Hello, and welcome to Smartsheet's fiscal year 2022 Investor Day. My name is Aaron Turner, Head of Investor Relations at Smartsheet. It's been over two years since our last Investor Day. A lot has changed for all of us, and we're excited to update you on everything we've been working on with a full agenda today. First, our CEO, Mark Mader, will provide an overview on where we've been, where we are, and where we're going. After Mark, our Chief Product Officer, Praerit Garg, will expand upon why Smartsheet is uniquely positioned in the CWM space, and how our customers are using our powerful platform to drive meaningful change at their companies. His team will also take us through updates on our key focus areas. After Praerit, our Chief Financial Officer, Pete Godbole, will provide a financial update and expectations for future growth. To wrap up, we'll transition to a live Q&A with a panel of our executives. If you would like to ask a question, please submit your question via the chat module in the video player. Before we begin, we are required to provide these disclosures. During the presentation and following Q&A, we will make forward-looking statements. Actual performance and results could differ materially from what is said. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, those described in our SEC filings available on our investor relations website. We do not assume any obligation to update these statements as a result of new information or future events, except as required by law. With that out of the way, on to our show. Let me introduce our President and CEO, Mark Mader. Take it away, Mark. Hello, everyone, and welcome to the Smartsheet 2022 Investor Day. Thank you for joining us. Today, I'm excited to share with you some of the information about where we've been, where we are, and where we're going. A lot of great things have happened since our last Investor Day two years ago, and I'm eager to catch you up on the evolution of our company, our strong financial performance, the growing utility of Smartsheet across industries and geographies, and the tremendous growth we're seeing among new and existing customers. Today, Smartsheet is enabling dynamic work for more than 100,000 customers, including a significant percentage of the Fortune 100 and Fortune 500. These customers are realizing significant outcomes by adopting a no-code enterprise mindset in which more people and more teams move more quickly to take action and drive outcomes that matter. The opportunity for organizations to transform by unlocking better ways to collect, manage, and draw insights from data to dramatically improve business processes has never been greater. Right alongside the opportunity is the pressure to transform. The remote hybrid work style, combined with an up-and-to-the-right trend line of projects, programs, processes, and systems, makes solving for work management an imperative, not just an opportunity. In the past, you've no doubt heard about our land-and-expand go-to-market motion, where we typically land within a small team and then spread virally throughout an organization. That motion has powered much of our growth historically, but over the past few years, we've added a new dimension to that growth equation, climb. Through our combination of differentiating capabilities that enable organizations to drive scaled workloads using Smartsheet, we don't just land and expand within our customers, we land, expand, then climb up the value chain within the organization. This unique land-and-expand, then-climb motion drives a category-leading dollar-based net retention rate of over 130%, and the net expansion rate of our largest customers is even greater. Among our Fortune 100 customers, net expansion was 163% in Q3. Our ability to effectively land, virally expand, and rapidly climb has resulted in nearly 10 million users around the world leveraging Smartsheet to drive meaningful change within their organizations and providing us with an annual recurring revenue of almost $600 million. Before we look ahead, I want to talk a little bit about how we got here and how we've been able to grow year-over-year, year after year for 15 years. In less than 4 years since our IPO in 2018, we've grown our ARR by approximately 300%, added over 5.5 million users, grown our $100,000+ ACV customers tenfold to almost 900, and grown our $1 million+ customers to more than 25, with 13 coming in just this fiscal year alone. We've also more than tripled our median average contract value to more than $6,000. We've done that by targeting an enormous greenfield market and inventing a new SaaS category, collaborative work management, and then continuously innovating for our customers, not being afraid to expand the product or go to market, and not settling for having a great product, but leveraging our direct customer signal to grow a great product into a powerful platform. Not only that, we innovated to enable customers to realize value from both the products and services we provide and those provided by others. Later, our Chief Product Officer, Praerit Garg, and his team will show how we deliver composite experiences through the Smartsheet platform to enable customers to derive maximum yield from their top SaaS investments. Over the years, we've relentlessly listened to our customers and enhanced the Smartsheet platform to empower anyone to drive more value for their organizations. We've improved the user experience, migrated to the public cloud, expanded our no-code capabilities, added European and FedRAMP-authorized deployment options, and added market-differentiating products, like Resource Management and Brandfolder, to our portfolio in order to better serve our customers. Our WorkApps no-code platform allows anyone to streamline business and simplify collaboration by creating and launching intuitive apps using a point-and-click, easy-to-navigate builder. Whether it's an app to manage rhythm of the business or an app used to manage cross-functional programs at scale, such as product launches, WorkApps are configured, shared, and deployed without writing a single line of code. Moving to scale, the recently introduced Data Shuttle enables people to upload and offload their data between Smartsheet and any external system using a universally understood format. Data Shuttle, which is available as a standalone capability or as part of our advanced offering, is already reliably processing billions of records a month for customers. By automatically and seamlessly aggregating data into a Smartsheet environment that is readily available to business units, burden is lifted from IT, and users can make more confident real-time decisions. The success of our land, expand, and climb motion is made possible by the fact that we've created a platform that scales unlike any other in the category. We are often chosen by a new customer because of Smartsheet's reputation as a powerful tool for collaborative project management. As people start to use Smartsheet in their day-to-day work, they discover our platform's ability to do so much more. Let me share with you how we build on that experience. Our relationships often start when a specific team or department deploys Smartsheet to streamline a key process. For example, a global athleisure company initially selected Smartsheet to help with their scheduling of their omni-channel marketing campaigns. What started out as a calendaring use case in marketing soon ascended to an increasing amount of mission-critical workloads, including raw material sourcing, vendor management, third-party facility audits, store development, and the IT PMO. Today, Smartsheet is used across 20 countries, 500 partner organizations, and internally across more than 20 distinct groups. As customers graduate from basic productivity use cases to transforming operational workflows, we see rapid uptake and acceptance across more departments. We see this land, expand, and climb scenario repeat itself again and again, enabling us to attract new customers and then grow within our customer base. By delivering a product that can attach to a broad set of workflows of varying degrees of complexity and scale, Smartsheet becomes increasingly indispensable. As customers dig deeper into the product, they begin to see that Smartsheet isn't just a project management tool, but rather a platform that can be applied to virtually any program or process that involves people inside and outside of their organization. Even better, as customers realize they can also use Smartsheet to automate or create composite experiences with adjacent SaaS offerings like Salesforce, Atlassian, Workday, Adobe, Microsoft, and Google's productivity platforms, its value grows exponentially. That is what we mean by climb. This continued momentum in the enterprise, where we build deep relationships with customers at senior levels and connect to high-value scaled processes, is driving bigger deals and positioning Smartsheet as the preferred choice for work management. Now let's hear how our customers are leveraging Smartsheet to transform their business. Thanks, Mark. I'm Andrew Bennett, Smartsheet's Chief Marketing Officer, and I am thrilled to be joined today by Becky Huwe, VP of Facilities at Dell. Becky, if you could start us off by just sort of taking us through the overall arc of your career and talk to us about how that landed you in your current role at Dell. Yeah. I guess you could always say I've had this reputation of making the complex simple. I've you know been thrown many different challenges over the years, and each time I've been able to you know basically you know solve something, bring some business value to the organization and you know lead a team you know through a lot of change, whether it's from a mergers and acquisition or it's a portfolio change. It's just been something that I've been able to you know deliver time and time again. Kind of have that reputation of being a fixer and being able to you know make the complex simple. God knows we've got a lot of things in this world that we need fixing. It's been interesting and challenging all at the same time. Yeah. Indeed we do. Now, when you first started working with Smartsheet, it was primarily about project management, right? Correct. We had advanced from Excel, and we were using SharePoint list. You know, we had a process where we were looking at all projects, but it was only at a very high level. I was having a business conversation one day with one of our HR partners and explaining to them, you know, Hey, I've been asked to take on this new role. I've been asked to look at, you know, how we up our game within the facilities organization and really add some additional value to our PMO. They introduced me to Smartsheet, and I said, Wow, okay. I dug into it a little bit more and, you know, definitely was very interested. I said, I think we've got something here. This is something that we can you know collaborate, like really collaborate, not just say that we're collaborating and you know have a bunch of emails that are outside of a tool, but we can actually send collaboration notes within the tool. We were able to you know further you know bring different pieces of our processes together and really try to you know up that game. So yeah, that was kind of the first instance that we were looking at. Yeah, you know, that's a really common theme that we hear from our customers is that there's this initial obvious need in the world of sort of straight up project management. Once they get into the platform, they realize there are so many more possibilities that deliver so much greater value. If you could kinda talk about that point where you sort of moved from project management to much greater impact. Yeah. I would say it was ENGAGE '19. I can remember it like it was yesterday. We had you know dabbled into the tool a little bit before the conference and understood that it was gonna you know allow us to do a lot more. Again, it was gonna allow us to do a lot of things without IT because that was another dependency that we had had in the past you know not understanding how to architect certain things. We went to ENGAGE and we went there a day early to get some training because we you know just had some basics and then we needed to know a little bit more about it. We left there after three days wowed. I think we, you know, met with our, you know, sales rep on that last day and said, "We need Control Center, and we need all of these premium features, because there is so much that we can do." We went from session to session. We kind o divided and conquered. I had two teammates with me, and every time we'd come out of a session, like, Oh my gosh, did you know we could do X or we could do Y or we could, you know, This, you know, we could really do so much more. It was being there. It was, you know, seeing how others were using the tool. It was really being able to experience and understand the breadth and the depth, you know, that Smartsheet brought. It was just. It was a world that was open to us and, you know, we went back and started to use Data Shuttle. We started to use all of the, you know, Control Center, as I said. We immediately signed up for Control Center licenses and blueprints and started developing with the Smartsheet consulting team. Awesome. Yeah. Two of the solutions that you mentioned there, I think are very common components of larger customers delivering a lot of value at scale. Control Center, which