Smartsheet Inc. - SMAR STOCK NEWS

Smartsheet (NYSE: SMAR), a leading enterprise work management platform, announced its integration of Amazon Q, a generative AI assistant from AWS, to improve productivity by enhancing knowledge management. This new tool has been embedded into Smartsheet's Slack app, enabling over 3,300 employees to get instant answers to questions through natural language queries. The AI assistant, named @AskMe, accesses public help documents, training materials, and Slack channels, significantly reducing time spent searching for information. This integration aims to foster a self-serve mentality among employees, thus allowing them to focus on more impactful work. Company leadership has observed increased visibility and engagement in projects. This integration is part of a deepening partnership between Smartsheet and AWS, highlighting their mutual commitment to innovation.

Smartsheet announced its Q1 fiscal 2025 results, highlighting a 20% YoY revenue increase to $263 million. Subscription revenue rose by 21% to $249.1 million, while professional services revenue remained flat at $13.9 million. The company's GAAP net loss narrowed to $8.9 million, with a non-GAAP net income of $44.4 million. Operating cash flow grew by 45% YoY to $50.1 million, and free cash flow increased to $45.7 million. Smartsheet ended the quarter with $669.5 million in cash. The company announced a $150 million share repurchase program and expects Q2 fiscal 2025 revenue between $273 million and $275 million. For the full fiscal year 2025, revenue is projected to grow by 16% to 17% YoY.

Smartsheet (NYSE: SMAR) has announced the availability of new AI tools and resource management features in its work management platform. These enhancements, unveiled at the Smartsheet ENGAGE London conference, aim to help enterprises simplify data complexity, gain actionable insights, and improve decision-making.

The new AI tools allow users to analyze data via conversational prompts, generate advanced formulas, and create text summaries. They are designed with principles of responsible AI to ensure transparency and data privacy. Additionally, new workload tracking features and improved visualization tools are available for Business and Enterprise plan customers.

These features have been applied to over 35,000 projects across various industries, increasing productivity and enhancing resource management capabilities.

Smartsheet Inc. (NYSE: SMAR) is set to announce its financial results for the first quarter of fiscal year 2025 on June 5, 2024. The company will discuss the results during a conference call and webcast at 4:30 p.m. ET (1:30 p.m. PT) on the same day. The webcast can be accessed through the Smartsheet investor relations website. A replay of the call will also be available.

Smartsheet (NYSE: SMAR) has announced a $150 million share repurchase program, giving the company the authorization to buy back its outstanding Class A common stock. The program allows for repurchases through various methods, including open market purchases and block trades. The timing and amount of repurchases will be determined by the company's management based on market conditions and other factors. The program has a duration of approximately twelve months and does not require a minimum purchase commitment. Smartsheet may suspend or end the program at any time at its discretion.

Smartsheet appoints Jo Deal as Chief People Officer to support the company's global workforce growth and development, aiming to enhance performance and drive business results in the post-$1 billion annualized recurring revenue growth phase.

Smartsheet Inc. appoints Katie Rooney, a seasoned CFO, to its board of directors, bringing extensive financial and operational expertise. As the company reaches $1 billion in annual recurring revenue, Rooney's appointment signals a strategic move for global enterprise expansion.

Smartsheet Inc. announces strategic executive team changes to drive growth post $1 billion ARR milestone. Max Long appointed President of Go-to-Market, Praerit Garg promoted to President of Product & Innovation. Mike Arntz and Andrew Bennett to retire, company focuses on customer-centric strategy.

Smartsheet (SMAR) exceeded $1 billion in annualized recurring revenue in Q4, with total revenue growing 21% YoY to $256.9 million. The company ended the year with $628.8 million in cash and equivalents. Smartsheet reported strong financial and operational performance, showcasing growth in revenue, operating cash flow, and free cash flow.