Smartsheet Inc (NYSE: SMAR) stock lost over 9.9% on September 5th, 2019 (as of 11:53 am GMT-4; Source: Google finance) as Second quarter non-GAAP operating loss was $10.8 million as the company continue to make investments in the platform and go-to-market capabilities. Operating cash flow was negative $2.7 million and free cash flow was negative $7.3 million. SMAR has ended the quarter with cash and short-term investments of $561 million, which includes $380 million from the equity raise in June.
The annualized average contract value, or ACV, per domain-based customer grew 48% year-over-year to $2,972. The total number of all Smartsheet users across paid in collaborators is now over $5.4 million. Expansion within the base during the quarter included 46 companies increasing their annual recurring revenue, or ARR, by more than $50,000 and 13 customers increasing their ARR by more than $100,000. Significant expansions occurred at customers such as Olympus Corporation, a global leader in electronics and optics, U-Haul, the moving equipment and storage rental company and VCCP, a global creative and marketing firm serving some of the world’s largest brands. Many of those expansions were driven by a record 750 unique customers that bought one or more capability-based products in Q2, with July seeing record bookings for the Accelerator offerings.
Moreover, Billings came in at $79.5 million, up 52% versus year ago. The dollar-based net retention rate was 134% and the average ACV per domain-based customer grew 48% year-over-year. The company also added approximately 1,900 net new logos, a little over a third of which the company obtained via the 10000ft acquisition, to end the quarter with over 82,000 domain-based customers. SMAR in the second quarter of FY 20 has reported the adjusted loss per share of 8 cents, beating the analysts’ estimates for the adjusted loss per share of 16 cents. The company had reported the adjusted revenue growth of 53 percent to $64.6 million in the second quarter of FY 20, beating the analysts’ estimates for revenue of $63.5 billion.
For the third quarter ending in November, Smartsheet expects its results to range from a loss of 19 cents per share to a loss of 18 cents per share. The company expects revenue to be in the range of $69 million to $70 million for the fiscal third quarter.
Smartsheet expects full-year results to range from a loss of 58 cents per share to a loss of 54 cents per share, with revenue to range from $265 million to $268 million.