sort of allows, you know, consistent delivery at scale, and Data Shuttle, which is an integration platform. Could you talk in a little bit more detail about what you're doing with Control Center and Data Shuttle? Yeah. I mean, Control Center has been phenomenal for us because basically, as I said earlier, when we, you know, were putting together our project management plan, we have now basically from start to finish a multi-year strategy. I don't even wanna call it a project plan, but it's a multi-year strategy where we start to think about investments that we need to make. We start to think about, you know, funding that we need. We bring that all together in a repeatable fashion. We've got, you know, over 900 projects at any one time that we're managing, and we couldn't do that without Control Center. That breadth and that, you know, ability to duplicate at that scale is, you know, phenomenal. You know, the integrations, Data Shuttle, and what we do today, you know, from a real estate perspective, we've got a core piece of technology, and it's called an integrated work management system which if anyone's in a real estate organization understands that, where we hold, you know, our leases and kind of our core building information. Rather than duplicating all of that multiple times into multiple different places, we bring that into, you know, some central sheets. We integrate that and update that once a month, and are able to make sure that the data that gets out there and that we're using throughout all these different solutions, stays, you know, up to date. I could go on and on and on. You know, through COVID, we were able to quickly stand up utilizing the collaboration, the notifications, the workflows, our PPE management. That was critical to be able to understand that. You know, each day, each week, whatever we were doing in the process, you know, you would be notified a reminder. You could easily go in and see those dashboards at any given time. Our executive leadership team has visibility into what's going on throughout the COVID pandemic and at their fingertips. So much more than just project management and, you know, an Excel spreadsheet. It's definitely not that. There is just so much more that we're doing with it. Yeah, absolutely. Boy, to your point, 900 concurrent projects, there's just absolutely no way you could pull that off with any degree of consistency, control, scale without Control Center. That's a great example of a super high-value use case. I wanted to talk a little bit about your relationship with IT. We all know that IT has some very important responsibilities that they ultimately have ownership of. At the same time, they need to allow people like you to get done what you need to get done. How do you think about your relationship with IT leadership? How do you sort of balance, you know, the need to let IT play the role that they need to play while still delivering what you need to deliver to the business? Yeah. If I'm honest, it's been a journey. It has not been one that has always been as collaborative as it is today. But we're in a really good spot. When we first started using Smartsheet, the value that was there from a business perspective. Again, one of the reasons that we really leaned into Smartsheet was because of our ability to create without having IT resources. We didn't need to know coding language. We didn't need to know some fancy architecture. We could do it. You know, a bunch of you know crazy folks that are sitting in a conference room and able to put a process on a whiteboard, we were able to then turn that into a solution. You know, from an IT perspective, they wanna make sure that, you know, we've got security in place. They wanna have a way to, you know, make sure that they can track all the licenses that we've got. They just really were not a fan, you know, of using Smartsheet. Over time, we demonstrated to them time and time again the value. As I said, we used Smartsheet to manage our entire COVID situation, whether it was from the very beginning when we were just tracking travel 'cause we thought this COVID thing was only gonna be in China to today, where we've got several different processes of tracking self-report incidents and customer notifications and all different kinds of things, that IT understood, all right, this tool's bringing value to our users. They said, "Okay, we're gonna work with you. We're gonna collaborate." Working with the Smartsheet account team, with us and some other team members from our Dell Technologies, we were able to coordinate and collaborate on some of the things that they needed. You know, there were some security things that Smartsheet had to advance in terms of their enterprise maturity, and a few others, that I think we're in a really good place. Our last, you know, QBR, you know, I attended with Smartsheet and our IT team, and things are really good. We're looking forward to, you know, what Smartsheet is delivering next and how we can further advance that. IT can then even allow even more autonomy within the businesses while they keep their security and their vulnerability to a minimum. Yeah, absolutely. You know, to your point, it's been a huge priority for us at Smartsheet to make sure that at the same time that we're giving you what you need on the business side, that we're also giving IT what they need from the standpoint of security control 'cause any implementation at scale only really works with a great partnership between the business and IT. I wanted to switch gears for a minute and talk a little bit more around the words that you use when you think about the business value that you're getting from Smartsheet. We talk about things like time and visibility and speed. If you were to describe from a business value standpoint what you're getting out of Smartsheet, what are the words that you like to use? Yeah. I'd probably say transparency, speed, and collaboration. We've always, at Dell Technologies, been hyper-focused on execution. We've got, you know, a reputation for, you know, operational excellence, and so Smartsheet's allowed us to even further up our game. There were quite a few folks in the beginning when I used the word transparency, and I explained to them, you know, what this tool was gonna bring to us. They were a little nervous. They thought we were gonna, you know, just show how somebody screwed up. They didn't follow, you know, a process, or they didn't follow a template or, you know, whatever the case may be. What it's brought is a level. We've matured as an organization. We can sit now at the table with the CFO and say, Hey, here's what our business is doing, and here's what we need for our business. Here's the funding we need, here's why we need that funding, and here's what's happening in the business. To be able to sit with them and have a you know a very fact-based conversation, so much so that we go in usually in our planning cycle, we go in a couple months prior to the rest of the corporation, and we basically say, Hey, here's what we need for funding. The CFO has been very receptive to that, very happy that we're able to predict and you know look into the future at what it is that we need. It's really upped our game. It's enhanced our relationships with other pieces of the organization, which just further gives credibility to our team. Yeah. Right? Absolutely. Yeah, transparency is not about Big Brother, right? Transparency is about actually knowing what's going on in the business. Exactly. Yeah. Exactly. All right. To close us out, you mentioned a little bit about managing your company's COVID response. Obviously, our world continues to change rapidly. The ways and the places at which we work are changing. How do you think about the place of a platform like Smartsheet in this very rapidly changing world of work? Wow. I'd say it's endless. I mean, the future for us is all about flexibility and choice. We've coined a phrase that, you know, work is no longer a place, it's an outcome. Mm-hmm. We are, you know, using Smartsheet in so many more ways that I could have ever imagined given my role in corporate real estate and the fact that we're focusing on team member experience and the fact that team members don't have to come to our sites. When they do come back, we wanna make sure that we're providing them, you know, a superior experience. Mm-hmm. One of the things that we've done, we never thought we'd get here but we did, is we've instituted there's no more assigned seating. In order to support that, in order to make sure that we were able to, you know, appropriately allow team members to plan, we had to go out, and we had to basically inventory 130,000 workstations. Oh, wow. Place, you know, put IT peripherals on those workstations and now keep all of that, you know, maintained in a healthy, you know, format. You know, my crazy team used Control Center, basically stood up a solution in 24 hours. I told them that I'd never want them to repeat that, but they did because we had a need, and they were able to do it. Yeah. We now have you know, an inventory management. Again, our IT you know, team uses another major software provider, but this was something that we were able to do on our own. IT is now using it. It's been phenomenal. You know, there are probably so many other opportunities out there that we don't even know, and that's the beauty again of Smartsheet, is that we know that when we've got an issue, we can step back, and as long as we understand the process, we can probably make it work with Smartsheet. It's really understanding what that process is and then you know, putting those workflows, putting those products in place and moving forward from there. It's endless. I'm sure there's many more that I'm not even thinking of today that we'll be using in the coming months. Yeah, absolutely. Yeah, again, you know, to your point, with things changing so quickly and operating an organization at the scale that you do, that combination of flexibility and speed, 24-hour turnaround on a solution at scale that has consistency, is pretty unique value. Well, Becky, it's always such a pleasure talking with you. You're delivering such amazing value to your business with the Smartsheet platform. We continue to really appreciate your partnership, and thank you so much for spending the time with us today. Thank you. Looking forward to 2022. I love hearing our customer stories because they're an example of how Smartsheet is able to drive such deep attachment within an organization. Simply put, it's about being able to power workloads that deliver meaningful value. Some CWM platforms are architected to solve principally for transactional workloads, task tracking, goal setting, messaging, and the like. Transformational workloads, those that drive a business forward at scale and usually involve an array of managers and team members, are multifaceted and recurring and possess the potential for massive ROI when transformed, and that's where Smartsheet excels. Think about the sheer number of people and energy required to operate programs of scale. Whether it's standing up new facilities, driving consistency across a project portfolio, or ensuring that changing specifications are applied across a common set of design initiatives, there is so much more involved than what, when, and who. Smartsheet enables the how by bridging data, workflows, and insights and providing mechanisms for consistently applying change across a portfolio. The Smartsheet platform and its differentiated capabilities allow us to solve for a massively diverse audience of industries, functions, and personas, helping place us in the upper right of the leaders quadrant for both the G2 project and portfolio management and digital asset management grids. Smartsheet continues to deliver real, measurable value for customers. In a commissioned study Forrester Consulting released today on the total economic impact of Smartsheet, the research organization calculated an ROI of 680% on a company's Smartsheet investment and a payback of fewer than 6 months. Among the key productivity gains called out in the study was a 75% reduction in work management-related emails and an 80% reduction in time spent on project, portfolio, and program setup. We've included a link to the study on our investor relations website. Sustaining leadership and achieving our mission is a function of us doing three things exceedingly well. One, keep the customer at the center of all we do. From delighting first-time users to helping CISOs implement robust policies to guiding organizations on how to leverage Smartsheet's versatility for increasingly sophisticated mission-critical workloads, we must keep customer need and preference at the core. Two, deliver enterprise-grade experiences, reliability, scalability, security, manageability, and value. They each matter and are fundamental to earning the trust of customers. When we say scalability and security, we mean much more than being able to manage the next project, add the next team member, or prevent unauthorized access. We mean providing solutions for navigating the complexity that is inherent with multi-node, cross-function, and cross-company deployments. Three, a relentless focus on growth. It applies to all we do for our customers across innovation, marketing, service delivery, and engagement. We must never be satisfied with the status quo. We are now in what I see as our third significant phase of growth. In