According to a recent research report, the enterprise collaboration market is estimated to grow from $36.24 billion in 2020 at a CAGR of 11% annually. Smartsheet (Nasdaq: SMAR) is benefiting from this growth. It continues down its integration-based approach and recently announced several new enhancements to drive market growth.

Smartsheet’s Financials

For the first quarter, Smartsheet’s revenues grew 37% to $117.1 million, ahead of the market’s forecast of $114.76 million. Net loss was $0.09 per share, which was significantly better than the market’s estimated loss of $0.14 per share.

By segment, Subscription revenues grew 40% to $108 million, and Professional services revenue grew 9% to $9.1 million.

Among operating metrics, customers with annualized contract value (ACV) of $5,000 or higher increased 32% to 12,655. Customers with ACV of $50,000 or higher grew 61% to 1,674 and customers with ACV of $100,000 or higher soared 69% to 661. Its net dollar retention rate was 125%, and the average ACV per domain-based customer increased 41% to $5,461.

For the second quarter, Smartsheet expects revenues of $125-$126 million with non-GAAP net loss per share of $0.14-$0.13. The market was looking for revenues of $125.06 million with a loss of $0.13 per share. Smartsheet expects to end the year with revenues of $510-$515 million with a loss of $0.44-$0.36 per share. The market was looking for revenues of $514.01 million for the year with a net loss of $0.39 per share.

Smartsheet’s Growth Focus

Recently, Smartsheet announced its new offering, Smartsheet Advance, extending the value of their platform, and giving customers the ability to manage work at scale effectively. The offering gives a set of enterprise-grade dynamic work capabilities that are necessary for customers to move their business forward, as well as meet standards for security and compliance. Smartsheet Advance will allow customers to achieve process management at scale through Control Center, manage secure requests with Dynamic View, embed Smartsheet into systems of record like Jira and Salesforce with Data Connections, create intelligent workflows to automate business processes across platforms with Bridge, and provide powerful governance and administration capabilities through Admin Center.

It also announced a new offering, Smartsheet for Marketing, which integrates Smartsheet with resource management, digital asset management and other premium capabilities to offer a centralized launchpad for campaigns that allows marketing teams to drive personalized customer experiences at scale.

Smartsheet also announced several new platform enhancements that include an additional layer of control with Customer Managed Encryption Keys (CMEK). These keys will allow customers to encrypt sheet data with encryption keys owned by the customer and stored within Amazon Web Services’ Key Management Service. Its Enterprise Plan Manager will allow large businesses to centrally manage security controls without needing to consolidate plans and the newly added Data Retention Controls will empower Smartsheet Admins to set up policies that automatically remove sheets after a certain amount of time or period of inactivity.

Meanwhile, Smartsheet continued to add several integrations and partnerships. For instance, a recent integration with DocuSign will help save time for users while seamlessly creating documents, sending them for signatures, and tracking signing status all from within Smartsheet. A new partnership with McAfee will empower an integration with their MVISION Cloud security product line via McAfee CASB Connect and allow customers to add new controls created by McAfee within the Smartsheet platform. Similarly, a new partnership and integration with UiPath and virtual whiteboard Lucidspark will make collaboration easier.

Its stock is currently trading at $64.94 with a market capitalization of $8.1 billion. It climbed to a 52-week high of $85.43 in March. It had fallen to a 52-week low of $40.21 in August last year.