SMAR - Earnings call transcript Q4 2019

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Operator

Good afternoon. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to Smartsheet Fourth Quarter Fiscal 2019 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. you. Thank Instructions] [Operator of you Head conference. begin Investor Turner, may Relations, the Aaron

Aaron Turner

you, welcome fiscal and and Good XXXX to call. Thank afternoon, quarter everyone Chris. Smartsheet's fourth earnings full-year

release the me With are Ceran. Smartsheet's and in be closed Mader; today results Mark CFO, will the market discussing our We press our issued CEO, after today. announced Jennifer

investor and prepared available of relations website. that replay Today's call Q&A. Chief Officer, Product the for There investors.smartsheet.com. Gene Our at can events relations accompanies available being website Farrell, viewed will webcast is during on presentation section be will the investor in our remarks, also be slide be also is our a which Jennifer's

make statements of we the call, will this During forward-looking securities within laws. meaning the federal

statements projections filings our largely expectations but factors, trends. www.sec.gov. website and forward-looking current not a on subject financial and other to these about in our events forward-looking of those our and SEC SEC statements at These are website including, available the relations limited number on to on based investor have and future risks We described

future that are the available us believe All as may not do as to these except statements result forward-looking today, obligation adversely. update required events, in or this materially reflected as our information statements actual a we Although by results statements are new law. differ during made we and forward-looking based and the on call reasonable, expectations of to information assume any of

that me available on relations we directly presentation accompanies call U.S. can With measures. our reconciliation most A to Mark. GAAP the the comparable call, found In that, financial website. be which addition is to measures to will let over investor discuss this financials, non-GAAP turn certain also U.S. GAAP the in

Mark Mader

joining for capped Good great Smartsheet. today. thanks QX Aaron. afternoon, everyone, a year and for us Thanks,

empower increased and customers Our continues agility, work through collaboration, execution to platform visibility.

continues Management in expanding Our Collaborative leadership strengthen. brand awareness to Work market the and

of revenue vision and ended year-over-year common including XX% focused against year domain success. users full-year revenue over well the we'll delivering executing customer results to $XX.X nearly is and things. with a million $XXX.X The on million reflections bringing XXX,XXX intensely grew we team Our XX,XXX X.X those are the QX licensed users, remain today customers. million. more paid to than We share

Our in to come seek solution success to enterprises enterprises fast. customers The a to idea we've ways competitive a in as continue XXX. mission-critical introduced the of as this those selling innovations partner our advantage present to role gain and transform. product deepen that digitally our expanding still presence larger to and Fortune is build and now XX% Smartsheet year helps impact to and from move continues

is the by retention net percentage driving to Our grew enterprise XXX%. QX, with points customers. rate higher our In dollar our retention success in rates X

growth user licensed and attach in QX. View quarter, included than such the quarter more our nine or increasing Proterra, base and more Notable revenue, this expansion by During Abbott customers Parker Systems Aerospace's capability-based capability-based Dynamic companies as More ARR, XXX is as and both by XX Diagnostics, through to than Depot, their within ARR offerings. companies increasing and occurred Fluid Home recurring such than customers fueled their Accelerators, is these expansions annual $XXX,XXX. One $XX,XXX Center, for customers our products, by Control rates Expansion example PayPal. our division. purchased

Parker with efficiency managing has most had where with PMO up their than it realized This eliminating assign allowing common and less visibility makers for running scale. new each of to lifecycle. they provides customers' into to deep gains updates throughout project each processes With project's Smartsheet, business project, developed into from their at the Accelerator in our implemented energy unique at is decision in The of sales with IT moving any process and result the executing managers month. By projects the Accelerator given the success a Smartsheet their Smartsheet points status PMO products modern The dozens understanding of of need time, enhanced these Parker's legacy a apps pain and having and quarter value. IT critical on a work a work. customers and challenges view significant teams service areas insights by provide us our refocus project

robust including end, work and the broad pipeline. creative the to expand in to construction, FY that solutions into to integrate teams begun the work. execution customer We've on Slope, XXXX, TernPro, core continue to will In our manage this creative that technology a set we Accelerator and already experience, allows marketing. Smartsheet collaborate which provide strengthen empower enable platform Slope on feedback and cases. governance, of valuable a regard our acquired content corporate users use portfolio new we and we To solution capabilities Our receive makers areas, product to inform plan and into the feedback and of

