Smartsheet Inc (NYSE:SMAR) Q1 2021 Earnings Conference Call - Final Transcript

Jun 03, 2020 • 04:30 pm ET

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Smartsheet Inc (NYSE:SMAR) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Thank you for standing by and welcome to the Smartsheet First Quarter Fiscal 2021 Earnings Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I'd now like to hand the conference over to your speaker today, Aaron Turner, Investor Relations. Thank you. Please go ahead.

Executive
Aaron Turner

Great. Thank you, Jesse. Good afternoon and welcome everyone to Smartsheet's first quarter of fiscal year 2021 earnings call. We will be discussing the results announced in our press release issued after the market close 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 trends -- future events, financial trends and our expectations around the impact of COVID-19 on our business. 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 the US GAAP financials, we will discuss certain non-GAAP financial measures. A reconciliation to the most directly comparable US GAAP measures 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

Thank you, Aaron and thank you everyone for joining us on our first quarter earnings call. The last couple of months have underscored just how interconnected we are; our communities, employees, customers and partners. In that spirit, I'm pleased to see how our team despite significant disruptions to our collective personal and professional lives has worked to support one another. Our team's commitment to each other and to our customers has never been stronger despite or perhaps because of these extraordinary circumstances. I'm grateful for the team's work and dedication.

For the first quarter, we generated revenue of $85.5 million and non-GAAP operating loss of $13.6 million, above the guidance we set in March while billings came in below our guidance at $89.9 million, as a result of a lower net dollar retention rate and the extension of accommodations to customers impacted by COVID.