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Slack Announces Strong Third Quarter Fiscal Year 2021 Results

Dec 01, 2020

Total revenue of $234.5 million up 39% year-over-year

Added 12,000 net new Paid Customers, up 140% year-over-year

Over 520,000 connected endpoints on Slack Connect, up 240% year-over-year

SAN FRANCISCO--(BUSINESS WIRE)-- Slack Technologies, Inc., (NYSE: WORK) today reported financial results for its fiscal quarter ended October 31, 2020.

Management Commentary:

“We had a phenomenal quarter, headlined by continued acceleration in new paid customer growth, with 12,000 net paid customer additions, up 140% from the same quarter last year,” said Stewart Butterfield, Chief Executive Officer and Co-Founder at Slack. “The accelerating growth is partly driven by increased awareness and demand due to the work from home environment, but we believe the larger portion comes from continued product momentum which shows up in the new user experience and, especially, from Slack Connect driving viral growth. Finally, we're thrilled by the continued momentum in the enterprise segment where we're seeing market leaders overwhelmingly choosing Slack for its unmatched security, scalability, flexibility, and user experience.”

“We saw improving trends in the overall buying environment and large enterprises continue to standardize on Slack. We ended the quarter with 1,080 customers spending more than $100,000 annually, up 32% year-on-year,” said Allen Shim, Chief Financial Officer at Slack. “Our focus remains on investing as we help define the future of work. We also continue to drive leverage and delivered record free cash flow in the quarter.”

Third Quarter Fiscal 2021 Financial Highlights:

  • Total revenue was $234.5 million, an increase of 39% year-over-year.
  • Calculated Billings was $252.4 million, an increase of 36% year-over-year.
  • GAAP gross profit was $202.0 million, or 86.1% gross margin, compared to $145.6 million, or 86.3% gross margin, in the third quarter of fiscal year 2020. Non-GAAP gross profit was $205.7 million, or 87.7% gross margin, compared to $148.9 million, or 88.3% gross margin, in the third quarter of fiscal year 2020.
  • GAAP operating loss was $65.7 million, or 28.0% of total revenue, compared to a $95.0 million loss in the third quarter of fiscal year 2020, or 56.3% of total revenue. Non-GAAP operating loss was $3.1 million, or 1.3% of total revenue, compared to a $18.1 million loss in the third quarter of fiscal year 2020, or 10.7% of total revenue.
  • GAAP net loss per basic and diluted share was $0.12. Non-GAAP net income per diluted share was $0.01.
  • Net cash provided by operations was $33.5 million, or 14% of total revenue, compared to cash used in operations of $9.1 million, or 5% of total revenue, for the third quarter of fiscal year 2020. Free Cash Flow was $32.6 million, or 14% of total revenue, compared to $(19.1) million, or (11)% of total revenue for the third quarter of fiscal year 2020.

Recent Business Highlights:

  • Third Quarter Highlights:
    • Over 142,000 Paid Customers, up 35% year-over-year.
    • 123% net dollar retention rate.
    • 1,080 Paid Customers with greater than $100,000 in annual recurring revenue, up 32% year-over-year.
    • Over 64,000 Paid Customers using Slack Connect, up from over 52,000 at the end of last quarter.
    • Over 520,000 connected endpoints on Slack Connect, up over 240% year-over-year.

Earnings Conference Call:

As a result of the earlier announcement that Salesforce plans to acquire Slack, the conference call previously scheduled for December 9, 2020 to discuss Slack’s financial results has been canceled.

Non-GAAP Financial Measures:

This press release and the accompanying tables contain the following non-GAAP financial measures: Calculated Billings, Free Cash Flow, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net income (loss), and non-GAAP net income (loss) per share. Certain of these non-GAAP financial measures exclude stock-based compensation and related employer payroll taxes, amortization of debt discount and issuance costs, and amortization of intangible assets.

Slack believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Slack’s financial condition and results of operations. Slack’s management uses these non-GAAP measures to compare Slack’s performance to that of prior periods for trend analysis, and for budgeting and planning purposes. Slack believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Slack’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Slack’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Slack urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate Slack’s business.

Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.

Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook, product development, business strategy and plans, market trends and market size, opportunities, and positioning, and the proposed acquisition of Slack by Salesforce. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Slack’s control. Slack’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Slack’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2020. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that Slack makes with the Securities and Exchange Commission from time to time, including its Quarterly Report on Form 10-Q for the quarter ended October 31, 2020. The forward-looking statements included in this press release represent Slack’s views as of the date of this press release. Slack undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Presentation:

An investor presentation providing additional information and analysis can be found at investor.slackhq.com.

About Slack:

Slack has transformed business communication. It’s the leading channel-based messaging platform, used by millions to align their teams, unify their systems, and drive their businesses forward. Only Slack offers a secure, enterprise-grade environment that can scale with the largest companies in the world. It is a new layer of the business technology stack where people can work together more effectively, connect all their other software tools and services, and find the information they need to do their best work. Slack is where work happens.

Slack and the Slack logo are trademarks of Slack Technologies, Inc. or its subsidiaries in the U.S. and/or other countries. Other names and brands may be claimed as the property of others.

 

SLACK TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

2020

 

2019

 

2020

 

2019

Revenue

$

234,498

 

 

 

$

168,725

 

 

 

$

652,012

 

 

 

$

448,519

 

 

Cost of revenue

32,528

 

 

 

23,140

 

 

 

86,517

 

 

 

72,820

 

 

Gross profit

201,970

 

 

 

145,585

 

 

 

565,495

 

 

 

375,699

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

96,024

 

 

 

94,853

 

 

 

281,450

 

 

 

363,725

 

 

Sales and marketing

119,345

 

 

 

96,210

 

 

 

338,787

 

 

 

299,440

 

 

General and administrative

52,268

 

 

 

49,524

 

 

 

155,710

 

 

 

209,624

 

 

Total operating expenses

267,637

 

 

 

240,587

 

 

 

775,947

 

 

 

872,789

 

 

Loss from operations

(65,667

)

 

 

(95,002

)

 

 

(210,452

)

 

 

(497,090

)

 

Interest expense

(11,742

)

 

 

(258

)

 

 

(26,136

)

 

 

(579

)

 

Interest income and other income, net

12,644

 

 

 

7,393

 

 

 

24,304

 

 

 

17,902

 

 

Loss before income taxes

(64,765

)

 

 

(87,867

)

 

 

(212,284

)

 

 

(479,767

)

 

Benefit for income taxes

(1,162

)

 

 

(101

)

 

 

(1,101

)

 

 

(504

)

 

Net loss

(63,603

)

 

 

(87,766

)

 

 

(211,183

)

 

 

(479,263

)

 

Net income attributable to noncontrolling interest

4,799

 

 

 

1,395

 

 

 

7,278

 

 

 

2,792

 

 

Net loss attributable to Slack common stockholders

$

(68,402

)

 

 

$

(89,161

)

 

 

$

(218,461

)

 

 

$

(482,055

)

 

Basic and diluted net loss per share:

 

 

 

 

 

 

 

Net loss per share attributable to Slack common stockholders, basic and diluted

$

(0.12

)

 

 

$

(0.16

)

 

 

$

(0.39

)

 

 

$

(1.38

)

 

Weighted-average shares used in computing net loss per share attributable to Slack common stockholders, basic and diluted

570,374

 

 

 

544,057

 

 

 

564,095

 

 

 

348,580

 

 

SLACK TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

 

October 31,
2020

 

January 31,
2020

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

1,099,807

 

 

 

$

498,999

 

 

Marketable securities

475,690

 

 

 

269,593

 

 

Accounts receivable, net

122,780

 

 

 

145,844

 

 

Prepaid expenses and other current assets

59,500

 

 

 

55,967

 

 

Total current assets

1,757,777

 

 

 

970,403

 

 

Restricted cash

38,490

 

 

 

38,490

 

 

Strategic investments

63,132

 

 

 

28,814

 

 

Property and equipment, net

93,541

 

 

 

102,340

 

 

Operating lease right-of-use assets

225,771

 

 

 

197,830

 

 

Intangible assets, net

19,597

 

 

 

13,530

 

 

Goodwill

76,204

 

 

 

48,598

 

 

Other assets

36,745

 

 

 

41,701

 

 

Total assets

$

2,311,257

 

 

 

$

1,441,706

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

20,214

 

 

 

$

16,893

 

 

Accrued compensation and benefits

77,611

 

 

 

65,196

 

 

Accrued expenses and other current liabilities

28,380

 

 

 

32,123

 

 

