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EX - 99.1 2 q32022smarearnings.htm Q3 2022 SMAR EARNINGS Smartsheet Inc. Announces Third Quarter Fiscal Year 2022 Results • Third quarter total revenue grew 46 % . year over year to $ 144.6 million • Third quarter net operating cash flow was negative $ 2.2 million , net free cash flow was negative $ 6.3 million BELLEVUE , Wash . - December 2 , 2021 - Smartsheet Inc. ( NYSE : SMAR ) , the enterprise platform for dynamic work , today announced financial results for its third fiscal quarter ended October 31 , 2021 . " This was a record quarter for Smartsheet on multiple financial and operational levels , including closing the highest number of large deals in a quarter and seeing the best bookings performance in our company's history , ” said Mark Mader , President and CEO of Smartsheet . “ Our platform can scale from a simple project management tool used by a five - person firm to an enterprise SaaS platform that enables work across critical business systems at the largest companies in the world . Our business model and teams are primed to seize the enormous opportunity ahead of us to help global customers of all sizes transform how they work . ” Third Quarter Fiscal 2022 Financial Highlights • • • • Revenue : Total revenue was $ 144.6 million , an increase of 46 % year over year . Subscription revenue was $ 132.6 million , an increase of 46 % year over year . Professional services revenue was $ 12.0 million , an increase of 50 % year over year . Operating Loss : GAAP operating loss was $ 36.0 million , or 25 % of total revenue , compared to GAAP operating loss of $ 35.9 million , or 36 % of total revenue , in the third quarter of fiscal 2021. Non - GAAP operating loss was $ 2.7 million , or 2 % of total revenue , compared to non - GAAP operating loss of $ 15.0 million , or 15 % of total revenue , in the third quarter of fiscal 2021 . Net Loss : GAAP net loss was $ 36.7 million , compared to GAAP net loss of $ 32.0 million in the third quarter of fiscal 2021. GAAP net loss per share was $ 0.29 , compared to GAAP net loss per share of $ 0.26 in the third quarter of fiscal 2021. Non - GAAP net loss was $ 3.4 million , compared to non - GAAP net loss of $ 15.1 million in the third quarter of fiscal 2021. Non - GAAP net loss per share was $ 0.03 , compared to non - GAAP net loss per share of $ 0.12 in the third quarter of fiscal 2021 . Cash Flow : Net operating cash flow was negative $ 2.2 million , compared to net operating cash flow of negative $ 5.2 million in the third quarter of fiscal 2021. Net free cash flow was negative $ 6.3 million , compared to net free cash flow of negative $ 8.8 million in the third quarter of fiscal 2021 . Third Quarter Fiscal 2022 Business Highlights • Third quarter calculated billings were $ 161.6 million , representing year - over - year growth of 44 % , or 50 % year- over - year growth after adjusting for the $ 4.7 million of deferred revenue obtained from the Brandfolder acquisition in the third quarter of fiscal year 2021 The number of all customers with annualized contract values ( " ACV " ) of $ 5,000 or more grew to 14,228 , an increase of 27 % year over year The number of all customers with ACV of $ 50,000 or more grew to 2,078 , an increase of 56 % year over year