финансовой информации, подготовленной и представленной в соответствии с GAAP. Инвесторам рекомендуется пересмотреть согласование этих показателей, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми финансовыми показателями GAAP. Сверку финансовых показателей, не относящихся к GAAP, с такими показателями GAAP можно найти в сопроводительной финансовой отчетности, прилагаемой к настоящему пресс-релизу.
Мы считаем, что эти финансовые показатели, не относящиеся к GAAP, предоставляют полезную информацию о наших финансовых результатах, улучшают общее понимание наших прошлых результатов и будущих перспектив, а также обеспечивают большую прозрачность в отношении важных показателей, используемых нашим руководством для принятия финансовых и операционных решений. Мы представляем эти финансовые показатели, не относящиеся к GAAP, чтобы помочь инвесторам увидеть наши финансовые показатели глазами руководства, а также потому, что мы считаем, что эти показатели предоставляют инвесторам дополнительный инструмент для сравнения наших основных финансовых показателей за несколько периодов с другими компаниями в нашей отрасли.
Мы определяем операционный убыток, не относящийся к GAAP, как операционный убыток по GAAP, исключая расходы на компенсацию на основе акций, амортизацию нематериальных активов, связанных с приобретением, единовременные расходы, связанные со слияниями и поглощениями, а также судебные издержки и расчеты, связанные с вопросами, которые выходят за рамки обычного хода нашей деятельности. Мы определяем чистый убыток, не относящийся к ОПБУ, как чистый убыток по ОПБУ, за исключением единовременных корректировок налога на прибыль, связанных со слияниями и поглощениями, и тех же исключений, которые используются для получения операционного убытка, не относящегося к ОПБУ. Существует ряд ограничений, связанных с использованием этих показателей, не относящихся к GAAP, по сравнению с операционными убытками и чистыми убытками по GAAP, в том числе то, что показатели, не относящиеся к GAAP, исключают расходы на компенсацию на основе акций, которые были и будут оставаться в обозримом будущем значительными повторяющимися расходами в нашей бизнес и важная часть нашей компенсационной стратегии.
Мы используем финансовый показатель чистого свободного денежного потока, не относящийся к GAAP, который определяется как чистые денежные потоки по GAAP от операционной деятельности, уменьшенные на денежные средства, использованные для приобретения основных средств (включая расходы на программное обеспечение для внутреннего использования). Мы считаем, что чистый свободный денежный поток является важным показателем ликвидности денежных средств, доступных после капитальных и операционных затрат для инвестиций в наш бизнес и приобретения. Чистый свободный денежный поток полезен инвесторам в качестве показателя ликвидности, поскольку он измеряет нашу способность генерировать или использовать денежные средства. Как только наши бизнес-потребности и обязательства будут удовлетворены, денежные средства можно будет использовать для поддержания стабильного баланса и инвестирования в будущий рост. Существует ряд ограничений, связанных с использованием чистого свободного денежного потока по сравнению с чистыми денежными средствами от операционной деятельности, в том числе то, что чистый свободный денежный поток включает капитальные затраты, выгоды от которых реализуются в периоды, последующие за периодами осуществления расходов.
Мы определяем рассчитанные счета как общую выручку плюс изменение отложенной выручки за период. Поскольку мы учитываем доходы от подписки в соответствии с оценкой в течение срока действия подписки, рассчитанные счета могут использоваться для измерения нашей активности по продажам подписки за определенный период, для сравнения активности по продажам подписки за определенные периоды и в качестве показателя будущих доходов от подписки.
Определения бизнес-показателей
Средний ACV на одного доменного клиента
Мы определяем средний ACV на одного клиента на основе домена как общий непогашенный ACV для подписок на основе домена на конец отчетного периода, деленный на количество клиентов на основе домена на ту же дату. Мы определяем доменных клиентов как организации с уникальным доменным именем электронной почты.
Чистый коэффициент удержания в долларах США
Мы рассчитываем чистый коэффициент удержания в долларах США на конец периода, начиная с ACV из когорты всех клиентов по состоянию на 12 месяцев, предшествующих концу такого периода, или ACV предыдущего периода. Затем мы рассчитываем ACV от этих же клиентов на конец текущего периода или ACV текущего периода. ACV за текущий период включает любые увеличения продаж и рассчитывается за вычетом сокращения или сокращения за последние 12 месяцев, но исключает доходы от подписки от новых клиентов в текущем периоде. Затем мы делим общую сумму ACV за текущий период на общую сумму ACV за предыдущий период, чтобы получить чистую ставку удержания в долларах США. Любой ACV, полученный в результате сделок слияния и поглощения, не влияет на чистую ставку удержания в долларах США до истечения одного года с даты закрытия сделки.