phase one, our first 10 years of operations, we identified an unmet market need, delivered a solution for that, and created a new market category. After proving product market fit, expanding our feature set, and investing in our go-to-market, we grew our business to $50 million in ARR, serving thousands of teams. During the second significant phase of growth, from 2016 - 2021, we 10x'ed our ARR to more than $500 million and drove adoption of the Smartsheet platform, completed strategic acquisitions to enhance value for customers, and demonstrated the ability to serve the leading companies in the world at scale. As we enter our third phase of growth, we're focused on further scaling in our existing markets. Growing even faster in the new markets we enter and ensuring that we build the business for durable long-term growth. It's more than striving for delivering the next 10x of growth. The 10x mindset should also apply to the work and impact we enable our customers to have on their employees, their customers, and communities. Whether we're helping NASA land a rover on Mars, Special Olympics athletes beat their world records, or Roche hyperscale a COVID testing program in the midst of a global crisis, the work we do with and for our customers matters. Going forward, we'll strengthen Smartsheet's position as the platform for dynamic work that scales from a powerful collaboration tool all the way up to being the scaled work execution platform that transforms projects, programs, and processes for global organizations. We'll continue to position the thousands of Smartsheeters and Smartsheet certified professionals for success so they can achieve their highest personal and professional goals. We have an executive team that executes as well as any I've seen. Product and developer teams who bring imagination and care to address customer needs, and an entire organization focused on our customers' transformational outcomes. As we enter our fourth year as a public company, I have never been more excited about what we're about to do at Smartsheet. We have an incredible platform that's helping transform the way people work. We have a team that's eager to take the company to the next level, and customers who are ready to invest and benefit from the next great category in SaaS. We are grateful for your support and trust and look forward to delivering for you and our customers. Now I'd like to introduce you to our Chief Product Officer, Praerit Garg, who will walk you through what makes Smartsheet uniquely suited to land, expand, and climb within organizations of all sizes. Thank you, Mark. Over the past three decades, we have seen an incredible pace of innovation for businesses, primarily along two vectors, IT infrastructure and personal productivity. IT infrastructure saw client-server computing, the Internet, virtualization, security, and cloud computing. Personal productivity transformed how we wrote documents, analyzed data, gave presentations, communicated with each other, did research and design, created images and videos, searched and consumed information, even how we wrote software. Despite all this innovation, one influential business persona seems to have been left behind, all the managers in an organization. When I say managers, I don't just mean people managers. I mean all types of knowledge workers responsible for driving work across any organization. These are the managers managing projects, programs, and processes. For example, marketing programs, brand campaigns, HR processes, IT projects, research and development programs, product launches, procurement processes, manufacturing processes, logistics, just to name a few. They are instrumental in defining and standardizing work processes, helping break down work, coordinating across team members, tracking progress, making process improvements, removing roadblocks, and so on. Many managers are still using the most rudimentary and suboptimal tools, such as spreadsheets, presentations, emails, and meetings, that weren't really built for them to drive work across their teams and organizations. They have to put a tremendous manual effort to capture work, synthesize progress, and engage team members. They often have too few metrics to assess where the process bottlenecks are to meaningfully improve effectiveness of their team members. Smartsheet was founded on the vision that empowering anyone managing work with tools that are optimized for driving work can meaningfully change how work gets done. Our founders started with the simple observation that managers often started with a tool like spreadsheet, even though spreadsheets weren't really built for driving work. However, they observed that a spreadsheet enabled the managers to define units of work in a way that made sense to them and their teams. For a brand manager, it may be creative assets. For a lab manager, it could be experiments and specimens. For the IT support manager, it is tickets. For the software engineering manager, it is usually epics and stories. They were also able to use the flexibility of a spreadsheet to capture and track all kinds of information about each unit of work, who is responsible, the timeline, dependencies, effort, status, risks, and so on. However, this is where the utility of a traditional spreadsheet ends as a work management tool. It doesn't offer intuitive ways to group units of work or further subdivide them. You can't visualize it in a way that makes sense when taking action. For example, dragging cards on a Kanban board or as a Gantt chart or as a timeline. You don't have built-in column types that make it easy to assign work and even an intuitive way to name them. So you couldn't automate notifications to team members or capture discussions and progress. Furthermore, spreadsheets typically stored as individual files also don't scale and are hard to collaborate on for an entire team. These insights led to a 15-year journey of building the Smartsheet platform, a dynamic work platform that is optimized for managing and driving all kinds of projects, programs, and processes happening at organizations of all sizes and across all industries around the globe. The reason we are able to deliver these work management experiences is Smartsheet's data architecture foundation. The core Smartsheet platform is underpinned by a highly scalable grid system that provides a rich and flexible data model to capture comprehensive information about any type of project, program, or process and enables teams to act upon it. Let me now introduce you to Cynthia Tee, our Senior Vice President of Engineering, to dig a bit deeper into Smartsheet's underlying grid system that makes it an enterprise-grade platform for driving work across organizations of any size. Thanks, Praerit Garg. As teams grow, span the globe, and demand real-time information, project managers want a solution that enables them to coordinate multiple units of work, whether it be rolling up data across several initiatives or having visibility across multiple projects. This is especially true in large organizations where productivity is defined by the ability to share and access information across a portfolio of projects that capture work spanning hundreds or thousands of people. The Smartsheet platform horizontally scales using sharded database technology to support a high volume of data, as well as multiple numerous requests to process these data. This allows us to achieve high availability, storage capacity, and responsiveness. With this foundation, Smartsheet powers seamless sharing of assets across organizations of any size, allowing project managers to provide access at different levels to different team members based on what is relevant to them. Imagine sharing information from a project schedule or budget sheet across a large organization. Share a little or share a lot. Share single cells or full rows from a sheet. Share the entire sheet itself. Even better, share multiple assets across an entire organization. Our platform allows project managers to control access levels so different team members can view what is relevant to them. You can even share the appropriate information to collaborators outside your organization. There's more. With cell linking and cross-sheet formulas, project managers connect data across several Smartsheet assets with the ability to perform calculations across several assets, giving project managers the flexibility to organize and aggregate information more efficiently. Imagine easily rolling up milestone dates across several Gantt charts to produce an aggregated roadmap view across a portfolio of projects in an organization. What about acting upon data to make informed decisions? Our platform enables workflows that automate notifications, update requests, and approvals at scale. Imagine kicking off a notification to the appropriate team members when a key milestone changes in an overall organization roadmap, or informing a project manager when they need to approve a budget request that represents an aggregated total across several projects. Our platform powers actions taken across teams. Beyond aggregating information and acting on it, there's something we call Work Insights. Our grid platform contains the complete history for all the data entered into a Smartsheet asset. This means every single row, cell, and column edit is captured. By leveraging a data warehouse service like Snowflake, we can analyze this rich history data to provide valuable visualizations and insights that help project managers continuously improve how work gets done. Let's take a supply chain use case. As a project manager, you're interested in tracking each inventory item as it moves through every stage of the supply chain. You use a sheet to capture the status or stage that each inventory item is in. With rich history captured for your sheet's data, not only can we automatically generate visualizations of the current capacity and load of your supply chain, but we can also generate these same insights for past dates. This allows you to answer questions like, how has supply chain capacity fluctuated over time? Where can it be optimized? We can even build upon this in the future and provide predictive insights. Smartsheet is way more than just a sheet. It's a highly scalable dataset with rich work information that powers richer collaboration, consolidation of information, and insights that help our customers improve the way they get things done across any and many large organizations. Back to you, PG. Thank you, Cynthia. As Cynthia notes, our horizontally scalable grid platform provides us the most flexible and powerful foundation to continue innovating for our users and helping them meaningfully change how work gets done across their organizations. Our customers are able to visualize their work using a view that is intuitive for them, a Gantt chart, an agile board, or a calendar. They can quickly add a form space intake process, attach digital content, trigger an update or an approval workflow. They can have their teams easily collaborate and converse in the context of their work. They can add reports and dashboards to create curated visibility across their teams and stakeholders such as executives. They can package all these work management assets up into a WorkApps that is easy to find, maintain, and navigate for their teams and stakeholders. That's capturing the full breadth of work on one platform. Every company is founded with a philosophy that underpins its products and customer experiences. In this nascent CWM market, we are seeing multiple philosophies play out as well. One philosophy seems to be a highly opinionated data model and product experience that dictates how teams collaborate and drive work. We believe that is too limiting. Another philosophy seems to be to become an operating system and reinvent tools that already exist. We find that misplaced. At Smartsheet, our customers across various industries have taught us that teams pursue work through innumerable different processes, each intuitive and optimized for the team choosing to use it. We believe managers and their teams want their work management solution to provide a highly curated experience that is just for them. We also believe that their work processes require incorporating existing best-in-class tools that teams already use to do their work and do not need to be reinvented, simply integrated well. As such, our focus is to provide our users a rich set of work management experiences built on a flexible data model that can easily be adapted to the needs of a specific project, program, or a process. Furthermore, we are also focused on providing easy-to-use integrations with many other popular tools that customers have already invested in. With WorkApps, we are giving managers and their teams exactly that without needing to write a single line of code. As part of Smartsheet Advance, WorkApps can now be deployed at scale to standardize work management across an entire portfolio of projects and processes used in an organization. Rekha, our Senior Director of Product Management, will tell us how we are reinventing our customer's ability to scale and standardize projects, programs, and processes across their organization. Over the past three years, the Smartsheet platform has grown organically into something much bigger than where we started. We are now a powerful platform that's widely adopted by customers of all sizes to build solutions to manage their