Operating lease liability

33,009

 

 

 

30,465

 

 

Deferred revenue

400,606

 

 

 

375,263

 

 

Total current liabilities

559,820

 

 

 

519,940

 

 

Convertible senior notes, net

640,767

 

 

 

 

 

Operating lease liability, noncurrent

231,105

 

 

 

196,378

 

 

Deferred revenue, noncurrent

674

 

 

 

1,451

 

 

Other liabilities

1,883

 

 

 

38

 

 

Total liabilities

1,434,249

 

 

 

717,807

 

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Common stock

58

 

 

 

56

 

 

Additional paid-in-capital

2,309,771

 

 

 

1,945,446

 

 

Accumulated other comprehensive income (loss)

269

 

 

 

(71

)

 

Accumulated deficit

(1,455,082

)

 

 

(1,236,621

)

 

Total Slack Technologies, Inc. stockholders’ equity

855,016

 

 

 

708,810

 

 

Noncontrolling interest

21,992

 

 

 

15,089

 

 

Total stockholders’ equity

877,008

 

 

 

723,899

 

 

Total liabilities and stockholders’ equity

$

2,311,257

 

 

 

$

1,441,706

 

 

SLACK TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

2020

 

2019

 

2020

 

2019

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(63,603

)

 

 

$

(87,766

)

 

 

$

(211,183

)

 

 

$

(479,263

)

 

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

7,557

 

 

 

7,762

 

 

 

21,198

 

 

 

20,419

 

 

Stock-based compensation

58,600

 

 

 

73,861

 

 

 

169,599

 

 

 

363,287

 

 

Amortization of debt discount and issuance costs

10,440

 

 

 

 

 

 

23,059

 

 

 

 

 

Noncash operating lease expense

9,931

 

 

 

 

 

 

27,274

 

 

 

 

 

Amortization of deferred contract acquisition costs

4,146

 

 

 

2,232

 

 

 

11,044

 

 

 

5,522

 

 

Net amortization of bond premium (discount) on debt securities available for sale

657

 

 

 

(341

)

 

 

1,038

 

 

 

(2,077

)

 

Change in fair value of strategic investments

(12,268

)

 

 

(2,907

)

 

 

(18,088

)

 

 

(5,791

)

 

Other non-cash adjustments

(203

)

 

 

(383

)

 

 

(421

)

 

 

(742

)

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

(10,926

)

 

 

(12,338

)

 

 

22,622

 

 

 

2,920

 

 

Prepaid expenses and other assets

(4,757

)

 

 

(1,888

)

 

 

(9,296

)

 

 

(12,049

)

 

Accounts payable

7,617

 

 

 

2,441

 

 

 

3,579

 

 

 

1,005

 

 

Operating lease liabilities

(1,550

)

 

 

 

 

 

(17,921

)

 

 

 

 

Accrued compensation and benefits

9,456

 

 

 

(18,879

)

 

 

12,411

 

 

 

879

 

 

Deferred revenue

17,873

 

 

 

17,401

 

 

 

23,576

 

 

 

62,051

 

 

Other current and long-term liabilities

572

 

 

 

11,706

 

 

 

(1,749

)

 

 

20,935

 

 

Net cash provided by (used in) operating activities

33,542

 

 

 

(9,099

)

 

 

56,742

 

 

 

(22,904

)

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of marketable securities

(350,445

)

 

 

(143,342

)

 

 

(450,747

)

 

 

(202,895

)

 

Maturities of marketable securities

90,158

 

 

 

133,304

 

 

 

238,071

 

 

 

402,255

 

 

Sales of marketable securities

250

 

 

 

 

 

 

5,900

 

 

 

166,074

 

 

Net cash acquired from a business combination

 

 

 

 

 

 

6,571

 

 

 

 

 

Acquisition of intangible assets

(2,375

)

 

 

 

 

 

(2,375

)

 

 

 

 

Purchases of property and equipment

(938

)

 

 

(10,007

)

 

 

(9,681

)

 

 

(38,276

)

 

Purchase of strategic investments

(6,040

)

 

 

(3,813

)

 

 

(15,065

)

 

 

(9,283

)

 

Proceeds from liquidation of strategic investments

337

 

 

 

 

 

 

1,126

 

 

 

2,858

 

 

Net cash provided by (used in) investing activities

(269,053

)

 

 

(23,858

)

