- Smartsheet Inc (NYSE:SMAR) reported first-quarter revenue growth of 44% year-over-year to $168.3 million, beating the consensus of $162.55 million.
- Adjusted EPS was $(0.18), beat the consensus of $(0.19).
- The gross margin expanded by 62 bps to 77.9%. Loss from operations widened to $(69.8) million from $(38.36) million in 1Q22.
- SMAR's net operating cash flow was a net outflow of $(5.1) million, compared to a $(3) million outflow in 1Q22. Net free cash outflow was $(9.1) million.
- Smartsheet's Dollar-based net retention rate was 133% for the quarter.
- Calculated billings were $180.1 million (+36% Y/Y). The number of all customers with annualized contract values ("ACV") of $100,000 or more grew to 1,108 (+68% Y/Y).
- Average ACV per domain-based customer increased to $7,210 (+32% Y/Y).
- 2Q23 Outlook: Smartsheet expects total revenue of $180 million to $181 million vs. a consensus of 179.52 million, Non-GAAP operating loss of $(27) million to $(25) million.
- It expects Non-GAAP net loss per share of $(0.21) to $(0.19), vs. consensus of $(0.17).
- FY23 Outlook: SMAR sees total revenue of $756 million to $761 million vs. a consensus of 752.6 million; Calculated billings of $910 million to $925 million; and Non-GAAP operating loss of $86 million to $76 million.
- It expects a Non-GAAP net loss per share of $(0.67) to $(0.59) vs. consensus of $(0.66).
- Price Action: SMAR shares are trading lower by 6.63% at $37.90 during the post-market session on Tuesday.