business processes. Non-technical business users are now able to create their own solutions without help from IT, and these solutions are having a massive impact on the efficiency and quality of work life at their companies. Today, I'm going to touch on four of our products that allow customers to solve sophisticated workloads. These workloads are often highly scaled and data-intensive. Let's dive into how Data Shuttle, DataTable, Smartsheet Control Center, and WorkApps are helping organizations scale to their new heights. Data Shuttle enables customers to upload or offload their data between Smartsheet and ERPs, CRMs, and databases. With the power of Data Shuttle and the newly launched DataTable, customers can enable visualization and collaboration on large data sets. With all data in Smartsheet, one can trigger automated actions, display metrics and summaries and dashboards, and make data-driven decisions that improve the way we work, all without specialized technical skills. With Smartsheet Control Center, project managers can deliver project consistency and visibility at scale by automating project creation, aggregating portfolio reporting, and managing change. WorkApps and Control Center are the principal engines of our solutions at scale strategy. WorkApps binds components together and make it easy to execute processes, while Control Center enables us to scale to tens of thousands of solutions. As a reference, Smartsheet Control Center is present in almost all consulting engagements. Data Shuttle now executes over 2.9 billion rows of data per month, and WorkApps is in use by more than 38% of enterprise customers. For a better understanding how these products help organizations scale, I'll walk you through an example solution based on the energy industry. Let's take a look at Carl, a newly promoted national director of operations for a sustainable energy company. It's a big step up from the region where he built his career, but he knows he's up for the challenge. Luckily, Carl deployed Smartsheet at the regional level to give him the real-time visibility he needed. His first question in his new job is, Can I scale this solution at the national level? He knows there are legacy data sets at the national level, like the ERP system, that if he could unlock and flow down to the regional level, he could be capturing operational data from end to end. He can do that with our new DataTable product. With DataTable, Carl has the ability to bring and store millions of records of data and make the data available across all of his solutions. No more manual cut and paste. Using our existing Data Shuttle product, he can import data from legacy systems into DataTable. Once loaded, he can connect DataTable right into the existing sheet-based workflows. Also, those processes and systems that Carl worked so hard on rolling out to his region, he can replicate those at scale nationally using the Smartsheet Control Center. Soon, his whole organization will be able to navigate and complete their work for that entire portfolio from the macro national view all the way down to the individual project level with our upcoming capability, Control Center enabled WorkApps. With Control Center scalability and WorkApps ease of use, portfolio and project management has never been more clear and impactful. Now, let's see how this plays out at the energy company's local operations. A technician starts their day with a tailored Work App built for them that captures their maintenance schedule and highlights their priorities. Out in the field, they can access their customized Smartsheet form on a mobile to log failures and order replacement parts right on site. It's that simple. Because Carl came to his new job with scale in mind and a platform that thinks likewise, he now has a solution that gives him full transparency to what's happening across all teams, all regions. Whether it's DataTable's ability to store millions of records of data, Control Center allowing anyone to replicate hundreds of projects, or WorkApps making it easier than ever for project managers and their team to get more work done, Smartsheet has developed unique capabilities unlike anything else in the market, helping organizations ascend to their next stages of growth. Over to you, PG. Thank you, Rekha. While giving our customers the ability to scale is key, we also need to give IT the controls and visibility they need to manage the Smartsheet platform in their environment. Gaining trust and endorsement of enterprise IT is key to broad adoption across any large organization, particularly a work management platform where there are potentially tens, even hundreds of business unit buyers across the organization. Here's Sri, our senior product manager, to tell us how we take our understanding of the needs of IT and craft the tools and controls necessary for them to do their jobs. Thanks, PG. Scaling across any business is a challenge, but scaling at the enterprise level is uniquely so. Unlike $50,000 contracts that are typically done at the business unit level, contracts of $500,000 or more require CIO-level buy-in, trust, and most of all, value. Over the past couple of years, we have made a number of investments to gain the trust of IT, and as a result, we are seeing a significant share of IT budgets with a rapidly growing base of $500,000+ ARR customers. Capabilities such as Admin Center for administering the platform centrally, event reporting for data loss prevention, customer-managed encryption key support for greater control over data, and deep corporate directory integration for fully automated user management beyond just SSO support. Most recently, we have launched Enterprise Plan Manager, giving IT managers visibility and control over all Smartsheet usage across their enterprise, while allowing business units to continue to manage department-level usage and control their own budgets. Let me show you how it works. Let's take as our example an IT director looking across all of our stakeholder orgs, each one tapping into the power of the Smartsheet platform. While things are great, our director is looking for an added level of control, the ability to tailor policies to the specific needs of each org while eliminating possible security risks. With Enterprise Plan Manager, she can. No more will it be one policy to rule them all. Now, using the straightforward tool, she can centrally manage and govern multiple plans across her business by grouping these plans by family and cascading these settings and configurations down to each plan based on the unique needs of the business. This makes it possible for teams to have granular control over their plans and billing while IT centrally manages security and governance control across the entire organization. Speaking of security, our IT director also wants to use her MCAS system to log Smartsheet events at the event level. She's happy to tap into our new Microsoft MCAS integration, so now all of her security event tracking can flow into one system. Here, she can set policies to alert her and the InfoSec team when malicious behavior is suspected, so they can take action to keep their data within Smartsheet safe. Finally, since our IT director is managing instances for our offices overseas, she's happy to learn about our expansion plan for regional data hosting. In addition to our North America and U.S. government regions, she can now leverage our dedicated hosting offering in Germany to help address specific compliance, privacy, and governance needs in the European Union. While others in our category may say that they support their enterprise customers and even offer enterprise pricing, this level of support, partnership, and control is what we mean by enterprise scale. Understanding the deeper needs of IT leadership and working to meet and exceed those needs has been our strategy, and it's paying off in wins and relationships that continue to land, expand, and most importantly, climb. Back to you, PG. Thank you, Sri. Now, let us show you how the Smartsheet platform enables our customers to build powerful experiences for specific manager personas and their teams. First, we will look at work happening in marketing departments of any organization and show you how the Smartsheet platform is transforming them. Deepa Bala, our Senior Director of Product Management, and her teams focus on the needs of marketing managers and their teams. After that, we will take it one step further and have Robin Sherwood, our VP of Product Management, show you how Smartsheet platform's modern approach to project and portfolio management, or PPM, is transforming projects, programs, and processes across entire organizations. Hello, everyone. We've heard today about the evolution of work and that the scope of many job functions is rapidly expanding. A prime example of these shifts can be found in the marketing function, as its complexity has exploded in the last decade. Today, marketing teams must deliver high-quality, personalized creative campaigns and content at breakneck speeds in various formats across six or more channels with the volume of work increasing every year. The imperative to create compelling customer experiences across your organizations has multiplied their workload manyfold, but today's tools hold them back from driving alignment and creating efficient marketing operations. To orchestrate their work, marketers hack together processes using disjointed tools like email, chat applications, spreadsheets, and file-sharing tools. This leads to higher costs, lower volume, lower quality of work, poor visibility of results, and poor ROI. Employee morale also suffers as they're working longer hours on an increasing number of manual tasks. Probably one of Smartsheet's best-kept secrets is that many of Smartsheet's larger customers have been using Smartsheet to manage their marketing processes and marketing work streams for many years now, and we've had a front-row seat to the challenges they face. As an example, prior to adopting Smartsheet, a large global sports apparel company's online marketing team used spreadsheets to plan projects, Box to share files, a DAM tool to manage and distribute product images and collateral, email to request feedback on promotional materials, and Microsoft Teams to have conversations on project items. They were not unique in the pain they were feeling as a result of these hacked-together processes. Here are some insights from a survey conducted of creative teams that illustrates their struggles. 72% of employees that create content struggle to keep up with the volume of work. 50% spend a full day a week just on manual administrative tasks because of their hacked-together processes. 67% of businesses suffer reduced ROI due to siloed marketing activities. Campaign cycle times are 32% longer due to inefficiencies. These are the very struggles that Smartsheet can address effectively. With feedback from over 300 customers, including 40+ CMOs, VPs, and SVPs across companies like Forbes, Uber, Dell, et cetera, we built a deep understanding of the marketing function. We have identified four key user types and their specific needs. The marketing manager looking to drive collaboration and alignment, the creative head looking to manage capacity and resources, the marketing operations team focused on aligning processes across the MarTech stack, and the exec looking for visibility into spend and ROI. This deep understanding enabled us to embark on a plan to meet marketers' needs with these acquisitions and investments. Reviews and approvals of marketing content is critical to success in marketing, so we acquired Slope and have integrated proofing natively into our platform. Time and resource management is an imperative for creatives and marketing execs, and we serve this need with our Ten Thousand Feet acquisition. Ensuring brand integrity with one source of truth for brand assets and eliminating asset chaos is vital to the success of marketing teams, and we address this with our Brandfolder acquisition. Critical integrations to key MarTech and creative applications like Adobe Creative Cloud empower marketing managers to track all work centrally while allowing creatives to work in their app of choice. We've been delivering other valuable integrations to the most important marketing applications as well. Customers are reaping the benefits of these capabilities. We weaved in proofing seamlessly, and now with Smartsheet Proofing, you can review more than 20 file types and can set up workflows for various rounds of proofing. We've seen our proofing usage grow rapidly since our launch in fall of 2019, and just within the first 10 months of this fiscal year, we've already seen a 246% growth in proofing when compared to last year. Average daily users have grown by 326% year-over-year, and unique organizations using proofing have grown by over 200% compared to last year. In fiscal year 2023, we are focusing on intuitive and authentic integrations between Smartsheet and our premium capabilities, Brandfolder and Resource Management. Our vision is to empower marketing organizations with a single platform to seamlessly orchestrate their marketing work, content, and people to deliver better customer experiences at scale. With Smartsheet, marketing teams can create the processes, workflows, and insights to reduce inefficiencies, improve the ROI of marketing activities, and move faster with confidence. Marketers can use Smartsheet