Smartsheet beat expectations for its fiscal second quarter, reporting revenue of $131.7 million, up 44% year-over-year, and a non-GAAP loss of $5.2 million, down from $7.4 million.
The company’s annual recurring revenue topped $500 million for the first time as it rides tailwinds from the acceleration of software adoption amid the pandemic.
“Across the globe, customers choose Smartsheet to manage programs at scale, automate workflows across systems, and rapidly configure no code solutions,” Smartsheet CEO Mark Mader said in a statement. “Looking ahead, we’re committed to continue innovating with our customers to create new, more powerful ways of working in a hybrid world.”
Customers with annualized contract values of $50,000 or more increased to 1,856, up 34% year-over-year; those with ACV of more than $100,000 grew to 748, up 73%.
Bellevue, Wash.-based Smartsheet, which sells collaboration work management software, saw shares fall 3% in after-hours trading Tuesday. The stock is up more than 70% in the past year, trading Tuesday around $82/share. The company’s market capitalization is $10.3 billion. Smartsheet competes with Asana, Monday.com, Wrike, Microsoft, and others.