Smartsheet Inc. (NYSE: SMAR), a leading cloud-based platform for work
execution, today announced financial results for its first fiscal
quarter ended April 30, 2019.
“The momentum with which we ended fiscal year ‘19 continued in the first
quarter,” said Mark Mader, President and CEO of Smartsheet. “We are well
positioned to help organizations meet their digital transformation
objectives by delivering the type of increased agility, collaboration,
and visibility that empowers teams and unlocks organizational
achievement.”
First Quarter Fiscal 2020 Financial Highlights
-
Revenue: Total revenue was $56.2 million, an increase of 55%
year over year. Subscription revenue was $50.3 million, an increase of
57% year over year. Professional services revenue was $5.9 million, an
increase of 38% year over year. -
Operating Loss: GAAP operating loss was $20.9 million, or 37%
of total revenue, compared to GAAP operating loss of $13.0 million, or
36% of total revenue, in the first quarter of fiscal 2019. Non-GAAP
operating loss was $14.1 million, or 25% of total revenue, compared to
non-GAAP operating loss of $11.0 million, or 30% of total revenue, in
the first quarter of fiscal 2019. -
Net Loss: GAAP net loss was $19.8 million, compared to GAAP net
loss of $14.3 million in the first quarter of fiscal 2019. GAAP net
loss per share was $0.19, compared to GAAP net loss per share of $0.68
in the first quarter of fiscal 2019. Non-GAAP net loss was $13.0
million, compared to non-GAAP net loss of $11.0 million in the first
quarter of fiscal 2019. Non-GAAP net loss per share was $0.12, equal
to non-GAAP net loss per share recorded in the first quarter of fiscal
2019. -
Cash Flow: Net operating cash flow was negative $9.2
million, compared to net operating cash flow of negative $8.2 million
in the first quarter of fiscal 2019. Net free cash flow was negative
$13.1 million, compared to negative $9.7 million in the first quarter
of fiscal 2019.
First Quarter Fiscal 2020 Business Highlights
- Ended the quarter with 80,280 domain-based customers
-
The number of all customers with annualized contract values (“ACV”) of
$5,000 or more grew to 6,779, an increase of 56% year over year -
The number of all customers with ACV of $50,000 or more grew to 518,
an increase of 117% year over year -
The number of all customers with ACV of $100,000 or more grew to 189,
an increase of 139% year over year -
Average ACV per domain-based customer increased to $2,675, an increase
of 48% year over year - Dollar-based net retention rate was 134%
The section titled “Use of non-GAAP Financial Measures” below contains a
description of the non-GAAP financial measures with a reconciliation
between GAAP and non-GAAP information. The section titled “Definitions
of Business Metrics” contains definitions of certain non-financial
metrics provided within this earnings release.
Financial Outlook
For the second quarter of fiscal 2020, the Company currently expects:
-
Total revenue of $63.0 million to $64.0 million, representing
year-over-year growth of 49% to 51% - Non-GAAP operating loss of $18.0 million to $17.0 million
-
Non-GAAP net loss per share of $0.16 to $0.15, assuming basic and
diluted weighted average shares outstanding of approximately 106.5
million - Net free cash flow burn of up to $8 million
For the full fiscal year 2020, the Company currently expects:
-
Total revenue of $262.0 million to $265.0 million, representing
year-over-year growth of 47% to 49% -
Billings of $316.0 million to $320.0 million, representing
year-over-year growth of 46% to 48% - Non-GAAP operating loss of $65.0 million to $60.0 million
-
Non-GAAP net loss per share of $0.59 to $0.54, assuming basic and
diluted weighted average shares outstanding of approximately 106.5
million - Net free cash flow burn of up to $20 million
On May 1, 2019 the Company acquired Artefact Product Group LLC
(“10,000ft”) for approximately $27.5 million. After considering
anticipated impacts of purchase accounting on acquired deferred revenue
as well as the timing of the acquisition, the Company expects to
recognize an additional $2 million in revenue and $4 million in billings
for FY20 from the acquisition. These amounts have been included in the
updated FY20 guidance presented above.
These statements are forward-looking and actual results may materially
differ. Refer to the “Forward-Looking Statements” section below for
information on the factors that could cause our actual results to
materially differ from these forward-looking statements.
