Posted on Thursday, Mar 19th 2020
Earlier this week, Seattle-based Smartsheet (Nasdaq: SMAR) announced its fourth quarter results that surpassed market expectations. Despite the recent turmoil in the stock market, the results helped the stock climb 1% in the after-hours trading session.
For the fourth quarter, Smartsheet’s revenues grew 51% to $78.5 million, ahead of the market’s forecast of $77.7 million. Adjusted net loss was $0.13 per share, better than the Street’s forecast of a loss of $0.16 per share.
segment, Subscription revenues grew 53% to $71.1 million, and Professional
services revenue grew 31% to $7.5 million.
operating metrics, Smartsheet ended the year with 84,000 domain-based
customers. It reported 6.3 million total users with 950,000 paid license users.
The number of customers with annualized contract values (ACV) of $5,000 or more
grew 47% to 9,079. The number of customers with ACV of $50,000 or more grew 116%
to 961 and the number of customers with ACV of $100,000 or more grew 138% to 350.
Average ACV per domain-based customer grew 48% to $3,643.
Smartsheet ended the year with revenues
growing 52% to $270.9 million. Adjusted net loss for the year was $55 million
compared with a loss of $36 million reported a year ago.
For the first quarter, Smartsheet expects revenues of $82-$83 million with non-GAAP net loss per share of $0.21-$0.19. It expects to end the year with revenues of $373-$378 million with a non-GAAP net loss per share of $0.62-$0.55. Analysts were looking for revenues of $81.6 million for the quarter with a loss of $0.15 per share and revenues of $372.4 million for the year with a loss of $0.53 per share.
Smartsheet’s Enterprise Expansion
Smartsheet has been expanding its market presence through product innovation and improved user interface. Over the past few quarters, it has improved the look of its software platform to make it more intuitive by adding dashboards and visual aids such as charts and graphs. It has also been focusing on AI capabilities and has introduced automated workflows and work processes.
Smartsheet is building services that cater to the enterprise segment. For instance, it added a Control Center that enables organizations to implement workflow processes automatically at scale. Users can automate portfolio reporting into dashboards and analyze performance by connecting to third-party BI tools. Additional features such as Dynamic View allow large teams to control the types of information that can be shared with individual members.
Recently, it entered into a partnership with Acumatica, a leading cloud ERP company, to help organizations manage critical operations and workflows. Prior to the partnership, Smartsheet and Acumatica had integrated their platform. As part of the expanded relationship, the partners and customers of these two companies will get access to a unified solution that streamlines operations from project accounting to project management. Smartsheet will now be available in the Acumatica marketplace to enable Smartsheet’s reach into a new partner community.
Its stock is currently trading at $32.05 with a market capitalization of $4.3 billion. It hit a 52-week high of $55.79 in July last year and a 52-week low of $30.91 in September last year. Smartsheet had listed in 2018 at $15 a share at a valuation of $1.5 billion. Prior to that, it was privately held and had raised $113.2 million from investors including Jenny Ceran, Sutter Hill Ventures, Insight Venture Partners, and Madrona Venture Group.
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Splunk on the Right Track with Cloud and PaaS . Veeva Sets an Example, Transitions to a Public Benefit Corporation . BlackLine is Targeting A/R Automation Market . Okta Targets $25B Customer Identity Market with Acquisition . Teradata Trying to Reinvent Itself on the Cloud . Dropbox Acquires, But Competition Remains Stiff . Smartsheet Focuses on Partners, and not on ISVs . MongoDB has Huge Room to Grow in $97B Market . Cloud and Platform Expansion Continues at Nutanix . Rapid7 Targets $1B ARR by 2025 . DocuSign Exploring Unprecedented Digital Signature Offerings . Tenable Continues its Acquisition Spree . SolarWinds Attack Driving Zscaler's Stellar Performance . Zoom Should Report Developer Ecosystem Metrics . Dynatrace Competing with Rivals by Simplifying DevOps . Talend Becomes a Private Firm, Once Again . Everbridge Focuses on the Government Sector . Analysis of Fastly’s Signal Sciences Acquisition . Cloudera Focuses on Machine Learning for Verticals . 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MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . 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Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . Zendesk Rejects Private Equity Buyout Offer . Shopify Emerges as a Covid Beneficiary with Stellar Results . Wix Simplifies App Creation . 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Wix Focuses on Profitability Amid Mounting Losses . Dynatrace Targets $50B Addressable Market . Analysis of Salesforce's Troop.Ai Acquisition . Analysis of Workday's VNDLY Acquisition . Nutanix Stumbles on Supply Chain Issues . Veeva Targets $13 Billion TAM . RingCentral Maintains UCaaS Leadership Through Partnerships and Innovation . Okta Bounces Back Stronger Despite Security Event . Adobe Strengthens its Creative Cloud Portfolio and Gets Ready for the Metaverse . Analysis of Zoom's Acquisition of Solvvy . Smartsheet Expands its Capabilities for Marketers . Toast Addresses Changing Restaurant Industry Dynamics . UiPath Simplifies Intelligent Automation . Informatica Focuses on Vertical Specific Offerings for Growth . Samsara Expands Farm-Focused Vertical Offerings . ForgeRock Leverages AI for Growth . Marqeta Struggles, Tries to Recover Through an API Strategy . Confluent Expands Ecosystem with Microsoft and AWS . Couchbase Focuses on Improving Efficiencies for Developers . Sprinklr's Deepening Integrations with TikTok and Amazon . Analysis of IBM's Randori Acquisition . Expensify Tests Other Services for Growth . monday.com Builds Capabilities for its App Marketplace . Snowflake Leverages the Streamlit Acquisition . Google Hones its Search Tech . Microsoft's Momentum in Commercial and Cloud Keeps it Steady . Amazon's Twin Engines of AWS and Prime Make it Resilient . Analysis of ServiceNow’s Hitch Works Acquisition . Twilio’s Strategy Post Segment Acquisition . HubSpot's Marketplace Strategy Continues to Thrive . Analysis of GoDaddy's Dan.com Acquisition . Freshworks Looks to Freshchat for Product Portfolio Expansion . Zendesk Agrees to be Bought Out . Tenable Provides Visibility into Internet-based Assets . Qualys Leverages Partner Network to Drive Go-to-Market Agenda . Bill.com Banks on its Organic Flywheel Amid Economic Turbulence . ON24 Targets $44 Billion Addressable Market . Palo Alto Network's Transformation Strategy Delivers Results . Atlassian’s Ecosystem Strategy Keeps it Steady . Okta Struggles with Auth0 Integration . Salesforce Targets Vertical Focused Offerings to Battle Economic Conditions . Workday Grows Strong Despite Recession . Nutanix's Subscription Model Delivers Results . Veeva Believes R&D Segment Will Deliver under Economic Uncertainty . RingCentral Focuses on Hardware Integration . MongoDB Addresses Economic Concerns Through Product Upgrades . Rapid7 Focuses on Simplifying View for Security Teams . Analysis of Smartsheet's Outfit Acquisition . HashiCorp Struggles to Maintain DecaCorn Valuation Amid Stock Conditions . Coupa Helps Maximize Savings Efficiency to Tackle Global Economic Conditions . DocuSign Focuses on Integrations . PagerDuty Focuses on Reducing Manual Intervention within DevOps