О Smartsheet
Smartsheet (NYSE: SMAR) - это корпоративная платформа для динамичной работы. Объединяя людей и технологии, чтобы организации могли двигаться быстрее и внедрять инновации, Smartsheet позволяет миллионам своих пользователей достигать большего. Посетите веб-сайт www.Smartsheet.com чтобы узнать больше.
Раскрытие существенной информации
Smartsheet сообщает существенную информацию своим инвесторам с помощью заявок SEC, пресс-релизов, публичных телефонных конференций, а также на странице по связям с инвесторами на веб-сайте компании по адресу https://investors .Smartsheet.com .
Smartsheet INC. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) |
|||||||
|
Three Months Ended April 30, |
||||||
|
2022 |
|
2021 |
||||
Revenue |
|
|
|
||||
Subscription |
$ |
155,276 |
|
|
$ |
108,013 |
|
Professional services |
|
13,034 |
|
|
|
9,069 |
|
Total revenue |
|
168,310 |
|
|
|
117,082 |
|
Cost of revenue |
|
|
|
||||
Subscription |
|
25,138 |
|
|
|
18,563 |
|
Professional services |
|
12,020 |
|
|
|
8,009 |
|
Total cost of revenue |
|
37,158 |
|
|
|
26,572 |
|
Gross profit |
|
131,152 |
|
|
|
90,510 |
|
Operating expenses |
|
|
|
||||
Research and development |
|
52,519 |
|
|
|
36,474 |
|
Sales and marketing |
|
115,391 |
|
|
|
71,379 |
|
General and administrative |
|
33,044 |
|
|
|
21,018 |
|
Total operating expenses |
|
200,954 |
|
|
|
128,871 |
|
Loss from operations |
|
(69,802 |
) |
|
|
(38,361 |
) |
Interest income |
|
388 |
|
|
|
11 |
|
Other income (expense), net |
|
(828 |
) |
|
|
1,327 |
|
Loss before income tax provision |
|
(70,242 |
) |
|
|
(37,023 |
) |
Income tax provision |
|
215 |
|
|
|
49 |
|
Net loss |
$ |
(70,457 |
) |
|
$ |
(37,072 |
) |
Net loss per share, basic and diluted |
$ |
(0.55 |
) |
|
$ |
(0.30 |
) |
Weighted-average shares outstanding used to compute net loss per share, basic and diluted |
|
128,519 |
|
|
|
124,110 |
|
Share-based compensation expense included in the condensed consolidated statements of operations was as follows (in thousands, unaudited): |
|||||||
Three Months Ended April 30, |
|||||||
2022 |
2021 |
||||||
Cost of subscription revenue |
$ |
2,611 |
$ |
1,495 |
|||
Cost of professional services revenue |
1,477 |
673 |
|||||
Research and development |
15,615 |
8,307 |
|||||
Sales and marketing |
14,745 |
8,656 |
|||||
General and administrative |
9,452 |
4,728 |
|||||
Total share-based compensation expense |
$ |
43,900 |
$ |
23,859 |
|||
| Smartsheet INC.
Condensed Consolidated Balance Sheets (in thousands, except share data) (unaudited) |
|||||||
|
April 30, 2022 |
|
January 31, 2022 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
239,683 |
|
|
$ |
449,074 |
|
Short-term investments |
|
206,981 |
|
|
|
— |
|
Accounts receivable, net of allowances of $5,534 and $7,561, respectively |
|
119,473 |
|
|
|
151,138 |
|
Prepaid expenses and other current assets |
|
46,008 |
|
|
|
34,390 |
|
Total current assets |
|
612,145 |
|
|
|
634,602 |
|
Restricted cash |
|
16 |
|
|
|
17 |
|
Deferred commissions |
|
94,130 |
|
|
|
91,312 |
|
Property and equipment, net |
|
37,787 |
|
|
|
36,835 |
|
Operating lease right-of-use assets |
|
67,735 |
|
|
|
67,171 |
|
Intangible assets, net |
|
41,610 |
|
|
|
44,096 |
|
Goodwill |
|
125,605 |
|
|
|
125,605 |
|
Other long-term assets |
|
2,930 |
|
|
|
3,194 |
|
Total assets |
$ |
981,958 |
|
|
$ |
1,002,832 |
|
Liabilities and shareholders’ equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
7,366 |
|
|
$ |
1,506 |
|
Accrued compensation and related benefits |
|
46,337 |
|
|
|
66,744 |
|
Other accrued liabilities |
|
24,378 |
|
|
|
18,901 |
|
Operating lease liabilities, current |
|
19,330 |
|
|
|
18,003 |
|
Deferred revenue |
|
344,657 |
|
|
|
332,285 |
|
Total current liabilities |
|
442,068 |
|
|
|
437,439 |
|
Operating lease liabilities, non-current |
|
57,148 |
|
|
|
58,237 |
|
Deferred revenue, non-current |