We have not reconciled net free cash flow guidance to net cash from
operating activities because we do not provide guidance on the
reconciling items between net cash from operating activities and net
free cash flow, due to the uncertainty regarding, and the potential
variability of, these items. The actual amount of such reconciling items
will have a significant impact on our net free cash flow. Accordingly, a
reconciliation of net cash from operating activities to net free cash
flow is not available without unreasonable effort. We do not provide
reconciliation of calculated billings guidance as its components are
solely revenues and deferred revenues, and guidance for revenues is
already provided.
Conference Call Information
Smartsheet will host a conference call and live webcast for analysts and
investors at 1:30 p.m. Pacific Time on June 5, 2019. A live webcast and
accompanying presentation can be accessed on the Investor Relations
section of the Company’s website at: https://investors.smartsheet.com.
The conference call can also be accessed by dialing (877) 274-9243, or
+1 (647) 689-5417 (outside of the US). The conference ID is 8398112. A
replay of the call via webcast will be available at https://investors.smartsheet.com
or by dialing (800) 585-8367 or +1 (416) 621-4642 (outside of the US).
The dial-in replay will be available until the end of day on June 12,
2019. The webcast replay will be available for one year.
Forward-Looking Statements
This press release contains “forward-looking” statements that are based
on our management’s beliefs and assumptions and on information currently
available to management. Forward-looking statements include, but are not
limited to, statements about Smartsheet’s outlook for the second fiscal
quarter ending July 31, 2019 and the full fiscal year ending January 31,
2020, and Smartsheet’s expectations regarding possible or assumed
business strategies, potential growth and innovation opportunities, new
products, and potential market opportunities.
Forward-looking statements generally relate to future events or our
future financial or operating performance. Forward-looking statements
include all statements that are not historical facts and can be
identified by terms such as “believe,” “continue,” “could,” “potential,”
“remain,” “will,” “would” or similar expressions and the negatives of
those terms. Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. These risks include, but are not limited to,
risks and uncertainties related to: our ability to achieve future growth
and sustain our growth rate, our ability to attract and retain customers
and increase sales to our customers, our ability to develop and release
new products and services and to scale our platform, our ability to
increase adoption of our platform through our self-service model, our
ability to maintain and grow our relationships with strategic partners,
the highly competitive and rapidly evolving market in which we
participate, our ability to identify targets for, execute on, or realize
the benefits of, potential acquisitions, and our international expansion
strategies. Further information on risks that could cause actual results
to differ materially from forecasted results is included in our filings
with the SEC, including our Quarterly Report on Form 10-Q for the
quarter ended April 30, 2019 to be filed with the SEC. Any
forward-looking statements contained in this press release are based on
assumptions that we believe to be reasonable as of this date. Except as
required by law, we assume no obligation to update these forward-looking
statements, or to update the reasons if actual results differ materially
from those anticipated in the forward-looking statements.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared
and presented in accordance with GAAP, we use certain non-GAAP financial
measures, as described below, to understand and evaluate our core
operating performance. These non-GAAP financial measures, which may be
different than similarly titled measures used by other companies, are
presented to enhance investors’ overall understanding of our financial
performance and should not be considered a substitute for, or superior
to, the financial information prepared and presented in accordance with
GAAP. Investors are encouraged to review the reconciliation of these
non-GAAP measures to their most directly comparable GAAP financial
measures. A reconciliation of the non-GAAP financial measures to such
GAAP measures can be found in the accompanying financial statements
included with this press release.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and future prospects, and allow
for greater transparency with respect to important metrics used by our
management for financial and operational decision-making. We are
presenting these non-GAAP financial metrics to assist investors in
seeing our financial performance through the eyes of management, and
because we believe that these measures provide an additional tool for
investors to use in comparing our core financial performance over
multiple periods with other companies in our industry.
We define non-GAAP operating loss as GAAP loss from operations excluding
share-based compensation expense, amortization of acquisition-related
intangible assets, and one-time costs associated with mergers and
acquisitions. Non-GAAP net loss, which is used in calculating non-GAAP
net loss per share, also excludes expense associated with revaluation of
convertible preferred stock warrant liability. There are a number of
limitations related to the use of these non-GAAP measures as compared to
GAAP operating loss and net loss, including that the non-GAAP measures
exclude share-based compensation expense, which has been, and will
continue to be for the foreseeable future, a significant recurring
expense in our business and an important part of our compensation
strategy.
