Smartsheet - SMAR STOCK NEWS

Smartsheet (NYSE:SMAR) unveiled a comprehensive transformation of its enterprise work management platform at its annual ENGAGE customer conference. The update includes a new user experience and first-of-a-kind features to empower organizations to operate more efficiently. Key innovations include:

1. Collections: A unique capability allowing users to curate and selectively share items securely within workspaces.

2. File library: Streamlines collaboration on digital assets, enabling easy file management and review processes.

3. Redesigned interface: A more intuitive, inviting platform with a vibrant, modern design system focused on accessibility.

4. Enhanced data visualization: Including board view for Kanban-style work tracking and an improved table view with faster formula calculations and load times.

These updates aim to simplify onboarding, improve collaboration, and increase value for users of all technical abilities within Smartsheet's secure, no-code environment.

Smartsheet (NYSE:SMAR), the enterprise platform for modern work management, has announced a definitive agreement to be acquired by funds managed by Blackstone and Vista Equity Partners in an all-cash transaction valued at approximately $8.4 billion. Shareholders will receive $56.50 per share, representing a 41% premium to the 90-day volume-weighted average closing price.

The deal includes a 45-day 'go-shop' period ending November 8, 2024, allowing Smartsheet to solicit alternative acquisition proposals. The transaction is expected to close in Q4 of Smartsheet's fiscal year ending January 31, 2025, subject to shareholder approval and regulatory clearances. Upon completion, Smartsheet will become a privately held company but continue operating under its current name and brand.

Smartsheet Inc. (NYSE: SMAR) reported strong Q2 fiscal 2025 results, with total revenue growing 17% year-over-year to $276.4 million. The company's annualized recurring revenue (ARR) increased 17% to $1.093 billion. Smartsheet achieved a record free cash flow of $57.2 million, representing 21% of total revenue. The company's GAAP net income was $7.9 million, a significant improvement from a net loss of $33.4 million in Q2 fiscal 2024. Smartsheet also introduced a new subscription model and released new features like board view. The company updated its full fiscal year 2025 guidance, expecting total revenue between $1,116 million and $1,121 million, representing 16% to 17% year-over-year growth.

Smartsheet Inc. (NYSE: SMAR), the enterprise work management platform, has announced it will release its financial results for the second quarter of fiscal year 2025 on September 5, 2024, after U.S. financial markets close. The quarter ended on July 31, 2024. Company executives will host a conference call and webcast at 4:30 p.m. ET (1:30 p.m. PT) to discuss the results.

Investors can access the call via phone at (888) 440-6385 or (646) 960-0180 (outside U.S.), using conference ID 7672979. The webcast will be available through the events section of Smartsheet's investor relations website. A replay will be accessible for seven days following the event.

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.