Smartsheet Inc. (NYSE: SMAR) released its fiscal first-quarter financial results after the markets closed on Monday. This is the first quarterly report that Smartsheet has made as a public company since its IPO back in April.
The company said that it had a net loss of $0.12 per share and $36.3 million in revenue, compared with consensus estimates that called for −$0.18 per share and $33.16 million in revenue. In the same period of last year, Smartsheet said it had a net loss of $0.08 per share and revenue of $22.2 million.
During the quarter, total revenues increased 63% from last year. This consisted of Subscription revenues increasing 57% year over year to $32.1 million and Professional Services revenue increasing 129% to $4.3 million.
Smartsheet ended the quarter with 75,642 domain-based customers. Also, the number of all customers with annualized contract values (ACV) of $5,000 or more grew to 4,349, an increase of 78% year over year, and average ACV per domain-based customer increased to $1,808, a 47% increase.
Looking ahead to the fiscal second quarter, the company expects to see a net loss per share in the range of $0.14 to $0.13 and revenues between $38.5 million and $39.5 million. The consensus estimates call for a net loss of $0.14 per share and $37.26 million in revenue.
Mark Mader, chief executive of Smartsheet, commented:
We had a strong start to the year with revenue in the first quarter growing 63 percent year-over-year. Our software empowers business users to deliver work at scale faster and with better visibility, and these capabilities continue to resonate with customers and prospects around the world.
Jennifer Ceran, chief financial officer of Smartsheet, added:
Our revenue growth was driven by healthy expansion rates from our existing customers, the addition of over 1,500 net new domain-based customers, and demand for consulting and training services.
Shares of Smartsheet were last seen up more than 20% at $31.83, with a consensus analyst price target of $23.67 and a post-IPO range of $14.50 to $169.75.
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