We use the non-GAAP financial measure of net free cash flow, which is
defined as GAAP net cash flows from operating activities, reduced by
cash used for purchases of property and equipment (inclusive of spend on
internal-use software) and principal payments on capital lease
obligations. We believe net free cash flow is an important liquidity
measure of the cash that is available, after capital expenditures and
operational expenses, for investment in our business and to make
acquisitions. Net free cash flow is useful to investors as a liquidity
measure because it measures our ability to generate or use cash. Once
our business needs and obligations are met, cash can be used to maintain
a strong balance sheet and invest in future growth. There are a number
of limitations related to the use of net free cash flow as compared to
net cash from operating activities, including that net free cash flow
includes capital expenditures, the benefits of which are realized in
periods subsequent to those when expenditures are made.
Definitions of Business Metrics
Number of domain-based customers
We define domain-based customers as organizations with a unique email
domain name such as @cisco. All other customers, which we designate as
ISP customers, are typically small teams or individuals who register for
our services with an email address hosted on a widely used domain such
as @gmail, @outlook, or @yahoo.
Average ACV per domain-based customer
We define average ACV per domain-based customer as total outstanding ACV
for domain-based subscriptions as of the end of the reporting period
divided by the number of domain-based customers as of the same date.
Dollar-based net retention rate
We calculate dollar-based net retention rate as of a period end by
starting with the ACV from the cohort of all customers as of the 12
months prior to such period end, or Prior Period ACV. We then calculate
the ACV from these same customers as of the current period end, or
Current Period ACV. Current Period ACV includes any upsells and is net
of contraction or attrition over the trailing 12 months, but excludes
subscription revenue from new customers in the current period. We then
divide the total Current Period ACV by the total Prior Period ACV to
arrive at the dollar-based net retention rate.
About Smartsheet
Smartsheet is a leading cloud-based platform for work execution,
enabling teams and organizations to plan, capture, manage, automate, and
report on work at scale, resulting in more efficient processes and
better business outcomes. Today, over 95,000 customers, including more
than 80,000 domain-based customers, rely on Smartsheet to implement,
manage, and automate processes across a broad array of departments and
use cases.
Disclosure of Material Information
Smartsheet announces material information to its investors using SEC
filings, press releases, public conference calls, and on its investor
relations page of the company’s website at https://investors.smartsheet.com.
| SMARTSHEET INC. | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (in thousands, except per share data) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended April 30, | ||||||||
| 2019 | 2018 | |||||||
| Revenue | ||||||||
| Subscription | $ | 50,321 | $ | 32,057 | ||||
| Professional services | 5,873 | 4,262 | ||||||
| Total revenue | 56,194 | 36,319 | ||||||
| Cost of revenue | ||||||||
| Subscription | 6,201 | 4,236 | ||||||
| Professional services | 4,284 | 3,087 | ||||||
| Total cost of revenue | 10,485 | 7,323 | ||||||
| Gross profit | 45,709 | 28,996 | ||||||
| Operating expenses | ||||||||
| Research and development | 20,238 | 12,844 | ||||||
| Sales and marketing | 35,413 | 22,384 | ||||||
| General and administrative | 10,939 | 6,798 | ||||||
| Total operating expenses | 66,590 | 42,026 | ||||||
| Loss from operations | (20,881 | ) | (13,030 | ) | ||||