|
1,766 |
|
|
|
2,377 |
|
Other long-term liabilities |
|
— |
|
|
|
— |
|
Total liabilities |
|
500,982 |
|
|
|
498,053 |
|
Shareholders’ equity |
|
|
|
||||
Preferred stock, no par value; 10,000,000 shares authorized, no shares issued or outstanding as of April 30, 2022 and January 31, 2022 |
|
— |
|
|
|
— |
|
Class A common stock, no par value; 500,000,000 shares authorized, 128,867,149 shares issued and outstanding as of April 30, 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 April 30, 2022; 500,000,000 shares authorized, no shares issued and outstanding as of January 31, 2022 |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
1,094,309 |
|
|
|
1,047,313 |
|
Accumulated other comprehensive loss |
|
(342 |
) |
|
|
— |
|
Accumulated deficit |
|
(612,991 |
) |
|
|
(542,534 |
) |
Total shareholders’ equity |
|
480,976 |
|
|
|
504,779 |
|
Total liabilities and shareholders’ equity |
$ |
981,958 |
|
|
$ |
1,002,832 |
|
Smartsheet INC. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
|||||||
|
Three Months Ended April 30, |
||||||
|
2022 |
|
2021 |
||||
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(70,457 |
) |
|
$ |
(37,072 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Share-based compensation expense |
|
43,900 |
|
|
|
23,717 |
|
Depreciation and amortization |
|
6,078 |
|
|
|
4,792 |
|
Amortization of deferred commission costs |
|
13,077 |
|
|
|
9,201 |
|
Net amortization of premium or discount on investments |
|
(49 |
) |
|
|
— |
|
Unrealized foreign currency (gain) loss |
|
589 |
|
|
|
(319 |
) |
Non-cash operating lease costs |
|
3,899 |
|
|
|
3,491 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
31,489 |
|
|
|
13,357 |
|
Prepaid expenses and other current assets |
|
(13,103 |
) |
|
|
(3,634 |
) |
Other long-term assets |
|
32 |
|
|
|
199 |
|
Accounts payable |
|
5,688 |
|
|
|
(1,072 |
) |
Other accrued liabilities |
|
5,595 |
|
|
|
(5,480 |
) |
Accrued compensation and related benefits |
|
(23,790 |
) |
|
|
(7,465 |
) |
Deferred commissions |
|
(15,895 |
) |
|
|
(15,341 |
) |
Deferred revenue |
|
11,761 |
|
|
|
15,670 |
|
Operating lease liabilities |
|
(3,867 |
) |
|
|
(3,005 |
) |
Net cash used in operating activities |
|
(5,053 |
) |
|
|
(2,961 |
) |
Cash flows from investing activities |
|
|
|
||||
Purchases of short-term investments |
|
(207,274 |
) |
|
|
— |
|
Purchases of property and equipment |
|
(1,691 |
) |
|
|
(3,220 |
) |
Proceeds from liquidation of an investment |
|
622 |
|
|
|
— |
|
Proceeds from sale of property and equipment |
|
94 |
|
|
|
— |
|
Capitalized internal-use software development costs |
|
(2,323 |
) |
|
|
(2,017 |
) |
Net cash used in investing activities |
|
(210,572 |
) |
|
|
(5,237 |
) |
Cash flows from financing activities |
|
|
|
||||
Proceeds from exercise of stock options |
|
1,370 |
|
|
|
3,403 |
|
Taxes paid related to net share settlement of equity awards |
|
(1,366 |
) |
|
|
(2,763 |
) |
Proceeds from Employee Stock Purchase Plan |
|
6,804 |
|
|
|
4,687 |
|
Net cash provided by financing activities |
|
6,808 |
|
|
|
5,327 |
|
Effects of changes in foreign currency exchange rates on cash, cash equivalents, and restricted cash |
|
(821 |
) |
|
|
447 |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(209,638 |
) |
|
|
(2,424 |
) |
Cash, cash equivalents, and restricted cash at beginning of period |
|
449,680 |
|
|
|
442,348 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
240,042 |
|
|
$ |
439,924 |
|
Supplemental disclosures |
|||||||
Cash paid for income taxes |
$ |
68 |
$ |
27 |
|||
Right-of-use assets obtained in exchange for operating lease liabilities |
4,464 |
|
— |
||||
Accrued purchases of property and equipment (including internal-use software) |
789 |
|
1,505 |
||||
Share-based compensation expense capitalized in internal-use software development costs |
748 |
|
384 |
||||