Slope welcome team driving year. creative look TernPro Smartsheet's Additionally, forward of more value with even technology to creation a the Slope. and the the We the of this into Smartsheet the new for enable end to combination of by Accelerators our will and customers teams family

remains industries Our expansion into track. newer markets on and

international to opportunity and now of bring a forward zone appropriate Our look to number is in London we engagement newly established the to our customers. greater sales office place time

and leaders by our agencies to inter-agency DC. requirements, their actively Washington, intra- the identify unique a cloud a several leaders defense productivity participating and fiscal I in a transformation that among a implement impact year, use will opportunity and our with that's enterprises. to I'm context, expand laid to access federal this FedRAMP They important private best authorization of deliver later available pleased FedRAMP Given experiences challenges that Nova, trip including Status, enable drive be and in for better NASA strategy. defined in us met achieve from month full These to effectiveness technologies towards citizens. of report done assignment office full to teams during are to provides encouraged the until we the seeking the of of authorization. gain to the federal work program, digital that achieved About to reps, security with to revenue to agencies ramp only solid about federal FedRAMP a and IT milestone territories the now within procurement federal installation In and but and solutions to available and ago, pace Ready The were previously Smartsheet finally been step presented remains the of has long-term beta platform. an material we recently very confident are collaboration multiple employees. gaining incremental the financial The occur expect newly Smartsheet of achieving don't groundwork commercial a international of the very to new the and gov

new of is Praerit Praerit and and our As talent Amazon QX, opportunity exists. management, Engineering. Farrell's Under am our customer and rapidly with brings attract through Smartsheet mind, this important the that for heights and closing, engineering we continue led we I platform has technical Garg combination With as retain we that Microsoft focus, and teams to that value In full-year all Praerit's and expect crucial role. evolve critically offerings. it our leadership, to at and our vision pleased as Gene are in for a additional will drive of I'm product engineering our strong continue levels scale, that pleased rare of and Having Services, and with results built EVP important Chief Web Officer I customers joined reach teams that our world-class new Smartsheet the team. Technology

about have Smartsheet's built first public execute vision proud of company fiscal are that now the what lies Jenny? more than ahead. vision. excited mirror for We and a headed and year where as clear team against is in the we've I'm rearview to we're a ever

Jennifer Ceran

and Mark, everyone. Thanks, welcome,

we for a revenue up mentioned, Fourth at finish ago full-year $XXX.X strong finished versus to a ago had the year came $XX.X Mark million the came at year. year versus the XX% up and quarter in billings in reached $XXX.X same year. for million, at quarter $XX.X Revenue and XX% the quarter, million million. a As

versus of non-GAAP per Fourth to our quarter customer as share platform points XXX%, we ACV non-GAAP value, domain-based year-over-year. in average annualized $X.X operating per loss contract continue retention increase make or quarter Our percentage an our dollar-based XX% rate and grew was and net million capability, was X investments go-to-market $X.XX. net last was and loss

positive as We the million for operating and of first and the a also flow we $XXX company, million. ended cash free $X $X of cash balance and quarter public respectively, a with million delivered time

a share Before the guidance, highlights fourth for our results XXXX me discuss year year and fiscal XXXX. I fiscal few financial quarter let

operating respectively, negative cash million XX%. Both $XXX.X cash our non-GAAP and million and was non-GAAP $XX.X XX%. margin XX% plus free $XX.X $XXX.X reached billings year-over-year and margin sum showed year-over-year and loss revenue free rule revenue was XX% year flow of mentioned, Fiscal of I cash XXXX the which calculation, free million. our As growth is of improvements flow flow was operating representing and million growth margin and

subscription Let me $XX.X of revenue. XX% now up turn in and Services total $X.X revenue million, year our revenue ago $XX.X increase million, a results. represented XX% a in total a versus came versus was million ago. Of at year to revenue, our quarterly XX%

Moving on to metrics.

of the fourth count was Our at total customer end quarter domain-based the XX,XXX.