| Interest income (expense) and other, net | 1,037 | (1,300 | ) | |||||
| Net loss before income tax benefit | (19,844 | ) | (14,330 | ) | ||||
| Income tax benefit | (35 | ) | — | |||||
| Net loss | $ | (19,809 | ) | $ | (14,330 | ) | ||
|
Net loss per share attributable to common shareholders, basic and diluted |
$ | (0.19 | ) | $ | (0.68 | ) | ||
|
Weighted-average shares outstanding used to compute net loss per share attributable to common shareholders, basic and diluted |
105,595 | 21,008 | ||||||
|
Share-based compensation expense included in the condensed |
|||||||
| Three Months Ended April 30, | |||||||
| 2019 | 2018 | ||||||
| Cost of subscription revenue | $ | 235 | $ | 34 | |||
| Cost of professional services revenue | 217 | 47 | |||||
| Research and development | 2,272 | 665 | |||||
| Sales and marketing | 2,108 | 514 | |||||
| General and administrative | 1,464 | 582 | |||||
| Total share-based compensation expense | $ | 6,296 | $ | 1,842 | |||
| SMARTSHEET INC. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands, except share data) | ||||||||
|
April 30, 2019 |
January 31, 2019 |
|||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 208,799 | $ | 213,085 | ||||
|
Accounts receivable, net of allowances of $1,369 and $1,234, respectively |
33,286 | 30,173 | ||||||
| Prepaid expenses and other current assets | 6,413 | 3,922 | ||||||
| Total current assets | 248,498 | 247,180 | ||||||
| Long-term assets | ||||||||
| Restricted cash | 862 | 2,620 | ||||||
| Deferred commissions | 31,823 | 29,014 | ||||||
| Property and equipment, net | 23,256 | 22,540 | ||||||
| Operating lease right-of-use assets | 51,514 | — | ||||||
| Intangible assets, net | 1,619 | 1,827 | ||||||
| Goodwill | 5,496 | 5,496 | ||||||
| Other long-term assets | 169 | 67 | ||||||
| Total assets | $ | 363,237 | $ | 308,744 | ||||
| Liabilities, convertible preferred stock, and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 4,723 | $ | 4,658 | ||||
| Accrued compensation and related benefits | 18,071 | 25,557 | ||||||
| Other accrued liabilities | 8,186 | 6,544 | ||||||
| Operating lease liabilities, current | 9,423 | — | ||||||
| Finance lease liabilities, current | 3,410 | 3,768 | ||||||
| Deferred revenue | 108,759 | 95,766 | ||||||
| Total current liabilities | 152,572 | 136,293 | ||||||
| Operating lease liabilities, non-current | 44,571 | — | ||||||
| Finance lease liabilities, non-current | 1,994 | 2,164 | ||||||
| Deferred revenue, non-current | 302 | 367 | ||||||
| Other long-term liabilities | 1,003 | 2,928 | ||||||
| Total liabilities | 200,442 | 141,752 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
|
Preferred stock, no par value; 10,000,000 shares authorized, no shares issued or outstanding as of April 30, 2019 and January 31, 2019 |
— | — | ||||||
|
Class A common stock, no par value; 500,000,000 shares authorized, 74,179,772 shares issued and outstanding as of April 30, 2019; 500,000,000 shares authorized, 48,003,701 shares issued and outstanding as of January 31, 2019 |
— | — | ||||||
|
Class B common stock, no par value; 500,000,000 shares authorized, 32,198,631 shares issued and outstanding as of April 30, 2019; 500,000,000 shares authorized, 56,967,742 shares issued and outstanding as of January 31, 2019 |
— | — | ||||||
| Additional paid-in capital | 343,120 | 327,510 | ||||||
| Accumulated deficit | (180,325 | ) | (160,518 | ) | ||||
| Total shareholders’ equity | 162,795 | 166,992 | ||||||
|
Total liabilities, convertible preferred stock, and shareholders’ equity |
$ | 363,237 | $ | 308,744 | ||||
| SMARTSHEET INC. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended April 30, | ||||||||
| 2019 | 2018 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (19,809 | ) | $ | (14,330 | ) | ||
|
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