for many scenarios, like campaign management, digital marketing, go-to- market, managing creative operations, et cetera. Let's take a look at how we bring this to life with campaign management. Say, for example, we have a marketing manager, Pat, working for a big outdoor online retailer. They're launching their very own line of trail bikes, a first for them, of course. Pat wants to make sure they are super successful with bringing it to market. He provides the details of the launch via a very simple form. This gets it into the leadership team's queue for review and approval. Once the campaign is approved, all systems are a go, and a workspace is automatically created for Pat and his fellow stakeholders in other departments. Each team member can see what's assigned to them and plan and manage their work streams through role-tailored WorkApps that bring everything relevant together for them. Now, Pat wants to leverage branding from a similar successful campaign earlier in the year. Rather than reinvent the wheel, he'll update an existing banner asset using the Attach from Brandfolder functionality. Now Pat's working with a UX team that's designing an interactive walkthrough of all the new bike's key features. As they wireframe the experience, they can push review comps straight from Adobe XD and into the project's proofing queue. From there, Pat can make sure the work is getting done, checking the progress against the outlined plan, like photography and asset creation with our Work Insights feature. Just one click, and a quick and easy snapshot of status is built right into the sheet. Proofs can be reviewed and annotated via Smartsheet Mobile, which is how one of the approvers signs off the proofs. Once proofs are approved, they can be pushed right into Brandfolder, so partners and teams can get them into their page layouts, emails, and social placements, all from one easy-to-access digital asset management system. In fact, when the hero shot for the bike line comes through, our marketing manager, using Brandfolder's CDN functionality, can tag it to be served straight from Brandfolder and onto the homepage for launch. Even for those of us who don't work in marketing, it's easy to see the benefit of having all of these workflows taking place in one system with one set of data, all interconnected and automated to keep teams engaged and everything running smoothly. As the scope of marketing teams continue to grow, Smartsheet is poised to be a leader and trusted resource for organizations that need powerful solutions to ever more complex mark eting challenges. Hello, everyone. The most important question any organization can ask is: Are we working on the right things? We have limited time, money, and people. Are we allocating them in the most effective way to achieve our business goals? This is the objective of project portfolio management. PPM is the most common use case we see in our customers. It shows up as departmental PMOs or enterprise-wide, new product development organizations or service delivery teams. It spans every industry vertical. What we have noticed is that buyers tend to fall into two categories, those who are familiar with PPM, who have experience with traditional tools and know the jargon, and those that don't. The traditional PPM buyer is looking to replace a legacy tool that may be powerful but too rigid to adapt to their changing business needs or has a poor user experience and lacks the engagement from team members needed to enable confident decision-making. The other buyer doesn't know what PPM is, doesn't have a name for what they need. We call these folks the emergent PPM buyer, and they are some of our climbers. Folks that maybe bought us for one thing, then saw great value in expanding with us. They are maturing to a portfolio approach out of necessity as they manage projects at scale. These buyers are not looking for a PPM solution. They are just asking, "Are we working on the right things?" They're not simply PMO directors. Instead, they are marketing managers, implementation managers, and HR managers trying to achieve their goals with limited resources. These people are already leveraging Smartsheet to manage their work when they realize they can start to make more strategic decisions because of the capabilities of our platform. Light bulb moment. They are looking for a portfolio approach to collaborative work. However, a portfolio approach doesn't start with a tool. It really starts with business objectives. This could be a planning process for real estate, a new product development life cycle, or maybe it's managing the competing demands of a shared services department like marketing or IT. The key is to define desired outcomes and then build a process to ensure the work aligns with these goals. A portfolio approach is about ensuring you're putting resources on the right projects. What's powerful about Smartsheet is that the platform is adaptable to the unique processes of different organizations. Once goals are defined and we have a good outline for the business process, we can start to map this to the capabilities of Smartsheet. In our experience, there are some common steps that every organization needs, like intake, portfolio reporting, and resource management. However, each of these will need to be tailored to each team or department. This requires a dynamic platform. Let me show you how that would work. We can start with a simple sheet as a project inventory that not only captures where they are in the life cycle, but how they're tracking in cost, measured in dollars, time, or work hours, as well as their projected value relative to the business. Once we establish the inventory, we can start to get an idea of what's critical and what's less important. Now, as new work comes in, we can compare it to what is already in flight. Let's talk about new work. Demand management and intake eliminates randomized requests coming in from the sides. It could create a place for new requests to land for review, approval, and prioritization. Now, project requests can be compared to work that is already in flight. To make comparison even easier, we can leverage formulas, create a scoring system, and see how new requests stack up against work in progress. Once we've determined a new request is important, we can evaluate the impact on work in flight. By leveraging reports and dashboards, we can create an intake overview that can be shared with stakeholders so everyone can see what the priorities are and where requests stand. Real-time dashboards and reporting can also be set up to highlight progress and performance of the entire portfolio or create project-level dashboards to drill into the details. Teams spend less time on status reports and more time doing the work. Our dashboards are easy to configure, so managers don't need to be a developer or a BI expert to report on progress. Speaking of managing teams, we need to understand the impact of change on our people. Do we even have the right set of skills to take on a new project? This is where Resource Management comes into play and where we see buyers climbing to a new higher-value solution. Since Resource Management layers in the availability and skills for each team member, it is critical when fielding new requests and reprioritizing the work. When you ask yourself, Can I take on this project, and do I have the resources necessary? You can have a single view to see who's allocated and who's available, but also be able to shift and reassign work on the fly to optimize utilization and match projects with abilities to help ensure success. Once the process is established, leveraging forms, sheets, reports, and dashboards, Control Center can package them into a templated practice so the organization can work consistently at scale. Control Center is another great example of how organizations expand and climb. Demand intake, portfolio reporting, and resource management. All of these things are happening at every company right now, but they tend to take place in disconnected ways and disconnected systems. Having a portfolio approach where work is aligned, standardized to fit your processes, and playing on the same platform will allow you to make better decisions with more confidence, so you have a greater positive impact on your business. At Smartsheet, we look at everything with a portfolio mindset because this is how we see our customers work growing, maturing, and climbing. The more things are informed by each other, the better things flow, the more value you create, and that's the power of our platform. Thanks, Praerit and team. I love hearing about all the innovations we're bringing to our customers. Next, our CFO, Pete Godbole, will outline how these innovations translate to our financial performance. Pete? Thanks, Aaron, and thank you everyone for joining us today. I'm going to spend the next few minutes updating you on our growth drivers and key investment areas, our medium-term targets, and provide you more insights into customer cohorts and trends. I joined Smartsheet a little over a year ago because I saw an early-stage market with massive potential and a market leader in Smartsheet that was poised for rapid growth. Over the past year, I've observed a team with relentless customer focus. That focus informs our product roadmap and motivates our team to help our customers capture maximum ROI from their Smartsheet investments. That focus translates to our financial performance as well. The strong execution across all aspects of our organization manifests itself in the form of accelerating revenue and billings growth, the highest rate of customer additions in our $50,000 and $100,000 ACV buckets, and market-leading net expansion rates. Our land expand and climb go-to-market powers strong, durable revenue growth rates. There are two motions powering our business model: the viral self-discovery and adoption, as well as our assisted sales motion. When a customer begins their journey, they typically start with a single group or department. Our platform then spreads virally through the organizations as other users and departments see the value of Smartsheet and adopt it for their own use. Over time, we engage more senior levels within the organization as we attach to mission-critical workloads and processes that take advantage of our differentiating capabilities. We repeat this motion across our 100,000+ customers. The power and effectiveness of this motion is best shown by our customer cohort curves. This chart shows the cohort of customers acquired in the first quarter from fiscal years 2014 to 2022. The dark line at the bottom of the chart shows our customer cohort from Q1 of FY 2014. The value of that cohort is now over 900% of its original starting value. We see similar and improving trends for each subsequent cohort. For example, our cohort from Q1 of fiscal year 2020 is now over 200% of its original value. Our cohort from Q1 of fiscal year 2021, born in the beginning of COVID, saw 50% growth in its first year in a challenging macro environment. Our execution since 2014 has demonstrated our ability to successfully expand these cohorts across varied economic environments. Back in October 2018, our first investor day, we outlined our expectations to reach $1 billion in revenue between the years of FY 2023 and FY 2025. We now expect to hit that revenue threshold between the years FY 2024 and FY 2025. We see many signals in our business that give us confidence in this target. Namely, a re-acceleration of revenue and billings in recent quarters, and improvement across nearly all business metrics. Simply put, we are seeing incredible broad-based momentum in our business. We're experiencing ARR growth across all industries and customer sizes. As you may know, our subscription revenue mix is diverse. It is comprised of both seat licenses and capability-based products, such as Control Center, Dynamic View, and our connectors. Earlier this year, we bundled these capabilities into Silver, Gold, and Platinum advanced tiers. Advance provides our customers a simplified way to acquire, deploy, and leverage the full power of the Smartsheet platform to drive incremental ROI within their organizations. Customers see these capabilities as differentiated offerings and enable Smartsheet to connect high-value mission-critical workloads. Capabilities play a key role in our ability to climb within our customers' organizations. Since our IPO, our capabilities have grown as a percentage of our subscription revenue from 6% to now over 24%. As we approach our $1 billion revenue target, we expect capabilities to grow to 35% of our subscription revenue. Many of our investments over the last few years have been oriented towards enhancing our ability to expand and climb within organizations. What about the land part of our go-to-market strategy? We've taken steps to enhance our land as well. With our refactored entry plan, which we call our Pro Plan, new customers can now get started in a more collaborative and cost-efficient way. This is just one of many investments we've made this year to support our growth of new customers, and early results are promising. In October, for example, we set a new Smartsheet record for licenses added by new customers. We've added thousands of new customers this year. Improving our ability to acquire new customers is just as important as our ability to expand as we know that these customers provide the foundation of our growth in