in XX% respectively, our with growth of and year. year-over-year larger XXX%, or us or X,XXX more us represent and per now and by total more customers XX% customer continue ACV. $X,XXX $XX,XXX XXX see We approximately very to paying now segments per grew strong now paying XX% and year These

the rate, below a was reaching more as is XXX by from I retention increase per was more and than products. average the our in XX expansion earlier, Smartsheet continue of basis the As compared and purchased period XX%. across deploy year a nearly declined prior organization more ACV their XX% into dollar-based point net majority basis to customer customers capabilities-based Also, increase rate The while to driven improvements as churn now mentioned points net quarter. XXX%, $X,XXX ago, the mentioned our areas increased domain-based earlier, same

QX, making as As of year, XXX% This within greater a adding we end fiscal our to values we up largest presence XXX versus are new our than year customers. are new the the to are metric whose a deepening ago. and we was Customers contract begin the of number track sheet. progress $XXX,XXX a

our earnings quarter, quarter, gross was margin Subscription driven partially flexibility quarter. lower was Professional margin With Next, rates by utilization our the expect higher to costs. sheet. we call. target fourth gross margin card income few ago Unless our to towards GAAP with of begin than our do respect I'll more we release maintained that point all rest color results on the year our stated, our services prior it cloud, services long-term are in credit we should are hosting by this flat results XX%, we XX%, operating a overall as personnel year from and of offset posted basis to to was the and gross references XX%, as as co-location statement high public percentage and costs ago and to expenses packages. otherwise and margin, highlights XX% overall a margin and the reconciled delivered migrating provide lower us trend to on the the In was margin balance and from before the facilities prior year scale X grow. non-GAAP to down higher XX% and processing which provide our services

by our one-time costs the The XX% XX% in from the General of million, of fourth contribution. increase revenue couple and prior quarter were representing items, to in a operating quarter. $X.X up including driven charitable a and Turning administrative was expenses. total

expenses prior year. the to flat million begin We expect ago and revenue, administrative development and in this was or of general quarter. XX% year realizing and Research total scale $XX.X fiscal with

of and quarter. was of and prior was percentage headcount third million or revenue absence scale which in marketing ENGAGE revenue revenue reduction sales sales a the by XX% Finally, marketing XX% and in the The primarily and driven versus occurred expense conference, as our the in $XX year of of quarter. ago

expenses payments team $X free fiscal employees. operating software loss related includes Operating total just on and with the positive our Turning loss was In headcount about to XX%. internal total, ended a were XX% year principal Fee members negative operating of year cash X,XXX margin we added XXX was cash $X.X million, flow. and CapEx XXXX. of representing Approximately totaling during capitalized X% flow million, revenue. spend, use which over leases and we of

quarter improvement in to in our flow. The expenses, was collection. Excluding these positive prior cash generated we driven primarily operating flow $X higher compared cash million by

turning Now billings. to

a was billings subscription of billings The for strength of XX% XX% closed of new billings the the quarter. billings quarter of a in driven Quarterly Approximately deals the our the our guidance were full up total. of the most ago. represented were number that year products in less fourth and Our multi-year $XX.X year and by than million, monthly. first fiscal the provide launch versus annual I'll XXXX. larger and quarter remainder X% with now big

first we the quarter, total representing growth $XX $XX For million of expect of XX% year-over-year revenue million, XX%. the to to

$XX average come outstanding We $X.XX on based be per non-GAAP million, to in and expect million. and non-GAAP loss operating and share $XX net XXX loss to weighted between between million of $X.XX shares

operating between growth million, expect be is we Non-GAAP million. XX% be revenue to range total XX%. expected year, fiscal representing $XXX $XXX in million $XX the full $XX loss to the and of to to million of For

share net year on outstanding. $X.XX shares million and based We the for $X.XX approximately per weighted expect non-GAAP XXX between average loss

the to to million $XXX please trends last And billings. to assume XX% quarterly We for versus expect billings year. be of range million full in historical modeling of growth purposes, XX% year, $XXX representing for for fiscal the

to over expect remain of that higher medium in in fourth cash the flow negative year, flow go-to-market fiscal these pleased we short-term believe investments the XXXX. we long-term. year We in and do free quarter, such making for coming in the be significant positive to and were making totality will expect returns portfolio to we the While motions cash in investments product drive continue a our position the

flow, payout. be up which bonus we million, So our in cash negative to the impact of quarter expect free our terms first to $XX reflects annual of

our forecasting we full-year, cash To negative to free off very we XXXX. to fiscal to close, currently kick excited are year For be $XX the flow are up million.

