Smartsheet is responding to requests from global healthcare customers and rolling out free templates as it adjusts to demand caused by the COVID-19 outbreak.
The Bellevue, Wash.-based collaboration work management company posted its fourth quarter earnings on Tuesday, reporting revenue up 51% to $78.5 million and a non-GAAP net loss of $0.13, beating Wall Street estimates. Shares were up slightly on Wednesday.
Coronavirus Live Updates: The latest COVID-19 developments in Seattle and the world of tech
Smartsheet this week released a set of free templates that can be used to create a COVID-19 operations dashboard. They are modeled after assets the company built for its own use as an information hub and resource center for employees. The company is also offering its government-focused software Smartsheet Gov free of charge for 120 days.
On an earnings call with analysts, Smartsheet CEO Mark Mader said the company this past weekend helped a global healthcare customer that is part of an effort to expand global testing capacity for the novel coronavirus.
"We're doing everything we can to support our customers as they work through this period," Mader said, adding that "we have heard from many customers that our platform enables them to work from anywhere and remain engaged during this disruption to normal work patterns."
Smartsheet, which went public in 2018, now has approximately 84,000 domain-based customers that use the company's software for project management and other collaborative work.
"At times like this, we value the diversity of our customer base with respect to industry and customer size and the ability for people to deploy high-value, low-cost solutions in a self-directed or remote low-touch manner," Mader said, though he cautioned that "the economic headwinds are early and unpredictable in magnitude and duration."
Asked about potential business impact from the COVID-19 outbreak, Mader said you "have to have a lot of conviction around your capital allocation." The longtime tech exec has led companies through two economic recessions — once at Onyx in 2000, and then with Smartsheet during the financial crisis of 2007-08.
"We have over $500 million on our balance sheet, we have no debt, we expect to be a company that succeeds over the long term," Mader said. "So the wrong move, we believe, is to pull back on product development and innovation.
"We have daily stand-ups now with the senior leadership team at 8:30 every morning. We assess a series of early indicators that give us a sense for our heartbeat and we have a number of levers that we can pull on things that are discretionary spend. We are continuing to onboard sales reps and until we see indicators that tell us otherwise, we're going to continue to do that full force."
Smartsheet CFO Jennifer Ceran said that the company has seen no material impact from COVID-19 to its first quarter financials, either positive or negative. "Our pipeline is healthy," she said.
Smartsheet has more than 1,000 employees globally. The company said this week it plans to continue to hire this year despite a potential recession.
Mader lauded the company's people operations team for the leadership it provided as the Seattle region became the initial U.S. epicenter of the COVID-19 outbreak and companies began implementing work-from-home mandates.
"We had really good advanced notice; people felt informed," he said. "When you look at the inputs for what makes for a smooth transition, it's not just, do you have the infrastructure, do you have the tooling — do you have people psychologically aligned correctly? And that's what our team really did nicely."
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