future periods, given our sophisticated and powerful expansion motion. To reach our billion-dollar revenue target, it will be imperative that we continue to grow the ARR contribution of our largest customers. This year, we've had significant success on that goal. In just this fiscal year alone, we've grown the number of customers with ARR over $1 million by 13 and now have 26 customers over that ARR threshold. There are plenty more customers on their way to joining that cohort. We now have 66 customers with ARRs over $500K, up from 35 a year ago. We have sizable seed deployments among these large customers. Three of these customers have over 100,000 Smartsheet users. I'd like to give you an example of what the expansion path looks like for one of our largest customers. A single team landed with us in 2013 with an initial ARR of less than $1,000, at which point Smartsheet was end-user managed and deployed. This initial land led to an IT assessment in which the first enterprise agreement was signed and enterprise licenses purchased. Through the virality of the product and the expansion motion deployed, the account grew. From there, capabilities, starting with Control Center, were acquired and implemented, allowing Smartsheet to attach the mission-critical workloads across the organization. Today, the account is very much in climb mode, where over 60 functional groups across many departments are attaching Smartsheet to an increasing amount of mission-critical workloads. With more than 50% of their multimillion-dollar ARR tying out to capabilities, the organization has yielded so much more out of Smartsheet than personal productivity and is attaching to projects, programs, and processes at scale. Another growth lever we are actively investing in is our international reach. To date, we have customers in 190 countries, two international sales offices in the U.K. and Australia, both of which have performed above our expectations. The fruit of this success is shown in the re-acceleration of our international revenue growth this year. Given this signal and the size of the global opportunity, we will continue to invest in our international growth in various ways. As part of these efforts, we are now hosting customer content in the EU, which enhances our ability to leverage our land, expand, and climb go-to-market motions in that region. We can't forget about profitability. In our past Investor Days, we provided a target model that indicated our ability to generate over 20% free cash flow margins over the long run. We continue to believe we can achieve these margin levels over time, supported by our business model, which generates 80%+ gross margins, strong expansion rates, and churn rates that are now under 5%. In the interim, we see an enormous TAM to pursue. By 2025, IDC estimates the collective TAM for collaborative application, PPM, and DAM markets to be nearly $60 billion. As Praerit's team described earlier, we're engaged in meaningful pursuits supported by strong secular shifts across industries, departments, and categories with product market fit that is resonating broadly. We will continue to invest into this signal to maximize our TAM capture. However, we will continue to invest responsibly as we've done through the course of our company's history as we monitor the rule of forty in the context of our investment levels. In the medium term, we see a three-year outlook that achieves a rule of forty with a revenue growth rate that is 30% and free cash flow margin around 10%. The unparalleled momentum we are seeing is the greatest in our history. Our product market fit spans customers of all sizes, all verticals, and across a variety of personas, giving us the unique opportunity to climb rapidly. Thank you for joining us today. Now back to you, Aaron. Thanks, Pete. Well, that's our show. Almost. Stay tuned as we'll be moving to a live question-and-answer session with some of our executive team. See you soon. We're back. Thank you for joining us for the live Q&A portion of our Investor Day. Joining me today are three of our executives, Mark Mader, Praerit Garg, and Pete Godbole. As a reminder, if you'd like to ask a question, please submit your question via the chat module, but we've had a ton of questions come in already, so let's jump right to it. Mark, the first question is for you. This one's from Brent Thill at Jefferies: What's the biggest driver of the customer motion as it relates to go-to-market? Is it building out an enterprise sales force, or is it really a self-service model as people expand? I think there's actually another element that really precedes those, and that is what the offering is itself. When we talked about capabilities and we talked about Advance and these other elements, you have to have the stuff to go to market with. That is really the underpinning that enables us to digitally market and then also attach our sales team and our consultants and our support teams to our customer experience. I would say, though, that it really depends on where you are in the journey. Once you have identified the things in the portfolio that people understand and can derive value from, at the earlier stages, we do see the digital motion being pretty important. How do you product market to someone? How do you get them to understand what's available? As you go up that ARR curve, the role of the enterprise sales force becomes more and more relevant. When we're moving from a half-million-dollar ARR customer to $1 million and beyond past $5 million, the likelihood that someone self-discovers and directs that becomes increasingly less likely. That's where we can bring a lot of value, de-risk the decisions for customers, and really help compress how they climb. Great. Pete, the next question is for you from an investor. When you said Smartsheet would achieve the rule of 40 with 30% revenue growth and 10% free cash flow margins, what time frame were you referencing? We were thinking of the medium-term plan, and we expected to achieve those numbers in FY 2025. In the near term, we continue to expect to invest as a part of our investment posture. Great. Thank you. Mark, this one is from Terry Tillman at Truist. Would love to hear your perspective both on hiring trends, particularly given the tough hiring environment, as well as retention, given Great Resignation dynamics. He has a follow-up for Pete. I think when it comes to giving people a sense of accomplishment in their careers, you have to have a story that people can get behind. It's not about the product, it's not about the mechanism for how you present that product to someone. It's what are you actually powering? When I look at what we're doing, whether it's in the health space, the government space, in international markets, the outcomes that each of those markets and companies in those markets are experiencing is what attracts someone to our company. The ability to feel like you're contributing to an outcome, and you can articulate what that outcome is actually super durable. In telling those stories and getting people, whether you're a developer or whether you're someone in finance, getting them to understand how they're contributing to that is fundamental to attracting and retaining talent. Terry had a follow-up for Pete. How are you thinking about sales capacity plans as we move into calendar year 2022? More or less, more, less, or the same as calendar year 2021? In calendar year 2021, we invested based on customer signal we saw. That's across demand we saw across all transaction types, all customer sizes, all verticals. We expect that trend to continue into fiscal year 2023 and calendar year 2022. That's gonna continue as a part of our investment posture to go after the opportunity we see ahead of us. Praerit, an investor has a question for you. Curious what you all are doing to drive easier and more frequent product feature discovery for customers and users. It's a great question. As Mark sort of talked about land, expand, and climb motions, all three of those vectors matter. On the land dimension, which is about discovery and also the expand dimension, where people discovering in vital motions, we're doing significant amount of work. One of my favorite areas that we are working is the recommendations engine that we have in the product, where, as customers use the product, we actually introduce capabilities in the product to them. It's like a simple thing like, when you do a formula in a particular sheet and you drag it across the column, we recommend that you might wanna use column formulas. You know, those kinds of simple introductions to features in the product allow people to actually discover more capabilities. Yeah. Praerit, it actually triggers something for me when I think of how would someone know to graduate to something better? What we're able to do is we're able to identify a pattern of work. Let's say I have a program, and I'm doing it over and over and over again. Our system has the ability then to stop them and say Hey, there's actually a better way. There's this thing called Control Center that allows you to graduate. If someone is only familiar with how they've done in the past, how would they know that this other thing exists? I think what you said about that recommendation engine, it really spans both to discrete features like you spoke to- Right. also the capabilities that we offer. Absolutely. Mark, this is from Mark Murphy at JP Morgan. Are you sensing an extra tailwind or incremental C-suite engagement, specifically due to initiatives which provide remote workers/hybridized workforces with the tooling they need for this new world? Do you see more formal inclusion of Smartsheet in high-level digital transformation plans? I think the hybrid world is an accelerant in the sense that people are wanting to have these conversations, but it goes beyond just collaborative apps. Once the conversation has started, you can then introduce these other areas of value realization, which may have very little to do with hybrid or remote work, and it's all about improving projects at scale and getting programs more rapidly delivered. The conversations are happening. I do think the hybrid piece is allowing access to conversation, but I wouldn't say that's necessarily the tailwind that's driving purchase decisions. Got it. You know, Mark, we also talked a lot in the presentation about this notion of our land, expand, and then climb motion. Stan Zlotsky from Morgan Stanley has a question around that. Many investors are familiar with land, expand. What is different about your climb motion? What are some examples of climb? And behind the scenes, how do you enable climb operationally between your sales and customer success teams? Land and expand are still alive and well, and they're happening. When I think of an expand motion, it is really a continuation of something that has already occurred. A marketing team starts to use Smartsheet. They're using it for transactional CWM. They're managing programs or processes and tasks and such. Then a neighboring team, a logistics team or development team decides to use Smartsheet. That is an expand motion. The climb element is someone taking a next step beyond these transactional simple projects and mechanisms that they use our product for. That is, for instance, going from managing a product launch to managing simultaneous product launches. How do you make sure the consistency is happening across these projects and programs in parallel as opposed to sequentially? Because anything at scale is not about doing one thing well and then doing the next thing. It's about doing 10 things, 20 things, in some cases, thousands of things in parallel. That's when we talk about the climb. It's going from that simple transactional use case to something which is much more sophisticated, complex, and also delivers a ton more value. How does Advance play into that? That was a follow-up from Stan. Yeah. Advance is a packaging mechanism that allows people to purchase a set of capabilities that allow them to functionally scale, that example I used about taking processes and projects and making them consistent many times over, connecting to other datasets or systems, and allowing them to secure, govern, and administer in the most sophisticated large-scale enterprise environments. As opposed to having a large menu of 30 items from which you can choose, Advance is the mechanism for helping people really group those capabilities in a much more straightforward manner. Got it. Here's a question from an investor around how we interface with the RPA space. How do you guys compete against the RPA space with guys like UiPath and Microsoft getting more aggressive here? Do you see the space merging with yours over time? We see that RPA-like tools are actually very complementary to the capabilities we provide. We actually have a really good integrations with UiPath. What UiPath does really well is automating things that may be getting done manually. Whereas what Smartsheet does well is actually capturing the project or the program or the process, and allowing those human interactions and then where automation can be applied. We think that they're actually very complementary capabilities. We'll continue to integrate with those capabilities, to actually get projects, programs, and processes. Yeah. Across organizations. Here's another one from Mark Murphy at JP Morgan. One of the biggest debates in software currently is where software