build great solutions add we product portfolio, the platform, expand back customers investments an your awareness. With turn increase into to take brand our capabilities, new and now have that, questions. of Off that out Operator? of continuing last make set momentum, We to to are a operator year's expanding it love. we markets newer to our our will

Operator

William Bhavan with Blair. first Instructions] is [Operator question from Your Suri

Your line is open.

Bhavan Suri

convert result. the and – about Hey, have of got strategy you That in of monetization stellar growth and I the touch I guys, congratulations. was do where maybe shift free guess free like license. of front you little that that adding How as prioritize that make vis-à-vis, or you've collaborators users opportunity millions your understand, to wanted growth sort you of you, you're a looks your paid sort think think, or what opportunity on stellar, in feature to functionality to collaborators, I bit just a to think prioritization opportunity? would of of I about

Mark Mader

would And have Hey, degree real impeding an top get the enroll in low want to the say, remain is to still cover, their continue done, level Bhavan. not to priority, better to are we this with we It's and possibilities Smartsheet. which people others opportunities to we I now, people that the opportunity people areas has on Mark. new really of friction very think the of may work but in we case, since us. not achieve for with get which be on That existed of terms work the but do to there represent opportunity this having inception over X,XXX thing scale team that we

And even there. think gentle really those a today, educating having – I what's So collaborators possible. marketing we terms are in on being have would do quite and that I opportunity we in front very passive say, almost of

Bhavan Suri

conversation Thank of is Accelerators I customers do in is an is customers, to the Smartsheet? you the deciding as something then add or market on part it this guess this time? versus starting guess I have for you. specific Or Accelerators, I seen huge talking vis-à-vis How with Smartsheet, And value you whether obviously that over initial more what core guys streamline a Great. discovered the they're is of a draw they processes. that touch adopt wanted when product? to – start expansion to or that's item? when the

Mark Mader

diverse or of handholds set it's a really on things the solving to a IT I openings provide scale meet people present of really for. processes talk of the us that be needs, Smartsheet any and Accelerators in of whether think dimension solution. you do context of good business one possibilities of we're And the really to get or can it when PMO really, store is introduced, really enables the the Smartsheet the to to for about how configured

if an really with getting it's [ph], us for of effective even way Accelerators somebody. the So an don't they buy landed concept

Bhavan Suri

my there. for and Got it. nice job really Thanks questions, taking guys, congrats,

Mark Mader

you. Thank

Operator

Stan Your Morgan next from with Zlotsky question Stanley. is

line open. Your is

Hamza Fodderwala

Fodderwala Hi. Zlotsky. This Stan in is for actually Hamza

Just about a retention On XXX%, Can in fiscal of couple that, that I think we the And strongest what keeps then up. talk drove I bit a little expanding. of just end. you a and about had it's questions how it and ever XXXX? from trending think we've have my dollar follow a should net

Jennifer Ceran

Sure. Jenny. This is

on I say that expansion, the from of larger came the customers. would call, the that from majority and came I our mentioned majority benefit of As

deals are that's customers dollar relative over saw a right we internally we purposes we're driven modeling who for retention XXX%. year net little comping and and that so of one rate, of the it's modest course months retention $XX,XXX, next really and a there. really very all, net we year, strong some very out, two impacted last respect to which, know are was also rates now of you groupings. in are second to the now, there's decrease other bigger that retention assuming example, some bit XX rate, For high a uncertainty seeing And by is landing are being fact of things; by they With

Hamza Fodderwala

Got it for down a but it. some looks inorganic your me. I some On like of Jenny. a you XX% years TernPro? follow-up for investments, opt profitability, of flow it that the or could that from understand And margins five that so? next still out margins this year, hitting higher And potentially break burn. impact is you're then likelihood or within into of guiding cash free to incremental that's the maybe positive the organic And there you're seeing

Jennifer Ceran

Yes.