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 April 30, |
||||||
|
2022 |
|
2021 |
||||
|
(dollars in thousands) |
||||||
Loss from operations |
$ |
(69,802 |
) |
|
$ |
(38,361 |
) |
Add: |
|
|
|
||||
Share-based compensation expense(1) |
|
44,228 |
|
|
|
23,859 |
|
Amortization of acquisition-related intangible assets(2) |
|
2,483 |
|
|
|
2,517 |
|
One-time acquisition costs |
|
— |
|
|
|
17 |
|
Non-GAAP operating loss |
$ |
(23,091 |
) |
|
$ |
(11,968 |
) |
|
|
|
|
||||
Operating margin |
|
(41 |
) % |
|
|
(33 |
) % |
Non-GAAP operating margin |
|
(14 |
) % |
|
|
(10 |
) % |
(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. |
Reconciliation from GAAP to non-GAAP net loss |
|||||||
|
Three Months Ended April 30, |
||||||
|
2022 |
|
2021 |
||||
|
(in thousands) |
||||||
Net loss |
$ |
(70,457 |
) |
|
$ |
(37,072 |
) |
Add: |
|
|
|
||||
Share-based compensation expense(1) |
|
44,228 |
|
|
|
23,859 |
|
Amortization of acquisition-related intangible assets(2) |
|
2,483 |
|
|
|
2,517 |
|
One-time acquisition costs |
|
— |
|
|
|
17 |
|
Non-GAAP net loss |
$ |
(23,746 |
) |
|
$ |
(10,679 |
) |
(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. |
Anti-dilutive shares (in thousands) |
|||
|
April 30, |
||
2022 |
|
2021 |
|
Shares subject to outstanding common stock awards |
11,569 |
|
12,050 |
Shares issuable pursuant to the 2018 Employee Stock Purchase Plan |
216 |
|
54 |
Total potentially dilutive shares |
11,785 |
|
12,104 |
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 April 30, |
||||||
|
2022 |
|
2021 |
||||
|
|
|
|
||||
|
(in thousands) |
||||||
Net cash used in operating activities |
$ |
(5,053 |
) |
|
$ |
(2,961 |
) |
Less: |
|
|
|
||||
Purchases of property and equipment |
|
(1,691 |
) |
|
|
(3,220 |
) |
Capitalized internal-use software development costs |
|
(2,323 |
) |
|
|
(2,017 |
) |
Free cash flow |
$ |
(9,067 |
) |
|
$ |
(8,198 |
) |
Reconciliation from revenue to calculated billings |
|||||
|
Three Months Ended April 30, |
||||
|
2022 |
|
2021 |
||
|
|
|
|
||
|
(in thousands) |
||||
Total revenue |
$ |
168,310 |
|
$ |
117,082 |
Add: |
|
|
|
||
Deferred revenue (end of period) |
|
346,423 |
|
|
239,667 |
Less: |
|
|
|
||
Deferred revenue (beginning of period) |
|
334,662 |
|
|
223,997 |
Calculated billings |
$ |
180,071 |
|
$ |
132,752 |
Reconciliation from GAAP to non-GAAP operating loss guidance |
|||||||||||||||
|
Q2 FY 2023 |
|
FY 2023 |
||||||||||||
|
Low |
|
High |
|
Low |
|
High |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions) |
||||||||||||||
Loss from operations |
$ |
(78.5 |
) |
|
$ |
(76.5 |
) |
|
$ |
(294.0 |
) |
|
$ |
(284.0 |
) |
Add: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expense(1) |
|
49.0 |
|
|
|
49.0 |
|
|
|
198.0 |
|
|
|
198.0 |
|
Amortization of acquisition-related intangible assets(2) |
|
2.5 |
|
|
|
2.5 |
|
|
|
10.0 |
|
|
|
10.0 |
|
Non-GAAP operating loss |
$ |
(27.0 |
) |
|
$ |
(25.0 |
) |
|
$ |
(86.0 |
) |
|
$ |
(76.0 |
) |
(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. |
Smartsheet INC. Reconciliation from GAAP to Non-GAAP Financial Measures (unaudited) |
|||||||||||||||
Reconciliation from GAAP to non-GAAP net loss guidance |
|||||||||||||||
|
Q2 FY 2023 |
|
FY 2023 |
||||||||||||
|
Low |
|
High |
|
Low |
|
High |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in millions) |
||||||||||||||
Net loss |
$ |
(78.5 |
) |
|
$ |
(76.5 |
) |
|
$ |
(294.0 |
) |
|
$ |
(284.0 |
) |
Add: |
|
|
|
|
|
|
|
||||||||
Share-based compensation expense(1) |
|
49.0 |
|
|
|
49.0 |
|
|
|
198.0 |
|
|
|
198.0 |
|
Amortization of acquisition-related intangible assets(2) |
|
2.5 |
|
|
|
2.5 |
|
|
|
10.0 |
|
|
|
10.0 |
|
Non-GAAP net loss |
$ |
(27.0 |
) |
|
$ |
(25.0 |
) |
|
$ |
(86.0 |
) |
|
$ |
(76.0 |
) |
(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. |
Источник: Smartsheet Inc.
Показать большеПоказать меньше
