The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Arjun Rohit Bhatia - William Blair & Company L.L.C., Research Division - Analyst
: Mark, you mentioned this in your prepared remarks briefly, but I was hoping you could just elaborate a little bit on some of the
stabilization trends that you -- that you saw in May? And if you could specifically maybe talk about the -- how some of the pipeline
dynamics have evolved over the past handful of weeks, that'd be great.
Question: Arjun Rohit Bhatia - William Blair & Company L.L.C., Research Division - Analyst
: Perfect, that's helpful. And then a quick follow-up. I know since -- essentially since the IPO, there's been kind of this focus on moving
to enterprise and investing in both the product and kind of the go-to-market functions. How do you think the current environment
impacts that? And when we look into the other side of this, should we think of Smartsheet as accelerating on the enterprise track
that it's been on? Or do you think it's going to be relatively steady in the trend that you've been performing so far?
Question: David E. Hynes - Canaccord Genuity Corp., Research Division - Analyst
: Mark, just trying to think through kind of where you've seen some of the impact. Are there certain use cases that used to drive more
growth that you haven't seen as much momentum in? Or is it really just SMB and certain verticals that have been challenged?
Question: David E. Hynes - Canaccord Genuity Corp., Research Division - Analyst
: Yes. Okay. That's helpful. And then, Jenny, just -- I want to make sure I heard you right on the billings shortfall in the quarter. So it
was $2 million attributable to flexible payment terms, gross attrition was unchanged, and any further delta then would have been
driven by lower upsell. Is that the right way to frame it?
Question: Pinjalim Bora - JP Morgan Chase & Co, Research Division - Analyst
: This is Pinjalim sitting in for Mark. Mark or Gene, I think you had added automated workflows capabilities about a year ago. Based
on what you have seen maybe in this last year, do you think Smartsheet could become the workflow execution hub within an
organization over time? And are you seeing any kind of a relationship between, say, retention and those customers using the workflow
capabilities?
Question: Pinjalim Bora - JP Morgan Chase & Co, Research Division - Analyst
: Understood. And Jenny, just on the guidance on billings. Obviously, you talked about the net expansion or net retention rate being
[120]. What are your assumptions? Or what did you see in Q1? And what are your assumption on net logo ARR? Is that -- did it took
a big hit in Q1? And what are you thinking for the rest of the year?
Question: Pinjalim Bora - JP Morgan Chase & Co, Research Division - Analyst
: Net [new year].
Question: Brett Anthony Knoblauch - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Hope you are both well. Can you just talk about how capabilities maybe accelerated performing in the quarter and how that
performance might have or differed from the core business? And then just a follow-up on -- maybe the timing of these combinations
you've given to customers. Was this mainly in a particular week or in April? And have you seen that meaningfully kind of decelerate
in terms of number of customers asking for payment accommodations?
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