Thu, Jun 6, 8:39 PM (283 days ago)
Smartsheet Inc. reported Q1 FY2024 results, showing a 20% YoY increase in total revenue to $262.98 million, driven primarily by a 21% rise in subscription revenue. Gross profit improved by 23% to $214.66 million, with an overall gross margin of 82%. Operating expenses increased by 10%, leading to a reduced net loss of $8.86 million compared to $29.87 million in Q1 FY2023. The company ended the quarter with $669.52 million in cash, cash equivalents, and short-term investments. Deferred revenue stood at $543.76 million. Key metrics showed ARR growth to $1.056 billion, with a dollar-based net retention rate of 114%. The company highlights macroeconomic uncertainties and competitive pressures as ongoing challenges.