| Share-based compensation expense | 6,296 | 1,842 | ||||||
| Remeasurement of convertible preferred stock warrant liability | — | 1,326 | ||||||
| Depreciation of property and equipment | 2,647 | 1,488 | ||||||
| Amortization of deferred commission costs | 3,858 | 1,997 | ||||||
| Unrealized foreign currency loss | 38 | 61 | ||||||
| Amortization of intangible assets | 208 | 127 | ||||||
| Amortization of operating lease right-of-use assets | 1,874 | — | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (3,151 | ) | (3,352 | ) | ||||
| Prepaid expenses and other current assets | (2,698 | ) | (956 | ) | ||||
| Other long-term assets | (101 | ) | (240 | ) | ||||
| Accounts payable | 324 | 237 | ||||||
| Other accrued liabilities | 1,687 | 1,508 | ||||||
| Accrued compensation and related benefits | (5,265 | ) | (2,141 | ) | ||||
| Deferred commissions | (6,667 | ) | (4,694 | ) | ||||
| Other long-term liabilities | — | (87 | ) | |||||
| Deferred revenue | 12,928 | 9,060 | ||||||
| Operating lease liabilities | (1,354 | ) | — | |||||
| Net cash used in operating activities | (9,185 | ) | (8,154 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | (1,338 | ) | (497 | ) | ||||
| Capitalized internal-use software development costs | (1,553 | ) | (313 | ) | ||||
| Net cash used in investing activities | (2,891 | ) | (810 | ) | ||||
| Cash flows from financing activities | ||||||||
| Payments of principal on finance leases | (1,014 | ) | (759 | ) | ||||
| Payments of deferred offering costs | (12 | ) | (1,495 | ) | ||||
| Proceeds from exercise of stock options | 4,734 | 2,162 | ||||||
| Proceeds from Employee Stock Purchase Plan | 2,347 | — | ||||||
| Net cash provided by (used in) financing activities | 6,055 | (92 | ) | |||||
|
Effect of foreign exchange on cash, cash equivalents, and restricted cash |
(23 | ) | (25 | ) | ||||
| Net decrease in cash, cash equivalents, and restricted cash | (6,044 | ) | (9,081 | ) | ||||
| Cash, cash equivalents, and restricted cash | ||||||||
| Beginning of period | 215,705 | 61,059 | ||||||
| End of period | $ | 209,661 | $ | 51,978 | ||||
| Supplemental disclosures | ||||||||
| Cash paid for interest | $ | 66 | $ | 81 | ||||
| Purchases of fixed assets under capital leases | 486 | — | ||||||
|
Accrued purchases of property and equipment (including internal-use software) |
614 | 474 | ||||||
| Deferred offering costs, accrued but not yet paid | — | 883 | ||||||
|
Share-based compensation expense capitalized in internal-use software development costs |
156 | — | ||||||
|
SMARTSHEET INC. |
||||||||||
|
Reconciliation from GAAP to Non-GAAP Financial Measures |
||||||||||
|
(unaudited) |
||||||||||
|
Reconciliation from GAAP to non-GAAP operating loss and |
||||||||||
| Three Months Ended April 30, | ||||||||||
| 2019 | 2018 | |||||||||
| (dollars in thousands) | ||||||||||
| Loss from operations | $ | (20,881 | ) | $ | (13,030 | ) | ||||
| Add: | ||||||||||
| Share-based compensation expense | 6,296 | 1,842 | ||||||||
| Amortization of acquisition-related intangible assets | 200 | 120 | ||||||||
| One-time acquisition costs | 330 | 47 | ||||||||
| Non-GAAP operating loss | $ | (14,055 | ) | $ | (11,021 | ) | ||||
| Operating margin | (37 | )% | (36 | )% | ||||||
| Non-GAAP operating margin | (25 | )% | (30 | )% | ||||||
|
Reconciliation from GAAP to non-GAAP net loss |
||||||||||
| Three Months Ended April 30, | ||||||||||
| 2019 | 2018 | |||||||||
| (in thousands) | ||||||||||
| Net loss | $ | (19,809 | ) | $ | (14,330 | ) | ||||
| Add: | ||||||||||
| Share-based compensation expense | 6,296 | 1,842 | ||||||||
| Amortization of acquisition-related intangible assets | 200 | 120 | ||||||||
| One-time acquisition costs | 330 | 47 | ||||||||
| Remeasurement of convertible preferred stock warrant liability | — | 1,326 | ||||||||
| Non-GAAP net loss | $ | (12,983 | ) | $ | (10,995 | ) | ||||