So mean, that's board. pretty a with on it's to respect small team coming I TernPro,

acquired year, not major it or There's to three incremental last our year we we business good more the did or still them in there. marketing, focusing brand our whether we we build than we're So UK investing we'd than also that that more is incur decided a and in particular bit making much on little first did people in-house, investment. year. this And sure We're we're and growing team. marketing sales last coming have areas investing

We've improve our of those So the main that's capabilities, platform, lot impact. kind areas. is and grow our the then third are of a kind just And opportunity of another so three one got to overall product.

XX% to at of billion years, to the we four $X In a we is XX%. in our guided range the six next mean, the of years plan. within kind see and next terms should still in five expect approaching to revenue I on that margins or so that potentially

Hamza Fodderwala

very Thank much. Okay. you

Operator

MacMillan from RBC Capital comes Ross Markets. Your question next with

is open. line Your

Ross MacMillan

you've new this of landing ago? congratulations now and side, too. of Jenny, to relative of the my you $XXX,XXX. what's color and bigger of On much, the you're metric give deals changed these magnitude and out a over year landing any maybe some around ACV that you've so landing kind initial broken Mark mentioned could and us Thanks deals

Mark Mader

right. When the we look – sell Yes. we offerings just our at we have the there's And of an look opportunity that to can rep seats now profile when Mark. new we this at deals, some at outset, a not capability-based that the for introduce outset, the is at

needs, our seeing at a something element, land we introduce sell very larger. View to the deals you are the earn new magnitude largest when and the today. So of of part still an sell a back we order come of approach there's on much difference from enterprise. opportunity customer still earned was the outset said, right then of outset, company Center from Control very deals. our you our the This it a if and not Dynamic deeply or And on The earned of usage of this expand And what understands notion that is they through one enterprise expand. existing the That that is an base success. the somebody

and that. to then model trying trying pack outset musket to the We oversell. sell on succeed somebody really the We're changing software try amount to build to are our the and and not right and of at

Ross MacMillan

incremental of are are you see some are Makes product map? just sort new products sense. sort governance, highlighted Thank on other Dynamic did road the follow-up year be should that but any we things outside things there Accelerators, you. And which map, to then of Views, we like maybe for last are thinking Thanks. things and new on road And about? audit of obviously Accelerators

Gene Farrell

Yes. Ross, this Farrell. Gene is

I use a lot focused invest our coming like they're think we're engagement solutions And improving about more of to ways we're us. on Jenny build year, to is scale getting around continuing you kind of in We because to against. One support say them a and to five platform areas Smartsheet. that. I'd performance We're customer they'd into this think talked be signal is customers for great lot map collaboration. investing probably bigger, as around need road we're with a grow and able about, and complex driving when

decision the of with our organization. that year. that's dashboard area last up mark popular using That's of customers our visibility, improving capabilities then making TernPro And we and the one very, approve is to working Smartsheet. the content, time part an very acquisition context able teams potential they're for seeing and and ability of to across that that beyond that, be – within delivering been and launched improved on we're content building and real Our collaborative really actually the on

a invest there. see then continue even us are to more do started continue And of they'd those of we around to traction like so more making continue to ago. area workflow with you'll we'll And see be from in the gain couple Smartsheet. automation. That things we years as signal And finally customers and to and see to –

Ross MacMillan

very you Thank much. Great.

Operator

Your next comes with question from Murphy Mark JPMorgan.

is line Your open.