spending was pulled forward into 2020 and 2021. However, Smartsheet guided FY 2023 billings growth substantially above consensus. When you look at your signals and pipeline, does it refute the idea that spend was pulled forward and will substantially and will subsequently degrade in the next 12-18 months? Yeah, we don't really see it as a spend having been pulled forward. What was pulled forward was an understanding of what's available to people. When we look at the secular shift to a future in which work management is prevalent across industry and work groups, this is a many multi-year endeavor. The benefit that we got from these two years was a recognition that the category exists and that it's available to people. I actually think this sets the table up quite nicely for the next few years, where people have the understanding that they can now act on. We were beneficiaries in the last year of people acting on that understanding, but again, this isn't a one-hit wonder in this past year. This is gonna play out over many years going forward. Pete, I haven't forgotten about you over there. Andrew DeGasperi from Berenberg says, "Hi, Pete. In terms of the most recent customer cohort from FY 2021, should we expect them to reach the ARR levels of your FY 2014 core cohort in half the time or less? Is that driven by landing more products with your customers or that you are landing bigger customers? Andrew, as we look at the cohorts, we really see those cohorts as being very healthy. You know, looking at the 900% growth in FY 2014 cohorts is one of the strengths of our model. We see these cohorts sort of growing nicely over the years, but it comes down to the net dollar retention rate. As you look at the net dollar retention rate, we've crested 130%, and we feel good about that number. It's a healthy number, and we see that stabilizing. In the future, in the longer term, we'll see that start to climb as customer adoption scales. That's what we're expecting. Got it. Pete, back to you, from Alex Zukin at Wolfe Research: Can you guys clarify the commentary about the billion-dollar target between FY 2024 and FY 2025, and maybe what changed from the prior thoughts about FY 2023 to FY 2025? As we looked at it, Alex, what I would say is we've looked at the timeframe in which we achieve $1 billion, and as we've looked at the customer interest, customer growth, and the plans we're establishing, we see that as being between 2024 and 2025, given the trajectory of the business. This one comes from George at Oppenheimer. Would you be able to share an update on GSI partner and channel engagement, especially in the context of international growth? Well, I think in regions where we are developing our footprint, based out of the U.K. and Australia, partners have played a very important role because they have really augmented the product and the people we've had on the ground in those regions. I would say internationally, they've actually played a far more significant role than domestically, where we've had our enterprise sales force and our SDRs and our commercial sales reps. While we are building those building our direct teams up internationally, they will continue to be there and play a role. Domestically, we are also now learning from what we've seen abroad and starting to expand that internally. When we look at an ecosystem of more than 600 partners, what is dovetailing really nicely into the partner investment is the portfolio of capabilities that we're making because it allows people to do more advanced, sophisticated things. Partners aren't just about reselling product. It's about how do you introduce solutions to those customers. I think we're actually set quite nicely with the partner ecosystem growing and the offering diversifying where they have more value to deliver to those customers. Yeah, in many cases, the partners connect the dots, right? Just like our sales and field connect the dots, partners connect the dots in specific markets and segments. Especially in the government space, right? Yeah. Where they may have a deep institutional knowledge of what's happening. Exactly ... in an agency, which would take years potentially for us to develop directly. Exactly. This next question comes from DJ Hynes at Canaccord Genuity. In the enterprise customers that continue to scale use, is that expansion largely white space/emergent use cases or are you starting to push out competitive solutions? At what level of spend do you think enterprise customers really start to think about standardization around single CWM project management vendor? I think the opportunity to attach the value is very, very significant. We have not hit that boundary at any customer yet. I would say the standardization will come into play in the future as IT organizations are involved with certifying these products and making sure that they fit into the mechanisms they have existing already. In most cases, these pockets of usage with CWM haven't even gotten to that point. What we're working on very, very diligently, especially with the largest customers, is getting to that lead position where we are the first ones through the chute in getting certified, getting approved, because the likelihood of central IT certifying two, three, four of these platforms, we believe is quite low. We wanna be in the first position. Praerit, this one is for you from Mark Murphy at JP Morgan. Can you go deeper into the differentiation of your flexible data model versus competitors? You mentioned a sharded database. Can you clarify the architectural limitations of the main competitors and how it manifests in terms of performance? Yeah, happy to do that. One of the things that happens when you build applications, and I think traditional PPM tools have suffered from this as well, which is you build the data model, which is actually very specific, or the schema is very specific. I'll give you specific examples of that. Like, for example, if you're trying to describe work, you can fall into this trap of defining a term like project or tasks in a project. When your schema becomes that specific, it becomes really hard for you to then actually provide flexible and adaptable ways to describe work and, different kinds of projects, programs, and processes. What we've done, I believe, at the foundation of the company, really right is that we've kept our underlying data model to be very flexible. So our schema doesn't actually use terms like a project or a task. We don't even use terms like rows and columns, actually. So what that allows us to enable the users to be able to describe those units of work and be able to name those things as they see them. That power is very significant in terms of that ability to flex and adapt for different customers. Got it. Mark, this one's for you from Scott Berg. "Mark, I feel like you and I have been discussing the move from a team-based sales to a large enterprise sale for some time. Your product focus is clearly having success with large deals about the $500K and million-dollar levels. Why is the enterprise market ripe today to drive standardization for these solutions versus departmental level land and expand most vendors target? I think one of the big enablers for us has been changing the conversation from, does someone need more seats of something to how does it attach to a piece of business value that isn't grounded in an individual using a productivity tool for greater efficiency? I think as you're able to attach to programs and initiatives that people have as great needs that you can assign, but not a productivity benefit at the individual level, but a program benefit that is measured, in some cases, millions of dollars, it really makes the conversation quite straightforward. when you go talk to procurement, when you talk to an executive who's less familiar with the tool itself, and you frame it in the context of, "Hey, we're gonna add $10 million of capacity, we're gonna derive a $5 million benefit," those decisions really accelerate. Pete, this question is from Rishi Jaluria at RBC. You know, "Pete, I appreciate the interim target model and hitting the rule of 40. Can you help us understand the glide path to get there and drive margin expansion without under-investing in the market opportunity? Rishi, if you think of the model, and we've given you a fiscal year 2025 view, we see the short term as being about investing and continuing to maintain our investment posture. As we think of that investment posture, we think of the customer signal we get and continue to build out either capacity in the field, which represents sales and marketing investments, or it's product investments to take the things Mark said about, you know, the climb. We're gonna continue to invest in the near-term fiscal years. As we get to the outer fiscal years of fiscal year 2025, our model has natural, what I call, it has low cost of retaining customers, low churn rates, and that really allows us to scale the sales and marketing and other investment, other functional investment areas. This is a follow-on from Rishi. Given the market opportunity, can you talk about some of the investments you're making in driving market awareness and getting more inbound business? We've made investments in the market based on the signals as I described, and it's taken two forms. One, as Mark mentioned, the lands. In order to go after the lands, we've invested in awareness campaigns, U.S. and worldwide, to go after making our solution be known. We're gonna take that approach as we move into the future as well. The second part of that is, as we've seen demand for our products with the secular moves that we're seeing, we've seen growing pipelines, we've seen interest in our product, and we've accelerated our investment in the capacity piece of it and the ancillary investments that surround it, whether it's the actual sales capacity or it's the people who help enable that extension of client and the journey part of it. That's what we've been doing as a part of the business plan. Pete, here's another one for you from an investor. "Can you clarify why revenue growth should slow to 30% CAGR for the next three years? You guided to 37%-40% billings growth in FY 2023, which would seem to support faster revenue growth in both FY 2023 and FY 2024. We tried to give a construct in the potential evolution of the market, and the way we shared it was, if you look at the ability to generate, free cash flow at scale, we were giving you a point along the way that says, as the size of the business gets bigger, outer years could look like a 30% growth, but at the same time, we'd be generating free cash flow at scale. Now, this market is early in stage, so there's a fair bit of question around, is the market gonna continue to expand at the same rate it does? That will all obviously inform the out-year projections that we continue to sort of update. That 30% wasn't a reference to next year or the year after. That was more what we expect when we reach that FY 2023 mark. Correct. It was FY 2025. FY 2025. Sorry. Thank you. This is another one from an investor. Can you talk about the competitive landscape? What percentage of deals are greenfield, and how often do you see some of the other public players in this category? Where most of our bookings come from, when someone starts with CWM, they make a very small transaction typically. We're talking a sub $5,000 decision. A lot of the bookings happen in that expand and that climb part of the equation. When you get into that situation, the opportunity to operate independent of competition is actually quite present because of the unique offering. When we think about those capabilities, these are not generic, horizontal, basic things like task tracking. These are things around a Control Center and Data Shuttle and the way we connect the systems, the way we govern these systems, they're unique to Smartsheet. When someone has achieved success on the base platform and they're then considering these capabilities, these aren't generic tools. It's very uncommon for someone who's reached a certain level of success and growth to then shop it to see how it compares to others in the market. In most cases, in those moves from 50,000 to 100 to 500 to 1,000,000 and beyond, we're doing that in a sole position. Mark, one thing you also mentioned is, you know, you mentioned how Advance plays a part in it. Mm-hmm. Even now, newer customers who have never even used our product are buying the whole thing right off the bat. That's, I think, a reference to how you were describing the need being different, driving the need for a product or what you choose. Yeah. It's a great point, Pete. It's not relegated just to existing customers. Right. We actually saw about a third of our Advance deals in the past quarter come from new transactions. I think on a dollar volume basis, the tens of thousands of customers we have still play a dominant role in that bookings opportunity. You're absolutely right. We are not preventing new customers from taking advantage of the portfolio. Yeah. Pete, here's another one from investor. How do you reconcile the deceleration of 30% growth for FY 2025 versus the cohort math and the DBNRR of 130%? When you think about the cohort math, that's the strong, sort of engine that powers our business. But as you look at the growth rates, there's going to be, at some point, you know, a market level at which customer adoption takes place. We don't view our cohorts as slowing