Smartsheet Inc (NYSE:SMAR) Q2 2020 Earnings Conference Call Transcript

Sep 04, 2019 • 04:30 pm ET

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Smartsheet Inc (NYSE:SMAR) Q2 2020 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon. My name is Chris and I'll be your conference operator today. At this time, I would like to welcome everyone to the Smartsheet Second 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] Thank you. I'll now turn the conference over to Aaron Turner, Head of Investor Relations.

Executive
Aaron Turner

Thank you, Chris. Good afternoon and welcome, everyone to Smartsheet second 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 CEO, Mark Mader; 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 of -- 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 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. 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 Mader

Thanks, Aaron. Good afternoon, everyone, and thank you for joining us for today's call. We delivered another strong quarter by executing our strategy of providing high value solutions for enterprises, expanding Smartsheet's presence in new and existing customers, and driving international growth. Our platform, designed to accelerate individual and enterprise achievement, enable teams and businesses of all sizes to move faster, address significant challenges and drive innovation.

We posted revenue of $64.6 million in Q2, representing year-over-year growth of 53% and our annualized average contract value, or ACV, per domain-based customer grew 48% year-over-year to $2,972. The total number of all Smartsheet users across paid in collaborators is now over $5.4 million. Expansion within our base during the quarter included 46 companies increasing their annual recurring revenue, or ARR, by more than $50,000 and 13 customers increasing their ARR by more