Mark Murphy

thank you. add strong on Yes, finish. And my I congrats will the

curious So Mark, in year-over-year such said and you I just comment Fortune believe expand? on how was to estimation can the in combination I growth a Fortune expansion for types ACV rare typical you're customer? at overall XX% metrics penetrated what you now, opportunity also us so the rates update but of and generating remains of your organizations domain that And much XXX if continue It's XX% of per you're percentage XXX those of to of then runway there the is a improved. you

Mark Mader

Yes.

taking number step we So see average. ACV, tiny. on still a Mark, XX% is, up company mean, of though we're the one the in real even of the did $X,XXX is I blessings

the opportunity magnitude, them what's full reach of watermark the and job to And help possible So an account, reach that. really for we talking high with magnitude. enroll we potential And orders now not of have order people it's on were help our us now. to

contribution from out, tracking as Jenny reported have, over are We we $XXX,XXX customers. now has

have over We $X.X customers million.

over customers million. have $X We

ahead, a Fortune report trying comprehend. contribution not compare to so have $X,XXX organizations Gene these get we But for dollar within that account. as the we value compress speaks you how do demand the to, So when signal And high that to a hear out a you the it's big we is not It to organization, settle they difficult is contribution? about for quickly. should and series watermarks And introduce It's very figure drive people steps. How that one we're stair pacesetter solutions to people what Dollar XXX more smarter achieve growth. to to that really step. Company a $XX,XXX from sometimes to trying multimillion see of that the we're

Jennifer Ceran

And Yes. add to just on maybe to that.

We're close quarter the ACV XXX think talked the to for last now I of I being about $XX,XXX. Fortune that. north average

number and lot So relatively the small of think more the context is to it's there a still opportunity a we in so go.

Mark Murphy

very Okay, little said.

follow-up, last government in think a achieved in terms you characterize thoughts pointed FedRAMP's I are of there for the you're the the contractors, for, on Status and Smartsheet? now as listed conversations size think, how government across initial week any how you I the As federal triangulate would the you cases FedRAMP that Ready agencies at out, of marketplace you have use looking agencies opportunity do and the the just to just the and

Mark Mader

group because interesting it's technology. to population, cloud an parties it's a had respect interested think haven't I a as really of to with, who much work

learning of traditional graduating So mechanisms. People it's working. a from new They're very are information messaging young market. and tracking ways

also management aspect to So it's a will difficult to there's but predict how quickly that change this. happen. We appetite, see change

be is now in with of and that not to we're commercial but in is betas mirrored as Ready, Fed. we observe play saying absolutely part going coming right the we've is, learn a to lot now in doing going months, good the have agencies we news achieved strategy what what we're So in our

as start. our we we see them done. really Smartsheet, government demand time, to we built to then over over signal, to marries. then will took we will we are those have our started see, curious we this progress of is on, what we capability-based fully business then that of get we the with and licensing we the introduce time. thing take our is will and FedRAMP we But how part bringing off out authorization the to And the core and offerings report this first see as What So Ready we're first have hit deals very

So very obviously, to thrilled, of first big again, we're but get learning hurdle. over this real-time for us,

Mark Murphy

Thank you very much.

Operator

from is question Terry with SunTrust. next Your Tillman

is Your line open.

Courtnei Sanders

our is taking Terry. Hi there. questions. Courtnei for This Thanks on for

on maturity, are you it we see situation come dynamic fully every case market expansion application in of a you starting see are latter continue to strategic more where product to where to a the you for case do see a maybe Or you looking and see or at selling, there's could are desktop workers? Looking businesses of is customers? from? knowledge terms use come by put it and think Do whereby in use

Mark Mader

Yes.

strategic a use start we up broke still of what little kind we And is, – your on question seeing You as it mission the I bit case, customers. expand would seeing our say expand in we that, cases more critical capabilities opportunities? number really case use use we are you're there. asking are for But general and of that and by support I think to

seeing much adoption for a critical Company's planning sell you're or territory broader sales implementation on-boarding to for We and client of a driving an touching, that the and their sales when part customers. a execution of when they entire product core example, and are you're planning organization

And that done deals. we've will believe as Recently, would see got that to start more what to continues opportunities wall consolidations grow, a for we so have number some customers of term to that And selected they've we seen those – on competitors. cases, different a platform. work over to across and looked both execution standardize where their execution in smaller organization we in decided and number were play solutions one of wall

that's for about feeling mega a wouldn't we're so, yet trend but us. good say the pretty I trend, And

Courtnei Sanders

one can try I'll more you That's me helpful. if And hear question. okay,

that more terms pulled In to you strong of versus are talk demand demand into proactively? international regions and markets whether you in new a investment expansion, push or in pull build international being guard of terms directing about a can a of

Mark Mader

XXX Yes. today. almost serve a We in customers countries

the service a enhance making more of level to try and the and we're fully. really decision it's to cater opportunity So really

today. really So say a have I this would on the footprint based is pull we

Courtnei Sanders

Thank you.