 

 

(226,200

)

 

 

320,733

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of convertible senior notes, net of issuance costs

 

 

 

 

 

 

841,329

 

 

 

 

 

Purchases of capped calls related to convertible senior notes

 

 

 

 

 

 

(105,570

)

 

 

 

 

Proceeds from exercise of stock options

5,780

 

 

 

1,337

 

 

 

10,379

 

 

 

10,275

 

 

Payments of contingent consideration for acquisitions

 

 

 

 

 

 

(5,250

)

 

 

(5,000

)

 

Issuance of common stock for employee stock purchase plan

13,143

 

 

 

7,351

 

 

 

29,753

 

 

 

 

 

Capital contributions from noncontrolling interest holders

 

 

 

3,840

 

 

 

 

 

 

 

 

Distributions to noncontrolling interest holders

 

 

 

(1,372

)

 

 

(375

)

 

 

 

 

Other financing activities

 

 

 

 

 

 

 

 

 

(556

)

 

Net cash provided by financing activities

18,923

 

 

 

11,156

 

 

 

770,266

 

 

 

4,719

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

(216,588

)

 

 

(21,801

)

 

 

600,808

 

 

 

335,505

 

 

Cash, cash equivalents and restricted cash at beginning of period

1,354,885

 

 

 

536,765

 

 

 

537,489

 

 

 

201,260

 

 

Cash, cash equivalents and restricted cash at end of period

$

1,138,297

 

$

514,964

 

$

1,138,297

 

 

 

$

536,765

 

 

SLACK TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(In thousands)

(Unaudited)

Calculated Billings

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

2020

 

2019

 

2020

 

2019

Revenue

$

234,498

 

 

 

$

168,725

 

 

 

$

652,012

 

 

 

$

448,519

 

 

Add: Total deferred revenue, end of period

401,280

 

 

 

303,924

 

 

 

401,280

 

 

 

303,924

 

 

Less: Total deferred revenue, beginning of period

(383,407

)

 

 

(286,523

)

 

 

(376,714

)

 

 

(241,873

)

 

Calculated Billings

$

252,371

 

 

 

$

186,126

 

 

 

$

676,578

 

 

 

$

510,570

 

 

Free Cash Flow

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net cash provided by (used in) operating activities

$

33,542

 

 

$

(9,099

)

 

$

56,742

 

 

$

(22,904

)

Purchases of property and equipment

(938

)

 

(10,007

)

 

(9,681

)

 

(38,276

)

Free Cash Flow

$

32,604

 

 

$

(19,106

)

 

$

47,061

 

 

$

(61,180

)

Operating cash margin

14.3

%

 

(5.4

)%

 

8.7

%

 

(5.1

)%

Purchases of property and equipment

(0.4

)%

 

(5.9

)%

 

(1.5

)%

 

(8.5

)%

Free Cash Flow margin

13.9

%

 

(11.3

)%

 

7.2

%

 

(13.6

)%

 

 

 

 

 

 

 

 

SLACK TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP DATA

(In thousands, except per share data)

(Unaudited)

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

2020

 

 

2019

 

 

2020

 

2019

 

Reconciliation of gross profit:

 

 

 

 

 

 

 

GAAP gross profit

$

201,970

 

 

$

145,585

 

 

$

565,495

 

 

$

375,699

 

 

Add: Stock-based compensation and related employer payroll taxes

2,758

 

 

2,765

 

 

8,050

 

 

14,656

 

 

Add: Amortization of acquired intangible assets

967

 

 

558

 

 

2,220

 

 

1,675

 

 

Non-GAAP gross profit

$

205,695

 

 

$

148,908

 

 

$

575,765

 

 

$

392,030

 

 

GAAP gross margin

86.1

%

 

86.3

%

 

86.7

%

 

83.8

%

Non-GAAP adjustments

1.6

%

 

2.0

%

 

1.6

%

 

3.6

%

Non-GAAP gross margin

87.7

%

 

88.3

%

 

88.3

%

 

87.4

%

 

 

 

 

 

 

 

 

Reconciliation of operating expenses:

 

 

 

 

 

 

 

GAAP research and development

$

96,024

 

 

$

94,853

 

 

$

281,450

 

 

$

363,725

 

 

Less: Stock-based compensation and related employer payroll taxes

(30,178

)

 

(41,189

)

 

(90,489

)

