Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 17, 2024

Smartsheet Inc.

(Exact name of registrant as specified in its charter)

Washington

001-38464

20-2954357

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(I.R.S. Employer Identification
No.)


500 108th Ave NE, Suite 200
Bellevue,			WA
98004
(Address of principal executive offices and zip code)
(844)			324-2360
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, no par value per share	SMAR	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 - Regulation FD Disclosure.

On January 17, 2024, Smartsheet Inc. (the “Company”) issued a press release titled “Smartsheet Reaches $1 Billion in Annualized Recurring Revenue,” announcing the Company's achievement of this annualized recurring revenue milestone. A copy of the press release is furnished hereto as Exhibit 99.1.

The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 to this Current Report, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.						Description
99.1						Press release dated January 17, 2024
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			SMARTSHEET INC.

		By:	/s/ Pete Godbole
		Name:	Pete Godbole
		Title:	Chief Financial Officer & Treasurer


Date:	January 17, 2024

Smartsheet Reaches $1 Billion in Annualized Recurring Revenue

The company is the first in the collaborative work management category to achieve this milestone

BELLEVUE, Wash., January 17, 2024 – Smartsheet (NYSE:SMAR), the enterprise work management platform, announced today that it reached $1 billion in annualized recurring revenue (ARR) earlier in Q4, a significant milestone in the company’s history that comes on the heels of being named a Leader in the December 2023 Gartner® Magic Quadrant™ for Collaborative Work Management. Smartsheet was also recently recognized as a Leader in two IDC reports - IDC MarketScape: Worldwide Collaborative Work Management 2023-2024 Vendor Assessment1 and IDC MarketScape: Worldwide Cloud Project and Portfolio Management 2023-2024 Vendor Assessment.2

Smartsheet was founded with the goal of empowering people to define better ways for managing work. When Smartsheet began serving customers in 2006, companies were running important parts of their businesses on email, documents, and spreadsheets, and it was challenging to remain in sync or execute at pace. The cloud-based Smartsheet platform enabled teams and organizations to manage their work and collaborate with teammates, customers, and partners, pioneering what would later become the collaborative work management category.

Today, Smartsheet powers mission-critical work securely and reliably at scale for thousands of organizations worldwide, including approximately 85% of the 2023 Fortune 500 companies. Customers rely on the platform to open thousands of new restaurant locations, distribute vaccines, build rockets, and more.

"Smartsheet started its journey almost 19 years ago to transform the way people and organizations work,” said Mark Mader, CEO of Smartsheet. "Crossing this financial threshold of $1 billion in ARR is meaningful, but at the same time should be recognized as another marker along the way. The truly exhilarating moments are seeing not what we've built for ourselves, but rather what our customers build on our platform. We believe that innovating throughout nearly two decades and expanding the way we serve customers has made us a market leader, and it’s hearing from customers about how they are changing lives and solving problems that's most gratifying.”

“Work coordination platforms fill a gap in the digital workplace between systems of record and communications tools. They are at the heart of the real work that is getting done,” said Dion Hinchcliffe, Vice President and Principal Analyst at Constellation Research. “The category has been growing steadily as these tools become more effective at connecting people, applications, and data, and Smartsheet crossing the $1 billion in ARR mark indicates another inflection point in growth and maturity for the category.”

Innovation at Smartsheet is fueled by enabling customers to achieve their goals, deliver on promises, and solve problems in innovative ways. With this ethos, the company is continuously

evolving and enhancing its platform. In September, Smartsheet unveiled the next generation of its platform with massive scale and AI threaded throughout to help organizations manage their most sophisticated workloads with ease.

Smartsheet believes its commitment to customer-centric innovation is a cornerstone of its success and one of the reasons customers choose the platform. Last year, Smartsheet received the distinction of being a Customers’ Choice in the June 2023 Gartner Peer InsightsTM ‘Voice of the Customer’ in the Collaborative Work Management market. The company received the highest rating (4.6 out of 5) and the highest percentage of customers willing to recommend the platform (98%) out of 203 reviews as of April 2023.

“We have a very diverse set of clients who are achieving outstanding results with Smartsheet,” said Amin Panjwani, CEO of Achievan.com, Smartsheet’s Platinum Partner. “The platform’s powerful capabilities combined with our team’s deep expertise can transform how our clients operate. Smartsheet reaching this milestone indicates to us that their focus on customer-first innovation is working, and we are eager to continue growing our partnership and business together.”

¹doc #US49434923, December 2023

²doc #US49434823, December 2023

Financial Disclaimer

Smartsheet’s annual financial statements for the year ending January 31, 2024 are not yet available. Smartsheet’s preliminary annualized recurring revenue information described herein is an estimate and subject to the completion of Smartsheet’s financial closing procedures and any adjustments. The preliminary annualized recurring revenue information described herein may differ materially from the actual results that will be reflected in Smartsheet’s reports filed with the U.S. Securities and Exchange Commission.

Gartner Disclaimer

Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all

warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Smartsheet

Smartsheet is the modern enterprise work management platform trusted by millions of people at companies across the globe, including approximately 85% of the 2023 Fortune 500 companies. The category pioneer and market leader, Smartsheet delivers powerful solutions fueling performance and driving the next wave of innovation. Visit www.smartsheet.com to learn more.

Media Contact:

Chrissy Vaughn

pr@smartsheet.com

Cover Cover	Jan. 17, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 17, 2024
Entity Registrant Name	Smartsheet Inc.
Entity Incorporation, State or Country Code	WA
Entity File Number	001-38464
Entity Tax Identification Number	20-2954357
Entity Address, Address Line One	500 108th Ave NE, Suite 200
Entity Address, City or Town	Bellevue,
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98004
City Area Code	(844)
Local Phone Number	324-2360
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A common stock, no par value per share
Trading Symbol	SMAR
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001366561
Amendment Flag	false