| SMARTSHEET INC. | |||||
| Reconciliation from GAAP to Non-GAAP Financial Measures | |||||
| (unaudited) | |||||
|
Reconciliation from GAAP to non-GAAP weighted average shares outstanding (basic and diluted) |
|||||
| Three Months Ended April 30, | |||||
| 2019 | 2018 | ||||
| (in thousands) | |||||
|
GAAP weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic and diluted |
105,595 | 21,008 | |||
|
Add: common shares that would have resulted from conversion of convertible preferred stock at the beginning of the period, or when granted (if later), on a weighted average basis |
— | 68,480 | |||
|
Non-GAAP weighted-average shares outstanding used in computing net loss per share attributable to common shareholders, basic and diluted |
105,595 | 89,488 | |||
|
Anti-dilutive shares (in thousands) |
|||||
| April 30, | |||||
| 2019 | 2018 | ||||
| Convertible preferred shares (as converted) | — | 68,480 | |||
| Convertible preferred stock warrant | — | 137 | |||
| Shares subject to outstanding common stock awards | 14,053 | 15,656 | |||
| Shares issuable pursuant to the 2018 Employee Stock Purchase Plan | 42 | — | |||
| Total potentially dilutive shares | 14,095 | 84,273 | |||
| SMARTSHEET INC. | ||||||||
| Reconciliation from GAAP to Non-GAAP Financial Measures | ||||||||
| (unaudited) | ||||||||
| Reconciliation from net operating cash flow to net free cash flow | ||||||||
| Three Months Ended April 30, | ||||||||
| 2019 | 2018 | |||||||
| (in thousands) | ||||||||
| Net cash used in operating activities | $ | (9,185 | ) | $ | (8,154 | ) | ||
| Less: | ||||||||
| Purchases of property and equipment | (1,338 | ) | (497 | ) | ||||
| Capitalized internal-use software development costs | (1,553 | ) | (313 | ) | ||||
| Payments of principal on finance leases | (1,014 | ) | (759 | ) | ||||
| Free cash flow | $ | (13,090 | ) | $ | (9,723 | ) | ||
|
|
||||||||
|
Reconciliation from revenue to calculated billings |
||||||||
| Three Months Ended April 30, | ||||||||
| 2019 | 2018 | |||||||
| (in thousands) | ||||||||
| Total revenue | $ | 56,194 | $ | 36,319 | ||||
| Add: | ||||||||
| Deferred revenue (end of period) | 109,061 | 66,341 | ||||||
| Less: | ||||||||
| Deferred revenue (beginning of period) | 96,133 | 57,281 | ||||||
| Calculated billings | $ | 69,122 | $ | 45,379 | ||||
| SMARTSHEET INC. | ||||||||||||||||
|
Reconciliation from GAAP to Non-GAAP Financial Measures |
||||||||||||||||
| (unaudited) | ||||||||||||||||
| Reconciliation from GAAP to non-GAAP operating loss guidance | ||||||||||||||||
| Q2 FY 2020 | FY 2020 | |||||||||||||||
| Low | High | Low | High | |||||||||||||
| (in millions) | ||||||||||||||||
| Loss from operations | $ | (30.7 | ) | $ | (29.7 | ) | $ | (113.4 | ) | $ | (108.4 | ) | ||||
| Add: | ||||||||||||||||
| Share-based compensation expense | 11.0 | 11.0 | 43.0 | 43.0 | ||||||||||||
| Amortization of acquisition-related intangible assets | 1.6 | 1.6 | 4.9 | 4.9 | ||||||||||||
| One-time costs of acquisition | 0.1 | 0.1 | 0.5 | 0.5 | ||||||||||||
| Non-GAAP operating loss | $ | (18.0 | ) | $ | (17.0 | ) | $ | (65.0 | ) | $ | (60.0 | ) | ||||
|
Reconciliation from GAAP to non-GAAP net loss guidance |
||||||||||||||||
| Q2 FY 2020 | FY 2020 | |||||||||||||||
| Low | High | Low | High | |||||||||||||
| (in millions) | ||||||||||||||||
| Net loss | $ | (30.2 | ) | $ | (29.2 | ) | $ | (111.4 | ) | $ | (106.4 | ) | ||||
| Add: | ||||||||||||||||
| Share-based compensation expense | 11.0 | 11.0 | 43.0 | 43.0 | ||||||||||||
| Amortization of acquisition-related intangible assets | 1.6 | 1.6 | 4.9 | 4.9 | ||||||||||||
| One-time costs of acquisition | 0.1 | 0.1 | 0.5 | 0.5 | ||||||||||||
| Non-GAAP net loss | $ | (17.5 | ) | $ | (16.5 | ) | $ | (63.0 | ) | $ | (58.0 | ) | ||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190605005924/en/