 

(205,859

)

 

Less: Amortization of acquired intangible assets

(125

)

 

(150

)

 

(424

)

 

(449

)

 

Non-GAAP research and development

$

65,721

 

 

$

53,514

 

 

$

190,537

 

 

$

157,417

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing

$

119,345

 

 

$

96,210

 

 

$

338,787

 

 

$

299,440

 

 

Less: Stock-based compensation and related employer payroll taxes

(16,192

)

 

(18,085

)

 

(47,361

)

 

(87,788

)

 

Less: Amortization of acquired intangible assets

(500

)

 

(325

)

 

(1,208

)

 

(975

)

 

Non-GAAP sales and marketing

$

102,653

 

 

$

77,800

 

 

$

290,218

 

 

$

210,677

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative

$

52,268

 

 

$

49,524

 

 

$

155,710

 

 

$

209,624

 

 

Less: Stock-based compensation and related employer payroll taxes

(11,600

)

 

(13,794

)

 

(33,733

)

 

(78,167

)

 

Less: Amortization of acquired intangible assets

(205

)

 

 

 

(455

)

 

 

 

Non-GAAP general and administrative

$

40,463

 

 

$

35,730

 

 

$

121,522

 

 

$

131,457

 

 

 

 

 

 

 

 

 

 

Reconciliation of loss from operations:

 

 

 

 

 

 

 

GAAP operating loss

$

(65,667

)

 

$

(95,002

)

 

$

(210,452

)

 

$

(497,090

)

 

Add: Stock-based compensation and related employer payroll taxes

60,728

 

 

75,833

 

 

179,633

 

 

386,470

 

 

Add: Amortization of acquired intangible assets

1,797

 

 

1,033

 

 

4,307

 

 

3,099

 

 

Non-GAAP operating loss

$

(3,142

)

 

$

(18,136

)

 

$

(26,512

)

 

$

(107,521

)

GAAP operating margin

(28.0

)%

 

(56.3

)%

 

(32.3

)%

 

(110.8

)%

Non-GAAP adjustments

26.7

%

 

45.6

%

 

28.2

%

 

86.8

%

Non-GAAP operating margin

(1.3

)%

 

(10.7

)%

 

(4.1

)%

 

(24.0

)%

 

 

Three Months Ended October 31,

 

Nine Months Ended October 31,

 

2020

 

2019

 

2020

 

2019

Reconciliation of net income (loss) and net income (loss) per share:

 

 

 

 

 

 

 

Net loss attributable to Slack common stockholders

$

(68,402)

 

 

$

(89,161)

 

 

$

(218,461)

 

 

$

(482,055)

 

Add: Stock-based compensation and related employer payroll taxes

60,728

 

 

75,833

 

 

179,633

 

 

386,470

 

Add: Amortization of acquired intangible assets

1,797

 

 

1,033

 

 

4,307

 

 

3,099

 

Add: Amortization of debt discount and issuance costs

10,441

 

 

 

 

23,060

 

 

 

Non-GAAP net income (loss)

$

4,564

 

 

$

(12,295)

 

 

$

(11,461)

 

 

$

(92,486)

 

 

 

 

 

 

 

 

 

GAAP net loss per share, basic and diluted

$

(0.12)

 

 

$

(0.16)

 

 

$

(0.39)

 

 

$

(1.38)

 

Add: Stock-based compensation and related employer payroll taxes

0.10

 

 

0.14

 

 

0.32

 

 

1.10

 

Add: Amortization of acquired intangible assets

 

 

 

 

0.01

 

 

0.01

 

Add: Amortization of debt discount and issuance costs

0.02

 

 

 

 

0.04

 

 

 

Add: Dilutive securities

0.01

 

 

 

 

 

 

 

Non-GAAP net income (loss) per share, diluted

$

0.01

 

 

$

(0.02)

 

 

$

(0.02)

 

 

$

(0.27)

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding, basic

570,374

 

 

544,057

 

 

564,095

 

 

348,580

 

Effect of dilutive securities

29,394

 

 

 

 

 

 

 

Weighted-average common shares outstanding, diluted

599,768

 

 

544,057

 

 

597,465

 

 

348,580

 

 

Jesse Hulsing
Investor Relations
ir@slack.com

Jonathan Prince
Public Relations
pr@slack.com

Source: Slack Technologies, Inc.

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