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EX - 99.1 2 q12022smarearnings.htm Q1 2022 SMAR EARNINGS • Smartsheet Inc. Announces First Quarter Fiscal Year 2022 Results First quarter total revenue grew 37 % year over year to $ 117.1 million First quarter calculated billings grew 48 % year over year to $ 132.8 million First quarter net operating cash flow was negative $ 3.0 million , net free cash flow was negative $ 8.2 million BELLEVUE , Wash . - June 2 , 2021 - Smartsheet Inc. ( NYSE : SMAR ) , the enterprise platform for dynamic work , today announced financial results for its first fiscal quarter ended April 30 , 2021 . " We're very pleased with our strong start to the year , bolstered by our continued traction in the enterprise , " said Mark Mader , President and CEO of Smartsheet . “ These results demonstrate how no - code technologies like Smartsheet are becoming a critical part of the enterprise technology stack , enabling organizations to manage programs , processes , and projects at scale . " First Quarter Fiscal 2022 Financial Highlights • • Revenue : Total revenue was $ 117.1 million , an increase of 37 % year over year . Subscription revenue was $ 108.0 million , an increase of 40 % year over year . Professional services revenue was $ 9.1 million , an increase of 9 % year over year . Operating Loss : GAAP operating loss was $ 38.4 million , or 33 % of total revenue , compared to GAAP operating loss of $ 28.8 million , or 34 % of total revenue , in the first quarter of fiscal 2021. Non - GAAP operating loss was $ 12.0 million , or 10 % of total revenue , compared to non - GAAP operating loss of $ 13.6 million , or 16 % of total revenue , in the first quarter of fiscal 2021 . Net Loss : GAAP net loss was $ 37.1 million , compared to GAAP net loss of $ 27.8 million in the first quarter of fiscal 2021. GAAP net loss per share was $ 0.30 , compared to GAAP net loss per share of $ 0.23 in the first quarter of fiscal 2021. Non - GAAP net loss was $ 10.7 million , compared to non - GAAP net loss of $ 12.5 million in the first quarter of fiscal 2021. Non - GAAP net loss per share was $ 0.09 , compared to non- GAAP net loss per share of $ 0.11 in the first quarter of fiscal 2021 . Cash Flow : Net operating cash flow was negative $ 3.0 million , compared to net operating cash flow of negative $ 24.3 million in the first quarter of fiscal 2021. Net free cash flow was negative $ 8.2 million , compared to negative $ 28.2 million in the first quarter of fiscal 2021 . First Quarter Fiscal 2022 Business Highlights • • • The number of all customers with annualized contract values ( " ACV " ) of $ 5,000 or more grew to 12,655 , an increase of 32 % year over year The number of all customers with ACV of $ 50,000 or more grew to 1,674 , an increase of 61 % year over year The number of all customers with ACV of $ 100,000 or more grew to 661 , an increase of 69 % year over year Average ACV per domain - based customer increased to $ 5,461 , an increase of 41 % year over year Dollar - based net retention rate was 125 %