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: Pinjalim Bora - JPMorgan Chase & Co, Research Division - Analyst
: This is Pinjalim on behalf of Mark. Congrats on the quarter, guys. One question, it has been a few quarters now since you launched
Bridge. What has been the uptake of that product so far in terms of feedback? Are you seeing a lot of customers build kind of
cross-functional workflow automation such that Smartsheet is becoming more deeply embedded into the business processes? Is
that part of the enterprise traction as well that you're seeing?
Question: Pinjalim Bora - JPMorgan Chase & Co, Research Division - Analyst
: Understood. Just to double quick a little bit, the 2 expansions that you talked about over $1 million, I think you said. If you think
about between seats and other offerings, capability-based offering, how does that mix look, that $1 million sequential? Is that more
driven by seats or more driven by some of these other products?
Question: Arjun Rohit Bhatia - William Blair & Company L.L.C., Research Division - Analyst
: Yes. Congrats on the results. Mark, maybe one for you. I'd love to understand the role that Advance is playing in new customer
acquisitions. And if that's a part of the conversation at all with new customers or if it tends to be more of an expansion point as
customers graduate from that transactional use case with the more transformational deployments that you talked about.
Question: Arjun Rohit Bhatia - William Blair & Company L.L.C., Research Division - Analyst
: Wonderful. That's very helpful. And then, Pete, maybe one for you just on the guidance. I think we saw almost $20 million increase
to both revenue and billings for the full year. I don't know. I don't think we've seen that level of a raise before. Can you maybe just
walk us through what you're seeing through August and the pipeline that gives you the confidence to raise guidance so meaningfully?
Question: Rishi Nitya Jaluria - RBC Capital Markets, Research Division - Analyst
: Wonderful. Nice to see continued improvement here. First, I'd like to actually start exactly on that. So by all metrics, business continues
to improve. Just want to get a sense, how much of the acceleration and improvement in the underlying metrics so far is just a recovery
and some of the headwinds fading that we saw during the pandemic, SMB coming back, versus factors, longer term secular tailwind,
things like work turning more, being more hybrid, turning more asynchronous in nature? Have those tailwinds started to show up
in the business or have those really yet to play out? And then I've got a follow-up.
Question: Rishi Nitya Jaluria - RBC Capital Markets, Research Division - Analyst
: Okay. Great. That's helpful. And then, Pete, for you on the billings side. It looks like there was a big uptick specifically in the mix of
billings that are annual kind of actually higher than even it was pre-COVID. I know during the pandemic there was some talk of
customers wanting to go to shorter duration deals, right, go monthly versus the annual deals. Can you talk a little bit more about
that mix? And are you seeing more willingness to sign upfront annual deals versus that monthly or what's going on there? And how
should we be thinking about the billings mix going forward?
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