in any fashion. We view the growth rates of 130% being a very consistent number to stay with. That's a part of our planning exercise. Here's another one from an investor. Can you talk a little bit about the profitability of the larger scale customers? What drives differences in unit economics? Our larger customers, if you think about it, our cost of maintaining or the customer we have is actually fairly good, and we generate a great deal of profit. While on one side of it, we're getting a great set of unit economics and an existing set of capabilities, existing set of use cases that are run, we're also adding newer use cases in that same customer, and we're finding newer buying centers. Both those together composite build our financial statements, if you will, and that's a part of our economics, if you will. You know, Mark and Pete, this is another question from investor. As we look out over the next few years, what do you see as potential drivers of upside? Someone asked me recently, what's the one feature I'd like to see in the product? It's not a feature. I would like the median customer to understand what's possible. While we talked a second ago about the last year being an opportunity for things to be pulled forward and understanding, there's such a deep vein to tap there in terms of getting more people aware of what they can do with the platform. I think the upside sits in, lies in the ability for us to market to, consult to people to understand what that next step is. When you can do that at scale, and we talk thousands of customers in a quarter, there's a substantial opportunity. We've talked about this before. Two years ago at our investor day, we talked about the multi-billion dollar opportunity that exists within our existing relationships. When you start playing that card against the new card, as Pete just reminded us of, we don't know what the upside is, Aaron, but it's down to execution now, right? We have to continue to innovate. We have to continue to sell and educate. I'll just add, you know, all of the investors probably saw Becky talk to Andrew about she going to the ENGAGE conference and having these aha moments like, oh, my God, all the places that you can now adapt Smartsheet to solve specific problems. We want to see those ahas happening for hundreds of thousands, if not millions of customers out there that are actually doing projects and programs and processes and haven't discovered Smartsheet and its capabilities. I think that's the core. Mm-hmm. This is one from Alex at Wolfe Research again. Mark, I wanna ask a bigger picture question. If you think past the $1 billion revenue mark, how many multi-billion dollar revenue companies can this category support, and what's the play to 10X from here? Yeah, we focus more on our path to that as opposed to sort of trying to call the ball on how many there will be. I do think there will be multiple players here because the CWM market is driven by many, many buying decisions within an organization. It's not a single decision for CRM, a single decision for ERP or HRIS. You have business units and individuals within those business exercising their choice and preference. I would say, though, there is going to be an upper bound, Aaron, where somebody taps out, and they maybe are wildly successful within a team or a division, but someone else has been approved at the central part, and they're the recommended choice. I don't know what level that will be in terms of where people will be capped out, whether it's $500 million or $700 million or $900 million. I think for the multi-billion dollar players in this category, I think there will be fewer than three. Got it. The one thing I would add to what Mark said is the economics of who becomes those existing players left at the end of this exercise will be about expansion paths and the durability of those expansion models. You know, having been in this business for 15 years and seen that cohort driving over since FY 2014 gives us the leg to understand what those expansion pathways for us are. I think each player will have to figure out those expansion paths for themselves, and that will determine who's left in the market after, you know, an indeterminate period out in the future. When we go back 10 years, even 5 years, did people recognize the opportunity that existed in SaaS for wallet expansion to occur? I remember vividly 5, 6 years ago, people talking about, you know, the wallet share. Right. The wallet has expanded massively, and I think we are still in the early innings of that. We are by no means at that threshold. Got it. This one is another one from Rishi at RBC. Pete, given your high gross margins already, why is the long-term target still 78%-80%? Do you expect services attached to increase, or are there other drivers? Yeah, I think you're gonna see two things happen as you think of the long-term margins. As you think of establishing data residency across multiple regions across all over the world, you're gonna find that you have some level of lack of centralization that drives some pressure in gross margins long term. Then you're also gonna find there's a few more professional services as we help people in the client part of that journey to sort of take that last step with us. You're gonna see that as a part of our trend. We've given you a broad range in the long-term model out there. Pete, there seems to be a lot of focus on that 30 in 10 by FY 2025. Some are taking it as a CAGR over the next three years. Just wanted to sharpen the pencil that you're not referring to a CAGR for the next three years. We are not. The 30% represents the growth we expect in that fiscal year. Imagine that there's a glide path of demand that takes place. We're describing a target sort of scenario where you've got a 30% growth rate and you've got a 10% cash generation capability. It's possible. I would like you to be thinking about this more from the context of rule of 40 and how you think about that. If the demand is strong, there's always the potential that we might be continuing to invest at that time, but that's the way we're framing FY 2025. This is one from Michael Turrin at Wells Fargo. What drove the confidence in putting the billings guide out as part of the Q3 report? Can you talk about visibility you have into that target FY 2023, and if any change versus historical guidance framework? Michael, when we were thinking about the billings guide, which we provided of between 37% and 40% growth in fiscal year 2023, there's a few elements that drove that. The first was we had substantially completed most of our fiscal year 2023 plan, so we were able to lean into that. The elements that represented themselves in that plan were looking at the business in all the segments we look at. We looked at the transactional business, the close rates. We looked at customer segments. We looked at industries, verticals. We put all that together to really come up with our math. Also, we had. Remember, we had seen, sort of the customer signal this year, which already accelerated our investment. We baked that into our guide for fiscal year 2023 because that was capacity we were already seeding into the model as we started. That was the basis of how we created the fiscal year 2023 guide. What were the other parts of it in the question? Did I answer all of them? I think so, yeah. Great. Mark, this is from an investor: Can you expand on your phase three plans with a little more detail, please? You mentioned greater focus on go-to-market and entering new markets. I look at this next phase really along three dimensions, and one of them is not just thinking about new things, but also a continuation of what's gotten us here, right? As a $600 million ARR business growing well, we wanna keep doing those things, right? Keep landing, keep expanding. In addition to that continuation, it's also an extension into new markets. When we think about the success we've had stateside, and we look at introducing that model abroad, fully building that out in U.K. and European markets, fully building that out in Australasia, these are opportunities for us to extend. That's on a geographic dimension, and then also extending into a new market, which is government. How do we have this federal opportunity where we get to really expand and climb in a market where there's very light competition due to the dynamics of having to clear these security hurdles? Then the third element is really around compression. What do we mean by compression? Compression is about if you were to let somebody grow in a self-directed way, what can you inject into that experience to help them realize value sooner? You do that sometimes digitally, marketing to them, seeing what's available at the right time, but then also introducing people to the process to help them understand how to de-risk, how to make that value statement internally to gain support. It is a combination of that continuation, the extension into new markets, and then the compression that you introduce both digitally and with people who've been there and done that. Got it. Robert Simmons from D.A. Davidson had a question around any update on the government vertical and how that's progressing. Yeah. Last year was a year which we planted many seeds in agencies. As we continue to show evidence of success there, it's an area where we're investing. As I've said in prior earnings calls, it maps very similarly to our commercial business from years ago, where we planted many seeds, and then we saw this very nice stairstep. Three years ago in commercial, we weren't adding, what are we, $13 million accounts in the business. It happened because those seeds grew, and we were able to get the offering and the people in there. I believe government will follow that pattern as well, and I do expect that to occur in the coming years. Got it. Keith Bachman from BMO asks, For larger customers, can there be more than one supplier of collaboration solutions, or do you think organizations will have one standard provider? I think back to the buying centers comment from earlier. I do think there will be presence from multiple players, either the existing productivity suites, the Google, the Microsoft, or some of these more niche players where they have presence. It's not really a question of is there presence or not, it's is there presence at scale? To what degree can you serve someone in a really substantive way where they're making a massive investment decision for you and also realizing massive gains? I do think this market lends itself to multiple points of presence, but the focus is really who's gonna be the biggest value driver at those companies. Got it. Yeah. To kinda add to what you often talk about is sort of these pockets. Mm-hmm where You know, some department in some use case for a transactional use case, they might choose a different CWM tool. When you wanna standardize projects and programs and processes at scale across tens if not hundreds of departments, at that point, you really can't have multiple players at that point. I think one of the things from the very beginning when we started the business, it was about not introducing friction to someone's ability to share. When I think of our largest customer, where you're operating in over 60 business units, it has happened because of that philosophy. Right. Right? How do you enable people to get involved, to experience it, and to explore, as opposed to being deep within one licensed business unit? Right. Again, back to those seeds, right? Seeds in 60 organizations, that's grown that account, what? 100 times over in the last few years. Right because of that. Got it. Pete, this next one is for you from an investor. You know, given the strength of the guidance for FY 2023 billings, why wouldn't we see the revenues reach $1 billion in FY 2024? You know, as you look at the projection and the glide path, we look at it as being, you know, we've given you a guide for fiscal year 2023 on the billing side. We'll give you a guide for revenue, as a part of our Q4 call. The glide path that we've established could take us anywhere between 2024 and 2025. There's a variety of market factors that could come into play, so we've given ourselves this ability to say, Given we're looking three years out, that would be the timeframe in which we think that we would land it. Okay. You know, I think we have time for one last question. Can you talk about some of the investments you're making, and not only making Smartsheet more powerful, but also making it easier for new users to adopt? Definitely. You know, Mark always talks about land, expand, and climb. Land is a very important piece of that puzzle. As you look at our investments this year and beyond, we're very focused on making it easier and quicker for customers to get value from Smartsheet, because I think that first use case, when they have the aha with the first use case to get their solution built, whether it's a project or a process they're trying to optimize for, that is critical. We are very focused on making that easier. You know, also reducing more friction of how people get started, like Pro Plan was launched this year. We're also looking at other ways that we can get more users started quickly. Great. Well, we're at the top of the hour. Thank you all for joining us today. If you have additional questions, please feel free to reach out to us at investorrelations@smartsheet.com. Thanks for joining us, everyone. Have a great day.