Operator

with Jaluria next Your question from Davidson. Rishi D.A. comes

Your line is open.

Rishi Jaluria

wanted now I've boots move got go right What field with maybe the traction. you're to right and taking in enterprise the there. full start that pretty the about know sales out doing up I what on just need a my APAC you've to in give international size first, right diverse ground opportunity with of side. great to – see And office and it or actually take, got on presence to Thanks APAC? seems a is happen to, then by half continued London following would but have follow-up. replicate Okay. a I this like and Nice for questions. now, EMEA still

Mark Mader

many, we multiple in fact a regions. different in APAC a APAC, of as I speak single about lived when regions Having think in collection it's often many region

of, So APAC. neat submarkets I of in really various, think within opportunity there's a sort

service to I sale we investment in consulting do is on beyond are from the success, we service. hypothesis retention serve to see the see put people UK able we Today, able dollar U.S. make presence. in net this a sale think we're ground differential really level on APAC we're by and self looking what we is centers provide a to a of capacity, have you our having to

APAC I is also going when we terms comes would interesting real those think into of set So to what we're metrics your And we're quarters a and UK point, and really having looking summer the of. that developing quite early within to we of can these keying us. that in in to see start see focus discussions we're off say we're this for

Rishi Jaluria

there maybe was Got it. number it there but remarks, to for relatively of companies That's not for get the ACV nine been $XXX,XXX, then that prepared to expanding Thanks. looks ARR of helpful. are compares the metric, $XXX,XXX, just how the couple in past new customers how just wanted by it's quarters? like over sense a Thanks. a And

Jennifer Ceran

was back increasing. quarter you go a been if It year, as last And it's Yes. nine well.

nine the in that say, was digits, a it let's year large. comment ago. single very also So was one of I'll low the

Rishi Jaluria

you. Thank Okay.

Jennifer Ceran

Thanks.

Operator

from Canaccord. question Instructions] next [Operator Your is Davis with Richard

open. is line Your

Richard Davis

much. very thanks Hey,

quick and strategic something a some this, of user because and you some question, is forums – maybe yet, that your I first, product things their were at functionality have seems then guys just a conference, so they question talking Do you geolocation is like but question sort quick if the in of attendees the remember So that. have that like could do like, that product not, curious? man, so easy

Mark Mader

their is we the the We factor, forum will actually with think if of desktop. have around location folks we best running of in today. Yes, that not the lot forum factor mobile year at and a end launched mobile be the

So devices. mobile yes, we have in

Richard Davis

is And I an of this somewhat. Okay, competitive perfect. then kind question more interesting, guess,

into you you have gotten ReSkin, public then about kind of Thanks. competitive going But you're size, you – you sorts into service running get has You're but this I you these, How Appian, but space, fast But $XXX,XXX see competitor. of up there's your growing know mean, for Airtable SharePoint, account right. space evolving? now all OutSystems think competitive grow remember to companies a environment and what all should sure. companies move and think when get that see a you're like Workfront how I really you the as of have big moving some in that? evolve, we money. kind how and sets do really like up, Wrike in I do has refinancing. not I the you obviously don't done

Mark Mader

Yes. of some And our there have customers just work focus And different you this is the meet us spaces, collaborative the adjacent data squarely of their are to we our opportunity space. use competitors into organization. we drive developing mentioned our and validation seeing leader the in capabilities capabilities the doing Richard, size around cases. for stretch what are increasing management is and in while so and we're see we the on deeper demand are to serving of

about and being super So able that. where to focused we're we're excited that's capture

Richard Davis

Super. it. much. Thanks Got so

Operator

questions At in this back things I'll to over now any there more Turner time, are for queue. turn Aaron closing remarks. no

Aaron Turner

quarter. to all Well, again speaking next us with today. Great. We you you for forward thank joining look

Operator

call. conference This concludes today's

You may now disconnect.

Smartsheet (SMAR) 19 Mar 192019 Q4 Earnings call transcript