Smartsheet Inc (NYSE:SMAR) Q1 2020 Earnings Conference Call - Final Transcript

Jun 05, 2019 • 04:30 pm ET

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Smartsheet Inc (NYSE:SMAR) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon. My name is Mike and I will be your conference operator today. At this time I would like to welcome everyone to the Smartsheet First Quarter Fiscal 2020 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session (Operator Instructions).

I will now turn the call over to Aaron Turner, Head of Investor Relations. You may begin your conference.

Executive
Aaron Turner

Great. Thank you Mike. Good afternoon and welcome everyone to Smartsheet's first quarter of fiscal year 2020 earnings call. We will be discussing the results announced in our press release issued after the market closed today. With me today are Smartsheet's CEO, Mark Mader and our CFO Jennifer Ceran. Our Chief Product Officer Gene Farrell will also be available during the Q&A.

Today's call is being webcast and will also be available for replay on our Investor Relations website at investors.smartsheet.com. There is a slide presentation that accompanies Jennifer's prepared remarks which can be viewed in the Events section of our Investor Relations website. During this call we will make forward-looking statements within the meaning of the federal securities laws. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends. These forward-looking statements are subject to a number of risks and other factors, including but not limited to, those described in our SEC. filings available on our Investor Relations website and on the SEC website at www.sec.gov.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, our actual results may differ materially and adversely. All forward-looking statements made during this call are based on information available to us as of today and we do not assume any obligation to update these statements as a result of new information or future events except as required by law. In addition to US GAAP financials, we will discuss certain non-GAAP financial measures, a reconciliation to the most directly comparable US GAAP measure is available in the presentation that accompanies this call, which can also be found on our Investor Relations website.

With that let me turn the call over to Mark.

Executive
Mark P. Mader

Thanks Aaron and good afternoon everyone and thanks for joining us today. The momentum with which we ended fiscal year '19 continued in Q1 with revenue reaching $56.2 million, representing year-over-year growth of 55%. The total number of all Smartsheet users across paid and collaborators is now more than 5.1 million. Smartsheet's work execution platform continues to deliver differentiated solutions that drive operational excellence for enterprises of all sizes across many vertical markets.

We are well positioned to help organizations meet their digital transformation objectives by delivering the type of increased agility, collaboration and visibility that empowers teams and unlocks organizational achievement. Expansion within our base during Q1 included 34 companies increasing their annual recurring revenue ARR and more than $50,000, 13 of which increased their ARR by more than a $100,000. Notable expansions